Pharmacogenomics Market Challenges and Prospects
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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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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