The global pharmacogenomics market generated $5,312.8 million in 2017 and is projected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025.
Pharmacogenomics is the field of science that evaluates the genetic makeup of an individual that affects the response to drugs. Pharmacogenomics combines the knowledge of pharmacology and genomics. It deals with the interaction of genetic variation and its influence over the drug response in patients by correlating genetic expression and its variability leading to the drug's efficacy or toxicity.
There has been a surge in demand for the use of pharmacogenomics as a tool to customize and optimize drug therapy to suit the patients' genomic profile ensuring maximum efficacy and minimal adverse effects. Pharmacogenomics is a branch which studies the correlation between the genomic profile of the patient and the effects of the drug over it. Pharmacogenomics belongs to the field of personalized medicine that promises the development of pharmacogenomics-based diagnostics tests in which drugs and drug combinations are optimized suiting the individual genotype. Pharmacogenomics is a field of science dealing with the identification of single nucleotide polymorphism in the interspecies and the effects it has over the drug diagnosis test that is used to identify the best suited drug, which is expected to not have an adverse effect on the patient and help the drug act effectively on the target. There is an increase in the demand for pharmacogenomics-based drug discovery and diagnostics owing to growth in prevalence of cancer, drug recalls, the surge in awareness of pharmacogenomics diagnosis for treatment of cancer, a higher number of R&D studies, and rise in adoption of pharmacogenomics in the development of drugs for pain management with better efficacy. Government initiatives and huge investments by private companies in R&D drive the pharmacogenomics market. Furthermore, the surge in the aging population and a rise in the global incidences of cancer are anticipated to boost the market growth. The application of high throughput genomic technologies in biomedical research and therapeutic procedures accelerate the market progression.
The global pharmacogenomics market is segmented based on technology, application, end user, and region. Based on technology, the market is segregated as a polymerase chain reaction, microarray, sequencing techniques, mass spectrometry and electrophoresis. Based on application, the pharmacogenomics market is further categorized into cancer, cardiovascular diseases, infectious diseases, neurological diseases and pain management among others. Based on end user, it is segmented as hospitals & clinics, research institutions and academic institutes. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, and rest of LAMEA).
KEY MARKET BENEFITS
- The study provides an in-depth analysis of the global pharmacogenomics market share along with the current trends and future estimations to elucidate the imminent investment pockets.
- The report presents a quantitative analysis of the market to enable stakeholders to capitalize on the prevailing market opportunities.
- An extensive analysis of the market based on application assists in understanding the trends in the industry.
- The key market players along with their strategies are thoroughly analyzed to understand the competitive outlook of the industry.
KEY MARKET SEGMENTS
Market by Technology
- Polymerase Chain Reaction
- Microarray
- Sequencing
- Mass Spectrometry
- Electrophoresis
- Others
Market by Application
- Oncology
- Infectious diseases
- Cardiovascular diseases
- Neurological diseases
- Psychiatry
- Pain management
- Others
By End User
- Hospitals and clinics
- Research institutions
- Academic institutes
By Region
- North America
U.S.
Canada
Mexico
- Europe
Germany
France
UK
Rest of Europe
- Asia-Pacific
Japan
China
India
Australia
- Rest of Asia-Pacific
LAMEA
Brazil
Rest of LAMEA
The list of key players operating in this market includes:
- Abbott Laboratories
- Admera Health
- Dynamic DNA Laboratories
- Empire Genomics, LLC
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc
- OneOme, LLC
- Myriad Genetics Inc
- OPKO Health, Inc (GeneDx.)
- Thermo Fisher Scientific, Inc
The other players included in the value chain analysis (and not included in the report) include:
- Teva Pharmaceutical Industries Ltd.
- Assurex Health Inc.
- Admera Health
- Bayer AG
Table of Contents
Executive Summary
According to this report titled, 'Pharmacogenomics Market by Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025', the market was valued at $5,312.8 million in 2017, and is projected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025.
Pharmacogenomics is the field of science that deals with the role of genes in drug response in an individual. The increase in the number of pharmacogenomics-based tests due to growth in ailments, such as cancer, tuberculosis, Alzheimer's disease, cardiovascular diseases, and other mortality causing diseases, is expected to boost the market growth. The market for pharmacogenomics has witnessed tremendous growth in recent years, owing to the rise in patient preference toward personalized therapy-based medications.
The major factors that boost the growth of the pharmacogenomics market are technological advancements in molecular diagnostics including several molecular biology techniques such as polymerase chain reaction, sequencing, microarrays, electrophoresis, mass spectrometry among others, the surge in the preference for using personalized therapy and rise in adoption of pharmacogenomics procedure. In addition, increase in unmet medical needs in developing countries and drug recalls and failures are anticipated to offer lucrative opportunities for market growth. However, the dearth of skilled professionals and high costs associated with pharmacogenomics solutions and kits hamper the market growth. However, the unmet medical needs in the developing countries along with a rise in disposable incomes of the global population is also anticipated to provide lucrative opportunities for the market during the forecast period.
By application, the polymerase chain reaction segment dominated the global pharmacogenomics market, accounting for 41% share of the market in 2017, growing at a CAGR of 8.9% from 2018 to 2025. This is attributed to an increase in geriatric population and rise in demand for pharmacogenomics tests for the early detection of cancer. Manufacturers of pharmacogenomics solutions, kits, and services have focused on developing bioinformatics related tools for the analysis and interpretations of the large data after the test to confirm the results.
The application of pharmacogenomics in oncology has the largest contribution with more than half the market share in 2017. Pharmacogenomic products majorly find applications in hospitals and clinics, research organizations, and research institutes as they are a relatively new modality, has a limitation for an end user owing to the complexities in finding the right drug that is well suited to an individual for a specific disease. All these factors together drive the demand for pharmacogenomics for the diagnosis and screening of diseases.
Key Findings of the Pharmacogenomics Market:
- Based on application, oncology accounted for approximately 37% share of the market in 2017.
- Based on region, North America accounted for more than one-third market share in 2017 and is expected to maintain this trend throughout the forecast period.
- Based on end user, the hospitals segment is anticipated to grow at a CAGR of 8.4% from 2018 to 2025.
- Based on technology, the mass spectrometry segment is estimated to grow at the highest CAGR of 9.3% during the forecast period.
Companies Mentioned
- Abbott Laboratories
- Admera Health
- Admera Health
- Assurex Health Inc.
- Bayer AG
- Dynamic DNA Laboratories
- Empire Genomics, LLC
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc
- Myriad Genetics Inc
- OPKO Health, Inc (GeneDx.)
- OneOme, LLC
- Teva Pharmaceutical Industries Ltd.
- Thermo Fisher Scientific, Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
