Pharmacogenomics Market Research Report, By Technology (Microarray, Sequencing, Polymerase Chain Reaction) By Application (Cardiology, Neurological Disorders) By End Users (Hospitals, Research Organizations, Academic Institute)-Forecast till 2027

Pharmacogenomics Market Overview

The Pharmacogenomics Market will acquire a CAGR of 8.8 % and a significant value in the forecast period b 2027.

Pharmacogenomics is a component of genomic medicine used in medical treatment. The market focuses on developing precision medicine to improve drug efficacy and safety. The developing methods to determine drug dosages, vaccines, and reduction of overall healthcare costs are boosting the market.

The major growth factors such as the product approvals, growth of inorganic strategies, and demand for precision medicine are accelerating the market. The rise in the elderly population demands proper and effective medication. The growing adoption of pharmacogenomics procedures in the healthcare sector and the awareness among the patient population due to its personalised therapy are driving the market. The huge number of severe chronic diseases like HIV, cancer, tuberculosis, and others, is accelerating the pharmacogenomics market. The advancements integrated with molecular diagnostics procedures will boost the market growth in the forecast period.

The healthcare professionals are skilled and trained to perform the pharmacogenomics diagnostics test. The key player’s developments to improve pharmacogenomics are aiding the market. The research and development activities and the disposable income propel towards higher growth opportunities for the market.

COVID 19 Analysis of Pharmacogenomics Market

People across the globe are being affected by Coronavirus, the global pandemic. It has negatively impacted the operations of all the industries, except for the pharmaceutical industry. There has been a complete lockdown situation in almost every part of the world and people are forced to stay at their homes. Every nation has sealed their borders which mean no international travel will be possible shortly. The businesses are also being shut down. Many people were laid off from their workplaces. This has affected the Pharmacogenomics Industry as well.

It is being anticipated that post the covid19 situation, global pharmacogenomics market share will grow tremendously. It has made a prominent advance in the field of medicine from its reaction to prevention as it involves both pharmacology and genomics. While developing a vaccine for the coronavirus a large number of people underwent highly specialized clinical trials to checks its positive and negative responses. Based on the results dosage was fixed. This was all possible because of altering and tailoring the medicinal treatment.

Pharmacogenomics Market Dynamics

Drivers

Precision medicines have proved to be efficient for the treatment of cancer. For the development of such drugs pharmacogenomics and related expertise are required. These specially developed medicines have reduced the medical costs for patients who have been spending a large amount of money on responsive treatments.

Opportunities

There is a need to enhance the drug efficacy and security over a while. The increase in the rate of adverse reactions to various drugs and large investment in the related research & development projects has prompted the global pharmacogenomics market growth. 

Restraints

The cost of carrying on the research & development projects in the field of pharmacogenomics is very high. The rate of failure of projects is also high which is hindering the growth of its global market. Medical and research institutes require high-tech laboratories to carry out such operations. There is also a lack of awareness among the general public about precision medicine. 

Value Chain Analysis

More and more people are adopting precision medicine in the current scenario. This has boosted the Pharmacogenomics industry. Precision medicines are developed to meet the accurate needs of individual patients. These combine the genetic and environmental factors to create a drug for a specific disease. Efficient treatment and procedures to reduce the side effects of the medicines are watched closely to improve its results. This requires the studies of drugs as well as their reaction to patient’s genetics and disorders. With its help, many important discoveries have been made in the field of cancer and its treatment.

Figure 1:- Pharmacogenomics market share, by region

Sources: WHO, annual reports, press release, white paper, and company presentation

Pharmacogenomics Market Segmentation

According to the global pharmacogenomics market analysis, its market can be divided into various segments. These are based on technology, based on application, and based on end-users

Based on technology

Based on technology the field of pharmacogenomics market is further segmented into DNA Sequencing, Microarray, Polymerase Chain Reaction, Mass Spectrometry, Electrophoresis, and many Other Technologies. DNA sequencing can be of various types such as Sanger sequencing, next-generation sequencing, pyro-sequencing, and many others.

