Global Pharmacogenomics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Pharmacogenomics Market: Overview

"The Pharmacogenomics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Pharmacogenomics is a branch of genetics which is concerned with determining the response of an individual to particular drugs. It is a combination of pharmacology – the science of drugs and genomics which means the study of genes and their functions. Pharmacogenomics techniques are used for the development of effective and safe medications with specific genetic makeup.

Global Pharmacogenomics Market: Dynamics

Rising incidences of chronic diseases such as tuberculosis, cancer, HIV, and many others is a major factor anticipated to drive the growth of the global pharmacogenomics market over the forecast years. In addition, increasing number of geriatric population, higher adoption rate of pharmacogenomics procedure by the various healthcare professionals, and growing demand for personalized therapy are some of the other factors expected to drive revenue growth of the target market. Furthermore, higher health care expenditure and increasing incidences of lifestyle diseases are some among another factors expected to boost the demand for pharmacogenomics. However, high cost associated with test and lack of technical expertise and trained professional in developing and under developing countries are some of the major factors that may hamper the growth of target market to a significant extent.

Global Pharmacogenomics Market: Segment Analysis

Among the technology segments, polymerase chain reaction segment is expected to register the highest market share in terms of revenue as compared to other technologies. This is due to, increasing usage of PCR for in molecular biology for making many copies of a specific DNA segment and is very quick and accurate technique, resulting in higher adoption rate. Among the application segments, oncology is expected to anticipate highest market revenue share over the forecast period, owing to growing demand for the use of pharmacogenomics advent technologies in drug discovery and development for oncology treatment. Among the end user, hospitals and clinics are expected to account for significant share as compared to other end user segment. This can be due to, the presence of highly skilled and expects medical professionals with better infrastructure and advance technologies.

Global Pharmacogenomics Market: Trend

Major players are investing high amount for researcher activity in order to study the safety and efficiency of drugs. In addition, prominent manufacturers are collaborating with other research institute for carrying out clinical pharmacogenomics testing. Also, the government are funding companies that work for development of bioinformatics technology for precision medicine research applications. The above mentioned are among some of the key trends observed in the global pharmacogenomics market.

Global Pharmacogenomics Market: Regional Analysis

In 2019, the markets in North America is projected to a significant market share over the forecast period. This is primarily due to, presence of developed medical facilities and healthcare sector, increasing incidences of chronic diseases, and high patient awareness level in countries in the region. The market in the Asia Pacific is projected to register fastest growth rate over the forthcoming years. This can be primarily attributed to, increasing preference among patients for personalized treatment, increasing number of clinical trials as well as research and development activates in countries of Asia Pacific region.

Global Pharmacogenomics Market Segmentation:

Segmentation by technology:

• Polymerase Chain Reaction
• Microarray
• Sequencing
• Mass Spectrometry
• Electrophoresis
• Others

Segmentation by application:

• Oncology
• Infectious diseases
• Cardiovascular diseases
• Neurological diseases
• Psychiatry
• Pain management
• Others

Segmentation by end user:

• Hospitals and clinics
• Research institutions
• Academic institutes

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa