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DUBLIN, Nov. 23, 2022 /PRNewswire/ -- The "Pharmacogenomics Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global pharmacogenomics market is expected to grow from $6.64 billion in 2021 to $7.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.93%. The pharmacogenomics market is expected to reach $10.51 billion in 2026 at a compound annual growth rate (CAGR) of 9.80%.
The rising demand for precision medicine is driving the demand for the pharmacogenomics market. Precision medicine is a medical model that proposes healthcare customization, with medical decisions, treatments, practices, or products tailored to a subset of patients rather than a one drug fits all model.
There is rising demand for precision medicine as it is the most advanced in oncology, having wider, exciting applications beyond oncology and late-stage disease such as rare and genetic diseases. The main aim of precision medicine is to integrate genetic and environmental information about particular diseases and/or their responses to particular treatments.
For instance, according to the article published on Linchpinseo in March 2022, the increasing demand for precision medicine investment from leading pharmaceutical companies is experiencing a 1/3 increase in the next five years. Furthermore, in the USA, 30 million people with type 2 diabetes get diagnosed and treated where precision medicine provides individualized treatment and will re-calibrate current treatment practices. Hence, the increasing demand for precision medicine will drive the pharmacogenomics market.
Technological advancement is a key trend gaining the popularity in pharmacogenomics market. Medicine manufacturers are focusing on various approaches to pharmacogenomics analysis to provide cost-effective solutions for screening known polymorphisms and the discovery of novel variants.
The countries covered in the pharmacogenomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Scope of the Report
- The pharmacogenomics marker consists of the sale of pharmacogenomics testing by entities (organizations, sole traders, and partnerships) that refer to precise medical treatment to each person or a group of people. Pharmacogenomics is a field of research that studies how a patient's genes affect and how they respond to medications.
- The long-term aim of pharmacogenomics is to help doctors select the drugs and doses best suited for each person. Pharmacogenomics will be used to create customized drugs to treat a variety of health issues, including cardiovascular disease, Alzheimer's disease, cancer, and asthma.
- The main technology used in pharmacogenomics market are is next-generation sequencing (NGS), polymerase chain reaction, gel electrophoresis, mass spectrometry, microarray and other technologies. NGS is a massively parallel sequencing technology that provides ultra-high throughput, scalability, and speed.
- The technology is used to determine the nucleotide order in entire genomes or specific regions of DNA or RNA. The applications of pharmacogenomics includes neurology, drug discovery, oncology, cardiology, pain management and other application. The end-user included hospitals and clinics, research institutions, and academic institutes.
- North America was the largest region in the pharmacogenomics market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacogenomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major players in the pharmacogenomics market are
- Abbott Laboratories
- AstraZeneca plc
- Becton Dickinson and Company
- Bayer AG
- F Hoffmann-La Roche AG
- Illumina Inc
- GlaxoSmithKline plc
- Merck KGaA
- Myriad Genetics Inc
- Thermo Fisher Scientific Inc
- OPKO Health Inc
- Assurex Health Inc
- Empire Genomics LLC
- Future Science Group
- Pathway Genomics Corporation
Key Topics Covered:
1. Executive Summary
2. Pharmacogenomics Market Characteristics
3. Pharmacogenomics Market Trends And Strategies
4. Impact Of COVID-19 On Pharmacogenomics
5. Pharmacogenomics Market Size And Growth
5.1. Global Pharmacogenomics Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Pharmacogenomics Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Pharmacogenomics Market Segmentation
6.1. Global Pharmacogenomics Market, Segmentation By Technology, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Next Generation Sequencing
- Polymerase Chain Reaction
- Gel Electrophoresis
- Mass Spectrometry
- Microarray
- Other Technologies
6.2. Global Pharmacogenomics Market, Segmentation By Distribution Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Hospital Pharmacy
- Online Pharmacy
- Retail Pharmacy
6.3. Global Pharmacogenomics Market, Segmentation By Applications, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Neurology
- Drug Discovery
- Oncology
- Cardiology
- Pain Management
- Other Applications
6.4. Global Pharmacogenomics Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Hospitals And Clinics
- Research Institutions
- Academic Institutes
7. Pharmacogenomics Market Regional And Country Analysis
7.1. Global Pharmacogenomics Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Pharmacogenomics Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/pmvrwf
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