Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Pharmacogenomics Market Size, Share, Trends, Opportunity, and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global pharmacogenomics market is poised for robust growth during the forecast period, driven by the increasing adoption of personalized medicine in healthcare.
The rising prevalence of chronic diseases, such as cancer, cardiovascular ailments, respiratory disorders, and renal conditions, has escalated the demand for personalized treatments tailored to these diseases, contributing to the expansion of the pharmacogenomics market. Additionally, the influx of research and development activities and the entry of companies into the personalized medicine arena are set to create promising opportunities for market growth. A notable example is Infosys Limited's launch of personalized medicine solutions for the pharmaceutical industry in 2020, aiming to transform processes and drive better business outcomes.
Addressing Adverse Drug Reactions
The escalating rate of Adverse Drug Reactions (ADRs) has sparked interest in precision medicine and pharmacogenomics. ADRs encompass medication-related side effects that persist during clinical use, affecting patients' quality of life and even leading to morbidity and mortality.
The proliferation of medications and polypharmacy to treat various disorders, particularly among the elderly, has contributed to global ADR occurrences. Precision medicine and pharmacogenomics offer a viable solution by identifying patients who require specific therapeutic modules to optimize treatment while minimizing the risk of ADRs. With significant efforts to tackle this pressing issue, the global pharmacogenomics market is poised for substantial growth.
Increasing Research & Development Activities
Growing research and development initiatives aimed at developing treatments and drugs tailored to an individual's genetic makeup and environmental factors are creating promising growth opportunities for the market. The foundation of pharmacogenomics lies in precision medicine, and the rising adoption of personalized medicine further bolsters the market's growth prospects. Biotechnology and pharmaceutical companies, as well as academic and research institutions worldwide, are increasing their investments in research and development funds, conducting clinical trials, and directing their efforts towards pharmacogenomics-related activities.
For example, the National Institute of Health reported that research and development spending on cancer genomics increased from USD 861 million in 2016 to USD 1,220 million in 2022. Similar trends in research and development are observed globally. The Israel Precision Medicine Partnership (IPMP) awarded USD 9.9 million in funding for 11 projects focused on personalized medicine research in 2021, covering areas such as cancers, Crohn's disease, and rare disorders.
Market Segmentation
The global pharmacogenomics market is segmented based on technology, service, application, end-user, and region. Technology categories include PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. Services encompass genotyping, SNP identification, pharmacogenetic testing, and more. Applications span drug discovery, oncology, neurology and psychiatry, pain management, cardiovascular diseases, and others. End-users are divided into hospitals & clinics, biotechnology & pharmaceutical companies, and others. Geographically, North America, particularly the United States, dominates the market due to increased research and development activities.
Key Players
Leading players in the global pharmacogenomics market include:
- Abbott Laboratories, Inc.
- Illumina, Inc.
- Thermo Fischer Scientific, Inc.
- AstraZeneca PLC
- F.Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson and Company
- Eurofins Scientific SE
- Pacific Biosciences of California Inc.
- Qiagen N.V.
- PerkinElmer, Inc.
- Oxford Nanopore Technologies Limited
- Agilent Technologies, Inc.
- Myriad Genetics, Inc.
- Admera Health, LLC
Report Scope
The report provides comprehensive insights into the global pharmacogenomics market, its segments, and industry trends. It categorizes the market based on technology, service, application, end-user, and region. Geographical regions covered include North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The report also highlights the dominance of the United States in the North American market due to its research and development initiatives.
Conclusion
The global pharmacogenomics market is set to experience robust growth, driven by the increasing adoption of personalized medicine and the demand for tailored treatments for chronic diseases. The market's segmentation and the influence of research and development activities provide valuable insights into its expansion trajectory. As companies and institutions invest in pharmacogenomics-related research, clinical trials, and initiatives, the market is poised to play a pivotal role in transforming healthcare by offering personalized solutions that leverage an individual's genetic makeup and environment.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Pharmacogenomics Market
5. Voice of Customer
6. Global Pharmacogenomics Market Outlook
7. North America Pharmacogenomics Market Outlook
8. Europe Pharmacogenomics Market Outlook
9. Asia Pacific Pharmacogenomics Market Outlook
10. South America Pharmacogenomics Market Outlook
11. Middle East and Africa Pharmacogenomics Market Outlook
12. Market Dynamics
13. Market Trends & Developments
14. Competitive Landscape
15. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/bckign
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