COVID 19 Impact on Pharmacogenomics Market 2020: Size, Share, Trends, Growth Rate, Business Opportunities And Competitive Landscape
Pharmacogenomics Market Analysis
Pharmacogenomics or Pharmacogenetics is a study that refers to the genes and their impact on the way human body responses to the medication. The study combines pharmacology, the science of medicines and genomics, the study of genes and their functions to develop effective, safe drugs and doses, personalized for a typical genetic makeup (person’s genetic structure). The key objective of this study is to help doctors to pick the best-suited drugs and dosages for each person.
The concept basically, includes classifying individuals into the groups or categories that are uniquely prone to a particular disease or responsive to a specific treatment. Pharmacogenomics will play an essential role in revitalizing some drugs that were deemed ineffective and abandoned during the initial phases of development. Attributing to the increasing awareness of drug safety, the market for pharmacogenomics is increasing rapidly.
Acknowledging the exponential growth, the market perceives currently and the potential of the market to grow in the future; Market Research Future (MRFR), recently published a market forecast. In its analysis MRFR asserts that the global Pharmacogenomics market will grow exponentially by 2023, registering a CAGR of ~5.8% throughout the forecast period (2017 – 2023).
Factors such as the increased utilization of medication revelation processes, growing interest & popularity for customized drugs, expanding security in treatment, and the success ratio of adequacy trials are contributing to the market growth.
Advent of healthcare technologies and rapid advances like PCR (Digital Polymerase Chain Reaction), GenX sequencing, and HTS (High Throughput Screening), are fostering the growth of the global market of Pharmacogenomics.
Furthermore, factors such as the rising demand for diagnostic tests led by the growing emphasis of patients on pre-diagnosis treatments alongside the increasing genetic disorders & mutational diseases are expanding the market rapidly. The government initiatives and investments in R&D programs are providing impetus to the market growth.
Adverse medicine reactions are a prominent cause of hospitalizations and deaths. With the help of Pharmacogenomics, researchers have found a way to use genetic differences to predict if a medication can be useful for a particular person to prevent drug reactions. As Pharmacogenomics is in its embryonic stage, currently its use is quite limited. Nevertheless, the new approaches that are on its way for clinical trials are expected to support market growth.
Soon, Pharmacogenomics will perceive the development of personalized drugs that can treat a wide range of health problems, such as cardiovascular disease, Alzheimer's disease, cancer, cardiovascular disease, asthma, and HIV/AIDS.
Global Pharmacogenomics Market – Segmentations
For ease of understanding, the market is segmented into four key dynamics: -
By Technology: Microarray, Polymerase Chain Reaction and Sequencing (Sanger, Pyrosequencing, and Next-generation sequencing, others), among others.
By Application: Oncology (Breast Cancer, Lung Cancer, others), Cardiology, and Neurological Disorders among others.
By End-users: Hospitals, Research Organizations, and Academic Institute among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Pharmacogenomics Market – Regional Analysis
The North American region, heading with the favorable reimbursement scenario and higher expenditure on healthcare would continue its dominance over the global market of Pharmacogenomics market. Additionally, the increasing prevalence of cardiovascular diseases in the region alongside the well-spread awareness towards the benefits of a Pharmacogenomics is boosting the growth of the market. The rapid uptake of new medical technologies primarily in the US is also a dominant driving force leading the Pharmacogenomics market in the region.
The Pharmacogenomics market in the European region accounts for the second-largest market, globally. Well-penetrated healthcare sector and the resurging economy in the region are two of the key driving forces behind the growth of the European Pharmacogenomics market. Moreover, factors such as the increased funding and government support for the R&D activities and the presence of a large patient pool in the region drive the growth of the regional market.
The Asia Pacific Pharmacogenomics market is rapidly emerging as a profitable market globally. Factors such as the rapidly developing economy and the proliferating healthcare sector in the region are some of the major factors driving the Pharmacogenomics market in the region. Rapidly emerging countries such as China and India backed by the vast population and the large unmet clinical needs in these countries predominantly drive the regional Pharmacogenomics market.
Besides, the growing penetration of healthcare insurance is projected to contribute to the growth of the regional market significantly. Simultaneously, Vietnam, Thailand, and Malaysia among the other South East Asian countries are expected to drive the Pharmacogenomics market in the Asia Pacific region.
Global Pharmacogenomics Market – Competitive Analysis
Highly competitive, the global Pharmacogenomics market appears to be fiercely competitive due to the presence of several well-established and startup companies operating in the market. These players invest heavily in R&D and clinical trials to develop effective drugs. These players incorporate strategic initiatives such as collaboration, acquisition, expansion, technology launch, and strategic partnership.
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Pharmacogenomics Market Major Players
Key players leading the global pharmacogenomics market include 23andMe, Inc. (US), Pathway Genomics (US), Myriad Genetics, Inc. (US), GeneDx. (US), Future Science Group (US), GeneTech (US), Assurex Health, Inc. (US), and Teva Pharmaceutical Industries Ltd. (Israel) among others.
Pharmacogenomics Industry/Innovation/ Related News:
March 26, 2019 --- Murrieta Genomics (the US), a leading global provider of next-generation sequencing technology and Alliance Research Centers (the US), a comprehensive clinical research site management organization announced their partnership to offer genomic sequencing services as additional service to participants and trial sponsors.
These services are aiming at enabling utilization of genomic sequencing data alongside the clinical trial information to inform sponsors of clinical trial results better while enhancing the cumulative trial information available to the industry and regulators.
Pharmacogenomics will continue into the clinical practice better matching treatment with the patients while saving a considerable cost. Thereby increasing the overall efficiency of a given treatment and reducing the chance of a costly adverse event.