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Global Pharmacogenomics Market: Focus on Services, Applications, Technologies, End Users, Country Data (16 Countries), and Competitive Landscape - Analysis and Forecast, 2019-2028

NEW YORK, June 3, 2019 /PRNewswire/ --

Global Pharmacogenomics Market to Reach $8.98 Billion by 2028

Pharmacogenomic services have significantly transformed the entire medical industry.With evolution of these services into direct-to-consumer tests, the global scope has been expanded to cover the entire healthcare gamut, further personalizing treatment modules.



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The rapid growth of clinically relevant pharmacogenomic knowledge and drugs used for patient treatment in virtually every medical specialty, is consistently aiding in the evolution of prevention-based treatment.With a critical role in the global precision medicine phenomenon, pharmacogenomics is responsible for ensuring safe and effective application of targeted therapeutics.

These individualized care regimes are improving the quality of life of the patients and reducing economic, societal, and clinical burden, projecting a future of prosperity.

Presently, service categories within the pharmacogenomics market include genotyping, SNP identification, and pharmacogenetic testing, among others.Although services are widespread, there is still considerable apprehension toward the adoption of genetic testing services in order to stratify patients for drug selection and dosage.

Minimal reimbursement in developed countries such as the U.S., though restraining growth in the market, is being overcome by an increasing patient awareness that is leading to growth in the market.

The purpose of the study is to gain a holistic view of the global pharmacogenomics market in terms of various factors influencing it, including regulatory reforms, and technological advancements.The market has been segmented into 'services', 'applications', 'technologies', 'end users', and 'regions'.

The scope of this report is centered upon conducting a detailed study of the products and services allied with the pharmacogenomics market.In addition, the study also includes the exhaustive information on the unmet needs, perception on the new products, competitive landscape, market share of leading manufacturers, growth potential of each service, application, technology, end user, region, and company, as well as other vital information with respect to global pharmacogenomics market.

The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering into the market.

This research report aims at answering various aspects of the global pharmacogenomics market with the help of the key factors driving the market, the restraints, and the current growth opportunities that are going to shape the future trajectory of the market expansion.The report includes an in-depth examination of the key players and recent developments taking place in this market.

Moreover, the report includes chapters on market dynamics (market drivers, opportunities, and challenges) and industry analysis as well.

The research study highlights the factors governing the industry attractiveness with Porter's Five Forces for a comprehensive understanding of the global pharmacogenomics market. Moreover, the study includes detailed product mapping, market estimation, and analysis of key trends in multiple geographical regions, growth of pharmacogenomics market in each region for different applications, and the key strategies and developments by the prominent pharmacogenomics manufacturers and service providers.

The answers to the following key questions can be derived from this report:
• What are the major market drivers, challenges, and opportunities in the global pharmacogenomics market?
• What are the underlying structures resulting in the emerging trends within the global pharmacogenomics market?
• How will each segment of the global pharmacogenomics market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2028?
• What are the key developmental strategies which are implemented by the major players in order to sustain in the competitive market? What are the key regulatory implications in developed and developing regions for pharmacogenomics?
• Who are the leading players with significant offerings to the global pharmacogenomics market? What is the current market dominance for each of these leading players?
• What would be the compound growth rate witnessed by the leading players in the market during the forecast period 2019-2028? Which pharmacogenomics service type is estimated to witness the most promising growth?
• What are the key applications in global pharmacogenomics market? What are the major segments of these applications?
• What are the major technologies that are employed in the global pharmacogenomics market? Which is the dominating technology?
• Who are the primary end users of the global pharmacogenomics market? Which is the fastest growing end use segment in the global pharmacogenomics market? What are the services that are being provided by these end users?
• Who are the key manufacturers and service providers in the global pharmacogenomics market, and what are their contributions? Also, what is the growth potential of each major pharmacogenomics manufacturer and service provider?
• What is the scope of the global pharmacogenomics market in North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World? Which pharmacogenomics application and service type dominate these regions?

Key trends targeted in the report:
• What are the emerging trends in the global pharmacogenomics market? How are these trends revolutionizing the treatment procedure?
• Which technologies are anticipated to break-through the current pharmacogenomics regime?
• Which companies are anticipated to be highly disruptive in the future and why?
• What are the regulatory procedures that are required to unify the approval process for emerging pharmacogenomics? How will these enhance the reimbursement scenario?
• What are the gaps in regularizing optimum pharmacogenomics adoption in regular healthcare routines? How are these gaps being tackled?

The key manufacturers who have been contributing significantly to the global pharmacogenomics market include Abbott Laboratories, F. Hoffmann-La Roche Ltd, Illumina, Inc., Laboratory Corporation of America Holdings, Quest Diagnostics, Incorporated, Myriad Genetics, Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., and Genomic Health, Inc., among others.

