The Global Pharmacogenomics Market was valued at USD 6.3 Bn in 2020 and is expected to reach USD 10.8 Bn by 2027, growing at a CAGR of 8.2% during the forecast period.
Pharmacogenomics is the study of gene responds to the drugs to avoid side effect of the medicines among the individuals. Pharmacogenomics is helpful for various diseases such as oncology, cardiology, and others to enhance the survival rate of patients.
Pharmacogenomics Market Dynamics
The increasing demand for pharmacogenomics among the population due to growing knowledge of pharmacogenomics and it’s advantages drives the global market. Pharmacogenomics aid clinicians in the treatment of a specific population segment by examining their responses to specific medications is the major market growth accelerating factor. Furthermore, having knowledge about drug's effectiveness in a patient will increase its reliability and reduce the number of pharmaceuticals withdrawn from the market due to various adverse reactions in a small number of patients. A number of pharmacogenomics tests have been developed since last five years which also drives the market. Excessive clotting condition, autoimmune/childhood leukaemia, cardiovascular, cancer, HIV, epilepsy, and mental and associated illnesses can diagnose with help of pharmacogenomics tests. However, factors such as a scarcity of skilled and highly trained healthcare professionals to perform pharmacogenomics diagnostics tests, the high cost of tests, and a lack of funding for research and development are expected to limit the global pharmacogenomics market's growth during the forecast period.
The Global Pharmacogenomics Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the pharmacogenomics market are:
Based on technology, polymerase chain reaction segment dominates the pharmacogenomics market due to high demand of PCR for pharmacogenomics owing to it’s associated advantages over other tests
Based on technology, the global pharmacogenomics market is segmented into microarray, DNA sequencing, electrophoresis, polymerase chain reaction, and mass spectrometry. The Polymerase Chain Reaction (PCR) segment is dominate in the market over the forecast period owing to the increasing demand among the old-age population for detection of early-staged cancer. Polymerase chain reaction extract and amplify the DNA directly from the biological samples without any need for sequencing passages which proves as a better technology for the pharmacogenomics tests. This factor drives the growth of polymerase chain reaction in the market over the forecast period.
Based on applications, oncology segment holds the largest share in the pharmacogenomics market over the forecast period due to increasing prevalence of cancer patients
Based on applications, the global market is segmented into neurology, drug discovery, oncology, cardiology, pain management, others. The others are further sub-segmented into infectious diseases and psychiatry. The oncology is the highest growing segment over the forecast period owing to increasing demand for personalized medicine among the cancer patients. Increasing pharmacogenomics tests in oncology that are used to know correlation among the effects of drugs based on the genomic profile that boosts the oncology segment for the growth of market during forecast period.
The report also provides an in-depth analysis of the global pharmacogenomics market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Pharmacogenomics Market
Outbreak of COVID-19 has positive impact on the growth of pharmacogenomics industry. Pharmacogenomics has made significant progress in the field of medicine, involving both pharmacology and genetics, from reaction to prevention. There is constant research study going on, to analyse the genomic structure, function, and impact of the SARS-CoV-2 genome using immunogenomic and pharmacogenomics analysis on the samples obtained from COVID patients. The huge number of people were subjected to highly specialised clinical studies to test the vaccine's positive and negative responses when it was being developed for the coronavirus. These factors are driving the growth of the global market.
The report also provides an in-depth analysis of key trends in global pharmacogenomics market
|1||Inclination of patient’s pool towards effective treatments that are more trustworthy and safer||Positive|
|2||Rising awareness and increasing adoption for personalized medicine among the population||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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2.1 Regulations and Standard
3. Global Pharmacogenomics Market by Technology
4. Global Pharmacogenomics Market by Applications
5. Regional Analysis