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.
According to Market Research Future (MRFR), the “Pharmacogenomics Market Size” is Projected to Expand at a CAGR of 5.8% Over the Forecast Period (2017-2023).
Market Drivers and Top Barriers
The deciding factors in the pharmacogenomics market growth include the surging expenditure in research and development (R&D) along with the elevating rate of adverse reactions. World over, there has been a rising focus on precision medicine coupled with the growing need for drug safety as well as efficacy, which has led to the market expansion in recent years. On that note, the strong focus on precision medicine is striving to expand the pharmacogenomics market, as the primary aim of precision medicine is integrating genetic as well as environmental information of certain diseases along with their responses to specific treatments.
Pharmacogenomics Industry 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)
- Teva Pharmaceutical Industries Ltd. (Israel)
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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.
Global Pharmacogenomics Market – Segmentations
For ease of understanding, the market is segmented into four key dynamics: –
Polymerase Chain Reaction
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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.
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