Pharmacogenomics Market by Size, Share, Forecasts, & Trends Analysis
According to a new market research report, ‘Pharmacogenomics Market by Technology (PCR, Sequencing, Spectrometry, Electrophoresis), Application (Cancer, Cardiology, Neurology, Infectious Diseases), End User (Hospitals, Diagnostic Laboratories, Research Institutes) - Global Forecast to 2029’, published by Meticulous Research®, the pharmacogenomics market is projected to reach $13.16 billion by 2029, at a CAGR of 8.6% during the forecast period 2022–2029.
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Pharmacogenomics plays a pivotal role in the identification of response and
non-response from an individual toward a particular drug. This helps in
avoiding adverse events and optimizing drug dose. Drugs labeled with
pharmacogenomic biomarkers provide information on drug exposure and clinical
response variability, risk for adverse events, genotype-specific dosing,
mechanisms of drug action, polymorphic drug target and disposition genes, and
trial design features. Pharmacogenomic biomarkers are highly focused on
oncological applications. With increasing knowledge of the human genome and its
correlation with disease progression, the focus is increasing on biomarkers of
non-oncology therapeutic areas.
Pharmaceutical
and diagnostic companies are increasing their investments in exploratory
biomarkers that focus on non-oncology areas by understanding the genetic
condition or disease biomarkers, thereby developing specific biomarker
treatments for patients with infectious diseases, central nervous system (CNS)
conditions, and cardiovascular diseases, among others. The U.S. FDA has
approved several drugs with pharmacogenomic labeling for various therapeutic
applications. As of 11th August 2022, 516 drugs were
approved by the U.S. FDA with pharmacogenomic biomarker labels for use in
various therapeutic areas, including oncology, neurology, psychiatry,
infectious diseases, and hematology.
Impact of the COVID-19 Pandemic on
the Pharmacogenomics Market
The
COVID-19 virus spread globally, and the World Health Organization (WHO)
declared it a pandemic and a public health emergency. According to the WHO, as
of 5th October 2022, COVID-19 has infected more than
616 million individuals globally. The pandemic affected several economies, with
disruption in distribution channels and production and supply and demand
leading to a financial crisis in several industries.
Additionally,
the transportation of drugs was a huge challenge to the companies due to
nationwide lockdowns and travel restrictions. The players operating in the
pharmacogenomics market faced major challenges in supplying raw materials for
drug development and manufacturing processes. Research & development is one
of the important aspects of pharmacogenomics. During the COVID-19 pandemic, all
the R&D resources were directed toward finding effective treatments for the
disease. This affected the development and introduction of new biomarkers and
technologies for pharmacogenomics.
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As the
COVID-19 pandemic progressed, hospitals saw an influx of patients in emergency
units, leading to the reallocation of all healthcare resources toward
diagnosing and treating COVID-19-affected individuals. Similarly, diagnostic
laboratories were burdened with sample testing for the diagnosis of COVID-19,
leading to reduced focus on testing for other diseases and disorders. However,
as industries and nations recover from the pandemic, the pharmacogenomics
market is expected to grow in the future.
Based on
technology, in 2022, the polymerase chain reaction segment is expected to
account for the largest share of the pharmacogenomics market. The large market
share of this segment is attributed to the high availability and usage of PCR
across all end users. PCR is a cost-effective alternative to NGS and other technologies.
Moreover, PCR is a highly sensitive technology and provides results with high
accuracy and low sample volume requirement. These benefits of PCR allow for its
high adoption across all end users. However, the DNA sequencing segment is
expected to register the fastest CAGR during the forecast period. The fast
growth of this segment is attributed to the benefits provided by newer
technologies such as next-generation sequencing (NGS). These benefits include
less turnaround time, multiple sample analyses in a single run, and a single
system required for running a sample-to-end analysis.
Based on
application, in 2022, the oncology segment is expected to account for the
largest share of the pharmacogenomics Market. The segment is also expected to
register the fastest CAGR during the forecast period. The fast growth of this
segment is attributed to the increasing prevalence of cancer cases and the need
for targeted cancer treatment. The number of cancer cases is estimated to
increase in the future. According to the International Agency for Research on
Cancer, the number of new cancer cases is expected to be 24.1 million by 2030
from 19.2 million cases in 2020, representing an increase of 24.6% by 2030.
Based on
end user, in 2022, the hospitals segment is expected to account for the largest
share of the global pharmacogenomics Market. Hospitals equipped themselves with
molecular diagnostics tools at the time of the COVID-19 pandemic, and the
presence of certified medical practitioners in the hospitals allows the higher
adoption of pharmacogenomics testing.
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Analysis And Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/62981808
Based on
geography, in 2022, North America is expected to account for the largest share
of the global pharmacogenomics market. The largest market share of this region
is attributed to factors such as the presence of key market players, a
well-established healthcare system, high healthcare expenditure, a rise in the
geriatric population and the associated burden of chronic conditions. The
availability of suitable R&D infrastructure and the high adoption of
precision medicine also contributes to the large market share of the region.
The report
includes an extensive assessment of the product portfolio, geographic analysis,
and key strategic developments of the industry's leading market participants in
the last three years (2019–2022). The pharmacogenomics market has witnessed
several product launches, approvals, partnerships & agreements, expansions,
and acquisitions. For instance, in August 2021, BioReference Laboratories, Inc.
(U.S.), a subsidiary of OPKO Health, Inc. (U.S.), acquired U.S. Ariosa
centralized laboratory prenatal testing business from F. Hoffmann-LA Roche Ltd
(Switzerland). This acquisition is intended to help the company expand its
offerings for prenatal testing portfolio.
The key
players operating in the global pharmacogenomics Market are F. Hoffmann-La
Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific
Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), OPKO
Health, Inc. (U.S.), Dynamic DNA Laboratories (U.S.), Admera Health (U.S.),
Qiagen N.V. (Netherlands), and Myriad Genetics, Inc. (U.S.).
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market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/pharmacogenomics-market-5366
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