Pharmacogenomics Market Size Worth USD 11.97 Billion by 2027
The global Pharmacogenomics Market is expected to reach USD 11.97 Billion by 2027, according to a new report by Emergen Research. The increasing adoption of personalized medicine for the treatment of several chronic diseases is expected to drive market growth over the forecast period.
According to the World Health Organization, the global geriatric population was estimated at around 703 million in 2019 and is expected to reach nearly 2 billion by 2050. The rising geriatric population is susceptible to chronic diseases such as cancer, cardiovascular disease, and diabetes. Chronic diseases are responsible for approximately 60% of all deaths globally. Hence, the increasing prevalence of chronic diseases is expected to fuel market growth over the forecast period.
In addition, the increasing adoption of precision medicine is expected to drive market growth. Precision medicine is an emerging field of healthcare that takes into account the genetic makeup of patients to develop personalized treatment plans. The U.S. Food and Drug Administration has approved several drugs for the treatment of cancer and other diseases using precision medicine approaches. For instance, in May 2017, the FDA approved the first precision medicine drug, Keytruda (pembrolizumab), for the treatment of non-small cell lung cancer.
Pharmacogenomics is defined as the study of how genes affect a person’s response to drugs. This branch of science combines pharmacology (the study of drugs) and genomics (the study of genes and their functions) to develop effective, safe medications and doses that are tailored to a person’s genetic makeup.
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Pharmacogenomics testing looks at a person’s genes to see how they metabolize (break down) medications. The results of this testing can guide doctors in choosing the best medication, dose, and treatment plan for a particular patient. Pharmacogenomics is a rapidly evolving field of medicine that has the potential to greatly improve the safety and efficacy of medications. However, the use of pharmacogenomics testing is still in its early stages, and more research is needed to fully understand its potential implications.
Clinical trials are now underway to learn more about the role pharmacogenomics can play in improving healthcare. For example, the National Institutes of Health (NIH) is conducting clinical trials to study how different people respond to certain medications. The goal is to develop personalized medicine approaches based on a person's genetic makeup.
Some Key Highlights from the Report
- The software under the product and services segment is expected to have the largest market share. This is attributed to rising awareness among people about personalized medicines, resulting in high demand for PGx tests.
- The Oncology segment is expected to register the fastest revenue CAGR during the forecast period due to the increasing incidence of cancer and the consequent demand for personalized therapeutics. Also, the development of new diagnostic tools and the increasing use of precision medicine are expected to support market growth during the review period.
- The Polymerase Chain Reaction segment is expected to register the fastest revenue CAGR during the forecast period due to the increasing demand for nucleic acid amplification testing for COVID-19 and other serology tests. Also, the development of this technology for personalized medicine is driving the market growth.
- The Pharmaceutical Companies segment is expected to register the fastest revenue CAGR during the forecast period due to the influx of new players and ongoing R&D activities. Also, the government initiatives to boost personalized medicine and the adoption of genomics in clinical trials would further propel market growth.
- The North American region is expected to account for the largest share of the global pharmacogenomics market in 2020. The large share can be attributed to the increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases; the availability of reimbursement for pharmacogenomics tests; and the presence of a large number of key players in the region.
- The Asia Pacific pharmacogenomics market is expected to grow at a rapid pace during the forecast period. The growth of this region can be attributed to the increasing number of research and development activities and the rising adoption of personalized medicine.
- Key participants include Abbott Laboratories, Admera Health, LLC, Agena Biosciences, Inc., Cancer Genetics, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd, geneOmbio Technologies Pvt Ltd., Genomic Health, Inc., Illumina, Inc., and Laboratory Corporation of America Holdings, among others.
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For the purpose of this report, Emergen Research has segmented into the global Pharmacogenomics Market on the basis of products and services, technology, application, end-use, and region:
Product and Services Outlook (Revenue, USD Billion; 2017-2027)
- Assays and Reagents
- SNP Identification
- Pharmacogenetic Testing
- Other Services
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- Real-Time PCR
- Digital PCR
- DNA Sequencing/Next Generation Sequencing (NGS)
- Nucleic Acid Amplification Tests (NAATs)
- Mass Spectrometry
- Gel Electrophoresis
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Infectious Diseases
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Organization
- Pharmaceutical Companies
- Diagnostic Centers
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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