Global Pharmacogenomics Market to Be Dominated by PCR Technology Through 2027
Growing
prevalence of different diseases is expected to drive the growth of global pharmacogenomics
market in the forecast period, 2023-2027.
According to
TechSci Research report, “Pharmacogenomics Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2017-2027”, the global pharmacogenomics
market is anticipated to grow at a robust rate in the forecast period,
2023-2027. This can be attributed to the growing
geriatric population which is susceptible to various chronic diseases.
Additionally, the prevalence of chronic diseases such as cancer, diabetes,
cardiovascular problems, among others is also increasing among the adults and
is now just not been observed in the elderly. According to global cancer
observatory, in 2020, around 2,281,658 new cancer cases were reported in the
United States. Of these, 1,226,541 new cancer cases were reported in men while
1,055,117 new cancer cases were reported in women. The need to provide
effective treatment for these chronic diseases is expected to support the
growth of global pharmacogenomics market.
However, the costs
associated with conducting research & development activities and clinical
trials related to pharmacogenomics is relatively higher leading to
affordability constraints especially in the developing countries. Besides, the
lack of awareness related to precision medicine and its benefits among the
population and research fraternity in the emerging world is further expected to
hinder the market growth in the coming years.
Browse over XX market data Figures spread through 110 Pages and an in-depth
TOC on "Pharmacogenomics Market"
The global pharmacogenomics market can be segmented by
technology, by service, by application, by end user and by region.
Based on application, the global pharmacogenomics
market can be categorized into drug discovery, oncology, neurology and
psychiatry, pain management, cardiovascular diseases, and others. The oncology
segment is expected to dominate the market during the forecast period on
account of the growing prevalence of different types of cancer worldwide.
According to global cancer observatory, in 2020, around 19,292,789 new cancer
cases were reported worldwide. The increasing use of pharmacogenomics in
development of treatment for different types of cancer is expected to create
lucrative opportunities for the segmental growth.
Based on end user, the global
pharmacogenomics market can be segmented into hospitals & clinics,
biotechnology & pharmaceutical companies, and others. The biotechnology
& pharmaceutical companies segment held the largest market share in 2021 due
to the rising acceptance and implementation of pharmacogenomic solutions into
R&D and drug discovery pipelines.
Major
companies operating in global pharmacogenomics
market are:
- Abbott Laboratories, Inc.
- Illumina, Inc.
- Thermo Fischer Scientific, Inc.
- AstraZeneca Plc.
- F.Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson and Company
- Eurofins Scientific SE
- Pacific Biosciences of California Inc.
- Qiagen N.V.
- PerkinElmer, Inc.
- Oxford Nanopore Technologies Limited
- Agilent Technologies, Inc.
- Myriad Genetics, Inc
- Admera Health, LLC
Various companies operating in the market
are increasing their research & development activities and funding,
launching new trials and launching new products in order to stay competitive.
The biotechnology & pharmaceutical companies have also started
collaborating with various academic & research institutions in order to
accelerate the research related to pharmacogenomics and also create awareness
related to it.
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“The North America region dominates the market and is predicted to
maintain its dominance in the forecast years due to early adoption and use of
pharmacogenomics technique for developing treatment for different chronic
diseases. Additionally, increasing research & development activities in the
region related to personalized medicine and drug discovery especially in the
United States is further expected to support the market growth through 2027.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Pharmacogenomics Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2017-2027 Segmented By Technology ( PCR, Sequencing, Microarray, Gel Electrophoresis,
Mass Spectrometry, Others), By Service (Genotyping, SNP Identification,
Pharmacogenetic Testing, Others), By Application (Drug
Discovery, Oncology, Neurology and Psychiatry, Pain Management, Cardiovascular
Diseases, Others), By End User (Hospitals & Clinics, Biotechnology
& Pharmaceutical Companies, Others) and By Region”, has evaluated the future growth potential of
global pharmacogenomics market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global pharmacogenomics
market.
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