Polymerase Chain Reaction based pharmacogenomics activities are expected to hold the largest pharmacogenomics market share throughout the period under forecast.

Based on Application

Pharmacogenomics and its methods can be applied to various fields such as Drug Discovery, Neurology, Pain Management, Oncology, and others.

Based on End-users

Various end-users of this industry are Healthcare providers, government and other Research & development institutes, academic medical institutions, and healthcare consumers.

Pharmacogenomics Market Regional Analysis

The global pharmacogenomics market is increasing rapidly. It is leaving a huge impression in every part of the world owing to its specialization and advancements. The regions of the operation of its global market include regions of america, europe, asia-pacific, and the rest of the world.

American region, which includes the area of North America (the US and Canada) and Latin America, provides the largest market for Pharmacogenomics Industry. This owns to a large number of investments in medicinal study and research. The level of awareness among the general public is also very high.2016, according to the Centres for Diseases Control and Prevention in the U.S., heart disease was the leading cause of death for both men and women. Moreover, it was also estimated that the healthcare expenditure for heart diseases in the U.S. reaches USD 200 billion each year.

The European region, which includes Germany, UK, France, Russia, and Italy, is also expanding and holds the second-largest market share of its global pharmacogenomics market. There is a large population of people suffering from cardiovascular and other diseases. This is raising the demand for precision medicines.

Asia-Pacific (ASPAC) region, which includes China, Japan, India, Australia, and South Korea, is growing tremendously throughout the forecasted period. The developing countries, such as India, are providing a cheaper infrastructure for research & development projects.According to the Indian Brand Equity Foundation in 2016, the Indian biotech industry is estimated to reach USD 100 billion by 2025 from USD 7 billion in 2015 with a CAGR of 30.46%.

The rest of the world region, which includes the region of the Middle East and Africa, is growing at a slower but constant rate owing to the lower technological development, low per capita health care expenditure, and fewer government initiatives.

Pharmacogenomics Market Competitive Landscape

The list of major global pharmacogenomics market key players is as follows:

• Myriad Genetics, Inc. (U.S.)


• 23andMe, Inc. (U.S.)


• Pathway Genomics (U.S.)


• GeneTech (U.S.)


• (the U.S.)


• Future Science Group (U.S.)


• Teva Pharmaceutical Industries Ltd. (Israel)


• Assurex Health, Inc. (U.S.)


• Bristol-Myers Squibb Company


• Hoffmann-La Roche Ltd.


• Merck & Co., Inc.


• Johnson & Johnson


• Abbott Laboratories, Inc.

These companies form joint ventures or come together in partnerships for certain projects, mergers, and acquisitions to make technological advancements. They strive to develop end-products and services that are unique, cost-effective, and proficient in working and can deliver accurate solutions to the respective problems.

Recent Developments

In November 2021

Agena Bioscience, a world provider of genetic testing solutions, has declared its partnership with Manchester University (MU). The partnership was to expand awareness and provide access to pharmacogenomics educational resources. Manchester University is the leading institution that offers innovative pharmacogenomic educational programs to the healthcare and laboratory sectors. Based on the partnership, Agena Bioscience will offer MU PGx programs to its customers, including a Graduate degree Certificate in PGx and a Master’s degree of Science in PGx.

In May 2020

 Green Shield, a global player and Canada-based company, partnered with GenXys, the pharmacogenomics company. The partnership aimed to develop efficient software to assist in research and develop precise medicines that would produce positive results.

Report Overview

This report about the global pharmacogenomics market trends includes the following elements:

• Market Overview


• COVID19 Analysis


• Market Dynamics


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments

This research report provides a comprehensive study about the global pharmacogenomics market outlook. it includes a thorough analysis of its market trends and the areas of new advancements. pharmacogenomics is related to the study of human genes and their reaction to specific drugs under given circumstances. It also helps in identifying a person’s vulnerability to certain diseases and developing accurate medicines to cure the disorder. These specialized medicines have reduced the medical costs for people who have been spending a large amount of money on responsive treatments.