The latest market report published by Credence Research, Inc. “Global Pharmacogenomics Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” the global pharmacogenomics market was valued at US$ 7,167.6 Mn in 2015, and is expected to reach US$ 11,938.8 Mn by 2024, expanding at a CAGR of 5.6% from 2016 to 2024.
Browse the full report Global Pharmacogenomics Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2024 at https://www.credenceresearch.com/report/pharmacogenomic-market
Pharmacogenomics or personalized medicine is defined as “the tailoring of medical treatment to the specific characteristics of each patient.” This concept in reality involves the ability to classify individuals into subpopulations that are uniquely or disproportionately susceptible to a particular disease or responsive to a specific treatment. Personalized medicine emphasizes on paradigm shift in medicine from reaction to prevention. The individual response to the drug varies according to the genetic composition. Most of the responses are positive and show improvement while few face the side effects. To address those variations, it is necessary to study how the drug processing is affected by the genes. So when the genetic variation is affecting the drug processing and response, there is scope of the clinical study to be conducted and based on the result, adjust the dosage or to find a different drug according to the genetic composition of an individual.
Genetic study of an individual helps in predicting the susceptibility to disease, its progression and overall improves the diseases detection. Able to design unique disease prevention strategies, prescribe more effective drugs and reduce the ADR’s, enhance quality of life, increase patient compliance; therefore able to optimize the health care cost by reducing the time, cost and rate of failure of clinical trials. Personalized medicine incorporates strong fundamental knowledge about the molecular and genetic frame, which is the main driver for its proliferation.
The global pharmacogenomics market is segmented based on technology type as microarray, sequencing, polymerase chain reaction and other technologies. Sequencing dominates the market, especially with the advent of next generation sequencing attributed by high throughput screening, high accuracy and speed. Further elucidation of this market in terms of technologies is as follows:
- Sanger Sequencing
- Next-Generation Sequencing
- Polymerase Chain Reaction
- Other Technologies
- Mass Spectrometry
The global pharmacogenomics market is further segmented in terms of therapeutic application such as oncology, cardiology, psychiatry, infectious diseases, pain management, neurological disorders and others. Among these, oncology segment dominates the therapeutic market followed by psychiatry and infectious diseases.
Currently, North America occupies the largest revenue share for global pharmacogenomics market, largely dominated by the U.S. Major growth drivers of North America market are presence of extensive and evolved healthcare infrastructure, increasing preference for better, cost effective and personalized therapeutics for various diseases and infections. Asia Pacific is expected to be the most attractive regional market and is anticipated to witness extensive growth during the forecast period.
Market Competition Assessment:
Key players in the Pharmcogenomics market are Abbott Laboratories, Inc., Affymetrix, Inc., AstraZeneca plc, Assurex Health, Bayer AG, GeneDX, F. Hoffmann-La Roche Ltd., Illumina, Inc., Myriad Genetics, Inc., Merck & Co, GE Healthcare, GlaxoSmithKline, Johnson & Johnson, Pfizer, Inc., Pathway Genomics, Qiagen, Inc., Teva Pharmaceutical Industries Ltd, Thermo Fisher Scientific, Transgenomic, Inc.
Key Market Movements:
- Focus on personalized medicine emphasizing on the paradigm shift in medicine from reaction to prevention. Able to design unique disease prevention strategies, prescribe more effective drugs and reduce the ADR’s, enhance quality of life, increase patient compliance.
- Recently, pharmacogenomics have being extensively used in drug development. It is used at various stages of drug development assessing and identifying effect of drug target polymorphisms on drug response.
- Discovery of new biological mechanisms and identification of molecules with improved efficacy and safety