Latest Industry Updates
October 31, 2018: The U.S. Food and Drug Administration has recently announced that they have approved the marketing of 23andMe’s reports on pharmacogenetics. The genetic-testing company claims are designed to assess whether the genetics will affect an individual’s ability to metabolize certain drugs which include antidepressants.
Nov 2017: Myriad Genetics, Inc., announced positive results from a double-blind, multi-center, randomized controlled trial assessing the impact of the GeneSight Psychotropic test (GeneSight) on psychiatric treatment response in 1,200 patients with major depressive disorder. GeneSight is one of the leading pharmacogenomics test to help guide medication selection for mental health disorders.
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Drivers and Constraints Impacting the Market
The Global Pharmacogenomics Market is presumed to register 5.8% CAGR during the forecast period (2017-2023) owing to the rising prevalence of several infectious and non-infectious diseases, asserts Market Research Future (MRFR). Pharmacogenomics refers to the study of inherited variations in the human genes that affect an individual’s reaction to a specific drug. Various genetic tests are performed in pharmacogenomics to determine targeted drug therapies and treatment procedures to be adopted in order to reduce side effects and improve the results.
With the growing prevalence of various infectious and non-infectious diseases, growing demand for personalized drugs, increasing usage in drug discovery process, and increasing awareness about the benefits of pharmacogenomics are stimulating the market during the assessment period. Pharmacogenomics offers effective treatment therapeutics which is both reliable and safe. Thus, increasing awareness about its benefits is anticipated to augment the market growth in the coming years. Also, innovation and rapid advancements of new healthcare technologies such as High Throughput Screening (HTS), next-generation sequencing, and Digital Polymerase Chain Reaction (PCR) are further influencing the market growth.
On the flip side, lack of consistency in pharmacogenomics and lack of awareness are some of the key factors considered to impede the market growth in the coming years.
Global Pharmacogenomics Market – Competitive Analysis
Pharmacogenomics in recent years has used a new generation of technology approaches that has led to a revolution in the understanding of disease susceptibility and pathophysiology, providing enormous potential for novel therapeutic strategies.
However, with companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the best strategies.
The noteworthy players operating the global market are Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health Inc. (U.S.), Future Science Group (U.S.), Pathway Genomics (U.S.), Myriad Genetics Inc. (U.S.), GeneDx. (U.S.), GeneTech (U.S.), 23andMe Inc. (U.S.), and others.
Global Pharmacogenomics Market: Segmental Analysis
The global pharmacogenomics market has been segmented on the basis of application, technology, end-user, and region.
By mode of technology, the global pharmacogenomics market has been segmented into sequencing, microarray, polymerase chain reaction, and others. Among these, the sequencing segment has been sub-segmented into pyrosequencing, Sanger sequencing, next-generation sequencing, and others.
By mode of application, the global pharmacogenomics market has been segmented into cardiology, oncology, neurological disorders, and others. Among these, the oncology segment has been sub-segmented into lung cancer, breast cancer, and others.
By mode of end-users, the global pharmacogenomics market has been segmented into research organizations, hospitals, academic institute, and others.
Regional Analysis of Pharmacogenomics Market
Geographically, the pharmacogenomics market span across regions namely, Europe, America, Asia Pacific, and the Middle East and Africa.
The American region is considered to dominate the global pharmacogenomics market and is estimated to maintain its dominance during the assessment period. The growth is attributed to the presence of developed countries such as Canada and the U.S. along with a well-developed healthcare sector. Also, growing number of patients suffering from cardiovascular diseases have stimulated the growth of the market in this region.
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The European region is considered to be the second largest market owing to the availability of funds for research and development activities. Moreover, the presence of huge patient population is influencing the market positively. With the presence of developed countries such as France and Germany, the market is likely to flourish during the review period.
Asia Pacific is the fastest growing region owing to the continuously developing economies such as China and India and presence of huge patient population. Meanwhile, the Middle East and Africa hold the least share owing to the presence of poor economy, strict government policies, and low per capita healthcare expenditure in this region.
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