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Pharmacogenomics Market, 2028 - Surge in Usage of Pharmacogenomics for Drug Discovery and Development
DUBLIN, June 6, 2019 /PRNewswire/ -- The "Global Pharmacogenomics Market: Focus on Services, Applications, Technologies, End Users, Country Data (16 Countries), and Competitive Landscape - Analysis and Forecast, 2019-2028" report has been added to ResearchAndMarkets.com's offering.
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 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.
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.
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.
Key Topics Covered:
1 Market Overview
1.2 Market Definition
1.3 Historical Perspective
1.4 Significant Services in Pharmacogenomics
1.5 Classification of Pharmacogenomics
1.6 Global Footprint
1.7 Future Potential
2 Market Dynamics
2.2 Iceberg Analysis - Global Pharmacogenomics Market
2.3 Impact Analysis
2.4 Market Drivers
2.4.1 Increasing Prevalence of Infectious Diseases and Various Types of Cancer, Globally
2.4.2 Increase in Adoption of Personalized Medicine Shifting the Paradigm From Reaction to Prevention on a Global Level
2.4.3 Increasing Rate of Adverse Drug Reaction
2.4.4 Surge in Usage of Pharmacogenomics for Drug Discovery and Development
2.5 Market Restraints
2.5.1 Lack of Use of Available Data for Drug Development Initiatives
2.5.2 Lack of High Complexity Testing Centers
2.5.3 Difficulties in Detecting Gene Variation Affecting Drug Response
2.6 Market Opportunities
2.6.1 Massive Scope for Adoption of Pharmacogenomics in Emerging Nations
2.6.2 Technological Advancements in Molecular Techniques for Pharmacogenomic Diagnostic Tests
2.6.3 Rise of Direct-to-Consumer (DTC) Testing Services
3 Competitive Landscape
3.1 Key Strategies and Developments
3.1.1 Product Launches and Enhancements
3.1.2 Product Approvals
3.1.3 Synergistic Activities
3.1.4 Mergers and Acquisitions
3.1.5 Business Expansion Activities and Others
3.2 Market Share Analysis
3.3 Growth Share Analysis
3.4 Industry Attractiveness
4 Regulatory Framework
4.1 Legal Requirements and Framework in the U.S.
4.2 Legal Requirements and Framework in Europe
4.3 Legal Requirements and Framework in Asia-Pacific
4.4 Patent Landscape
5 Global Pharmacogenomics Market (by Service)
5.3 SNP Identification
5.4 Pharmacogenetic Testing
5.5 Other Services
6 Global Pharmacogenomics Market (by Application)
6.3 Infectious Diseases
6.6 Other Applications
7 Global Pharmacogenomics Market (by Technology)
7.2 Polymerase Chain Reaction (PCR)
7.5 Other Technologies
8 Global Pharmacogenomics Market (by End User)
8.2 Research Organizations
8.3 Pharmaceutical Companies
8.4 Diagnostic Centers
8.5 Other End Users
9 Global Pharmacogenomics Market (by Region)
10 Company Profiles
- 23andMe, Inc.
- Abbott Laboratories
- Admera Health, LLC
- Agena Biosciences, Inc.
- Astra Zeneca PLC
- Cancer Genetics, Inc.
- Dynamic DNA Laboratories
- F. Hoffmann-La Roche Ltd
- Genomic Health, Inc.
- geneOmbio Technologies Pvt Ltd.
- Illumina, Inc.
- Laboratory Corporation of America Holdings
- Myriad Genetics, Inc.
- OneOme, LLC
- Pathway Genomics Corporation
- QIAGEN N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.
- Transgenomic, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/8lnwgn
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