Pharmacogenomics is a relatively new field of study which is a combination of genomics and pharmacology. It studies how based on genes, a person reacts to drugs which aid in the development of more effective and safe medications. With Pharmacogenomics, drug doses can be tailored to a person’s genetic makeup and can be useful in the treatment of a wide range of health problems. The Global Pharmacogenomics Market Growth is likely to strike a CAGR of 5.8% over the forecast period of 2017-2023, predicts Market Research Future (MRFR) in an extensive study.
Chronic diseases are spreading at an alarming rate which has consequently boosted the demand for precision and personalized medicine. Pharmacogenomics has been widely recognized as a fundamental step in personalized medicine and growing demand for personalized medicine is propelling the growth of the global pharmacogenomics market.
The high rate of adverse drug reaction incidence has been linked to variations in genes which affect the efficacy and toxicity of drugs. This has evoked extensive R&D activities to find out the underlying causes for individual variable reaction to drugs. Pharmacogenomics can improve drug therapy and is increasingly being applied to drug discovery and development. Pharmaceutical companies are progressively making using of pharmacogenomics for drug safety improvisation to increase the success rate in pharmaceutical R&D activities. The governments in multiple countries are also encouraging pharmacogenomics to accelerate personalized care and are outlaying massive amounts on the same which is bolstering the growth of the global pharmacogenomics market.
On the other hand, the global pharmacogenomics market growth can be impeded by high costs associated with pharmacogenomics testing, the dearth of trained professionals to perform such tests and lack of proper laboratory infrastructure. Lack of standardization in procedures is also a possible bottleneck to the growth of the market.
The global pharmacogenomics market has been segmented based on technology, application, and end user.
By technology, the global pharmacogenomics market has been segmented into microarray, sequencing, polymerase chain reaction, and others. The sequencing segment has been further segmented into Sanger sequencing, pyrosequencing, next-generation sequencing, and others.
By application, the global pharmacogenomics market has been segmented into oncology, cardiology, neurological disorders, and others. The oncology segment has been further segmented into breast cancer, lung cancer, and others.
By end user, the global pharmacogenomics market has been segmented into hospitals, research organizations, academic institute, and others.
Assurex Health, Inc. (U.S.), GeneTech (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), GeneDx. (U.S.), Future Science Group (U.S.), Pathway Genomics (U.S.), OneOme (U.S.), 23andMe, Inc. (U.S.), and Myriad Genetics, Inc. (U.S.) are the key players in the global pharmacogenomics market.
Browse More Information: https://www.marketresearchfuture.com/reports/pharmacogenomics-market-1177
By region, the global pharmacogenomics market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). The Americas dominate the global pharmacogenomics market and is likely to exhibit substantial growth over the forecast period. A robust healthcare sector, increasing number of patients suffering from cardiovascular diseases, and rising healthcare expenditure ease up the growth of the market. Presence of developed economies such as the US and Canada also augur well for the growth of the market.
Europe follows the Americas closely and is driven by the availability of funds for R&D along with government support for the same. Additionally, the presence of a massive patient population and developed economies such as Germany and France within the region fuels the growth of the market.
APAC is poised to be the fastest growing market for pharmacogenomics. Expanding pharmaceutical sector and outlay of substantial amount on R&D activities are factors supporting market growth. Presence of a vast patient base presents opportunities for the growth of the market.
MEA market accounts for the least share of the global pharmacogenomics market owing to poor economic conditions, low healthcare spending, and stringent government policies. The majority share of the MEA market is held by the Middle East where well-developed healthcare sector and huge healthcare expenditure supports the growth of the market.