Global Pharmacogenomics Market - Segmented by Technology (DNA Sequencing, Microarray, Polymerase Chain Reaction, Electrophoresis, Mass Spectrometry and Others), Application and Geography - Growth, Trends, and Forecast (2022 - 2030)
The pharmacogenomics market is expected to register a growth rate of nearly 10.5% over the forecast period, 2018 - 2023. Pharmacogenomics is a branch of biotechnology, where genomic information is used to study individual responses to drugs. It helps to make clinical decisions based on the association of a gene variant with any drugs by manipulating the dosage or choosing a different drug. Currently, pharmacogenomics plays a significant role in the drug development process by opening new opportunities in drug discovery. Pharmacogenomics market is anticipated to get propelled by its growing reference and increasing health awareness. There are many instances where pharmacogenomics is used to prevent adverse drug reaction, such as, for HIV-infected patients, a genetic variant test is routinely performed before prescribing the antiviral drug abacavir (Ziagen). The US Food and Drug Administration (FDA) recommend genetic testing before prescribing the chemotherapy drug mercaptopurine (Purinethol) to patients with acute lymphoblastic leukemia. This kind of government initiative is likely to drive the pharmacogenomics market in coming years.
High Rate of Adverse Drug Reaction to Boost the Growth of Pharmacogenomics Market
Adverse drug reaction (ADR) is one of the increasing public health problems leading to high number of mortality and morbidity. There are many research studies available related to poor patient outcomes and burden to healthcare system. In Sicily, there is an active pharmacovigilance project, aimed to improve ADRs monitoring in internal medicine wards in hospital since 2014. A research report published in 2018 by Marisa Rosimeire Ribeiro et al. revealed that there is an increase of 10% in the rate of ADR for every administered drug in hospitalized patient in Brazil. Pharmacogenetics is gaining significance by providing tailored drug treatment thus lower overall prevalence of adverse drug reaction. Therefore, pharmacogenomics market is primarily driven by potential usage of genomic biomarkers in clinical practice in order to adjust drug dosage and to avoid drug toxicity. Other factors contributing to the pharmacogenomics market growing focus in precision medicine, Increasing Expenditure in Research and Development and enhancement of drug safety and efficiency to increase success rates in pharma R&D.
Difficulties in Detecting Gene Variation that Affect Drug Response Limits the Growth of Pharmacogenomics Market
There are considerable commercial, regulatory and clinical implications for the fact that a particular genetic trait (single nucleotide polymorphism or SNP profile) confers vulnerability to toxicity or poor therapeutic response. Since there is minimal information available regarding every gene that affects drug response, which causes the overall process of finding the correct SNP to be very expensive and time-consuming and resource intensive as well. Due to the slowdown of the development of pharmacogenomics, the market is get retrained.Another factor limiting the growth of this market is pharmacogenomics is reimbursement issues.
North America to Dominate the Pharmacogenomics Market
North America is anticipated to dominate the pharmacogenomics market across the globe owing to the increasing research expenditure and government initiatives. The Clinical Pharmacogenetics Implementation Consortium (CPIC) was started as a shared partnership between the Pharmacogenomics Research Network (PGRN) and PharmGKB to break the barrier to clinical usage of pharmacogenetic tests. NIH struggles to maximize the benefits of pharmacogenomics research for individuals and society and the major goal of them is further pharmacogenomics research and to ensure that doctors implement their findings. Adverse drug reactions are one of the major causes of hospitalizations and deaths in the United State, which is also fueled the pharmacogenomics research and its market.Thus, countries of North American region are expected to generate high opportunities for growth of pharmacogenomics market.
Key Developments in the Market
• Apr 2018: Thermo Fisher Scientific and the University of Pittsburgh announced that they have established a new pharmacogenomics center of excellence that combines technology in genomics, medication response phenotyping, bioinformatics, implementation science and education.
Major Players: ABBOTT LABORATORIES, INC., AFFYMETRIX, INC., ASTRAZENECA PLC, BAYER AG, BECTON, DICKINSON AND COMPANY, BIO-RAD LABORATORIES, INC., F. HOFFMANN-LA ROCHE AG, ILLUMINA, INC., QIAGEN, and THERMO FISHER SCIENTIFIC INC. among others.
Reasons to Purchase this Report
• Current and future of pharmacogenomics market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the market estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
High Rate of Adverse Drug Reaction to Boost the Growth of Pharmacogenomics Market
Adverse drug reaction (ADR) is one of the increasing public health problems leading to high number of mortality and morbidity. There are many research studies available related to poor patient outcomes and burden to healthcare system. In Sicily, there is an active pharmacovigilance project, aimed to improve ADRs monitoring in internal medicine wards in hospital since 2014. A research report published in 2018 by Marisa Rosimeire Ribeiro et al. revealed that there is an increase of 10% in the rate of ADR for every administered drug in hospitalized patient in Brazil. Pharmacogenetics is gaining significance by providing tailored drug treatment thus lower overall prevalence of adverse drug reaction. Therefore, pharmacogenomics market is primarily driven by potential usage of genomic biomarkers in clinical practice in order to adjust drug dosage and to avoid drug toxicity. Other factors contributing to the pharmacogenomics market growing focus in precision medicine, Increasing Expenditure in Research and Development and enhancement of drug safety and efficiency to increase success rates in pharma R&D.
Difficulties in Detecting Gene Variation that Affect Drug Response Limits the Growth of Pharmacogenomics Market
There are considerable commercial, regulatory and clinical implications for the fact that a particular genetic trait (single nucleotide polymorphism or SNP profile) confers vulnerability to toxicity or poor therapeutic response. Since there is minimal information available regarding every gene that affects drug response, which causes the overall process of finding the correct SNP to be very expensive and time-consuming and resource intensive as well. Due to the slowdown of the development of pharmacogenomics, the market is get retrained.Another factor limiting the growth of this market is pharmacogenomics is reimbursement issues.
North America to Dominate the Pharmacogenomics Market
North America is anticipated to dominate the pharmacogenomics market across the globe owing to the increasing research expenditure and government initiatives. The Clinical Pharmacogenetics Implementation Consortium (CPIC) was started as a shared partnership between the Pharmacogenomics Research Network (PGRN) and PharmGKB to break the barrier to clinical usage of pharmacogenetic tests. NIH struggles to maximize the benefits of pharmacogenomics research for individuals and society and the major goal of them is further pharmacogenomics research and to ensure that doctors implement their findings. Adverse drug reactions are one of the major causes of hospitalizations and deaths in the United State, which is also fueled the pharmacogenomics research and its market.Thus, countries of North American region are expected to generate high opportunities for growth of pharmacogenomics market.
Key Developments in the Market
• Apr 2018: Thermo Fisher Scientific and the University of Pittsburgh announced that they have established a new pharmacogenomics center of excellence that combines technology in genomics, medication response phenotyping, bioinformatics, implementation science and education.
Major Players: ABBOTT LABORATORIES, INC., AFFYMETRIX, INC., ASTRAZENECA PLC, BAYER AG, BECTON, DICKINSON AND COMPANY, BIO-RAD LABORATORIES, INC., F. HOFFMANN-LA ROCHE AG, ILLUMINA, INC., QIAGEN, and THERMO FISHER SCIENTIFIC INC. among others.
Reasons to Purchase this Report
• Current and future of pharmacogenomics market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the market estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
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