Executive Summary
As World Health Organization states, the global healthcare expenditure is on the course to be an exorbitant $8.5 trillion in 2020, owing to an increasing economic burden of chronic diseases, which are estimated to constitute almost 43% of the global economic burden. Thus, the escalating demand for better treatment outcome is leading to an ascending need for preventive, precise healthcare, and tailored medication. The growth of the precision medicine market over the last few years (2010-2017) has been colossal and has significantly contributed to giving rise to a number of parallel fields of study and possible healthcare implementations. Pharmacogenomics is defined as the study of the whole genome with respect to drug response, is consistently revolutionizing healthcare at the interface of precision medicine, with implications for drug development in order to provide superior treatment.

The rapid growth of clinically relevant pharmacogenomic knowledge and drugs used for patient treatment in virtually every medical specialty, is consistently aiding in the evolution of prevention-based treatment.With a critical role in the global precision medicine phenomenon, pharmacogenomics is responsible for ensuring safe and effective application of targeted therapeutics.

The services offered by the major players in the pharmacogenomics market encompass categories such as genotyping, single nucleotide polymorphism (SNP) identification, and pharmacogenetic testing, among others.Also, several diagnostics and pharmaceutical companies are presently undertaking synergistic activities for the development of NGS-, PCR-, IHC-, ISH-, microarray-, or mass spectrometry-based pharmacogenomics for the applications in several disease indications, in order to enable efficient diagnosis, treatment selection, dosage selection, and treatment monitoring.

The applications of pharmacogenomics primarily include oncology, infectious diseases, neurology/psychiatry, and cardiovascular, among others.Aside from the discovery of effective biomarkers for the development of efficient pharmacogenomics kits, obtaining regulatory approval is essential.

The efficiency and effectiveness primarily depend upon the approval of a pharmacogenomics in the stratification of the patient population as responders and non-responders to aid in the selection of appropriate treatment. Therefore, the entire regulatory and approval process necessitates close collaboration between the manufacturer of the targeted drug and the manufacturer of corresponding genetic test. Besides research organizations, pharmaceutical companies, and diagnostic centers, among others, are also prominent end users of pharmacogenomics.

This growth has been primarily attributed to the major drivers in this market such as a highly increasing prevalence of infectious diseases and various types of cancer globally, increase in adoption of personalized medicine shifting the paradigm from reaction to prevention on a global level, increasing rate of adverse drug reaction, and surge in usage of pharmacogenomics for drug discovery and development. These individualized care regimes are improving quality of life of the patients and reducing economic, societal, and clinical burden, projecting a future of prosperity.

Presently, service categories within the pharmacogenomics market include genotyping, SNP identification, and pharmacogenetic testing.Till date, the healthcare industry has witnessed a number of successful products and services that have contributed significantly to the enhancement of technological advancements in making treatment more precise.

As of 2018, pharmacogenomics, though minimally reimbursed, can be seen to have large-scale exposure in almost all the developed countries.However, with the rapid advancements taking place and an exponential progression in the number of companies entering the space, access to consumers is bound to become easier, thus significantly increasing the exposure in less-developed countries.

The global pharmacogenomics market has been witnessing a steady growth since the end of the Human Genome Project in 2003. The market is expected to continue to grow with a double digit CAGR of 6.98% during the forecast period, 2019-2028. Growing at a CAGR of 6.42% during the forecast period of 2019-2028, the genotyping service segment is anticipated to generate a value of $3.54 billion in 2028. However, the global market for pharmacogenetic testing services is anticipated to grow at the fastest CAGR of 8.95% during the forecast period 2019-2028.

The purpose of the study is to gain a holistic view of the global pharmacogenomics market in terms of various factors influencing the same, including regulatory reforms, and technological advancements.The market has been segmented into 'services', 'applications', 'technologies', 'end users', and 'regions'.

The scope of this report is centered upon conducting a detailed study of the products and services allied with the pharmacogenomics market. In addition, the study also includes the exhaustive information on the unmet needs, perception on the new products, competitive landscape, market share of leading manufacturers, growth potential of each service, application, technology, end user, region, and company, as well as other vital information with respect to global pharmacogenomics market.

Based on the region, the global pharmacogenomics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World (RoW). North America is the leading contributor to the global pharmacogenomics market and was responsible for a 50.89% share of the global market values in 2018. However, the Asia-Pacific region is expected to grow at the fastest pace among all other regions with a CAGR of 8.82% during the forecast period 2019-2028.

The key players who have been contributing significantly to the global pharmacogenomics market include Abbott Laboratories, F. Hoffmann-La Roche Ltd, Illumina, Inc., Laboratory Corporation of America Holdings, Quest Diagnostics, Incorporated, Myriad Genetics, Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., and Genomic Health, Inc., among others.

Countries Covered
North America
• The U.S.
Canada
Europe
Germany
• The U.K.
France
Italy
Spain
Denmark
The Netherlands
• Rest-of-Europe
Asia-Pacific
Japan
China
Australia
India
Singapore
• Rest-of-APAC
Latin America
Brazil
Mexico
• Rest-of-Latin America
• Rest-of-the-World

Read the full report: https://www.reportlinker.com/p05779386/?utm_source=PRN

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