Global Pharmacogenomics Market Forecast to 2027
The Global Pharmacogenomics Market research report is a complete study that summarizes the most recent changes and advancements in the Pharmacogenomics industry, with 2018 acting as the base year and the forecast year being 2020–2027. The analysis provides useful details on the market's size, share, sales channels, distribution system, market segmentation, consumer needs, industry trends, and potential for future growth. The research also looks at both global and regional market growth. The paper examines the COVID-19 pandemic's implications for the market for Pharmacogenomics and its key segments.
The global pharmacogenomics market is expected to reach USD 11.97 billion by 2027, according to a new report by Emergen Research. The global pharmacogenomics (PGx) market is growing at a substantial pace owing to the growing demand for personalized therapy, the increasing prevalence of target chronic diseases, technological advancements, favorable government initiatives, and the availability of financial support for research and development.
Pharmacogenomics, a rapidly evolving field at the intersection of pharmacology and genomics, holds immense potential to transform the landscape of healthcare. By studying how an individual's genetic makeup influences their response to drugs, pharmacogenomics aims to optimize treatment outcomes and minimize adverse reactions. With advancements in genomics technologies, the pharmacogenomics market is experiencing significant growth, revolutionizing personalized medicine. This article delves into the current state of the pharmacogenomics market, its key drivers, challenges, and future prospects.
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The progress in genomics technologies has been instrumental in driving the pharmacogenomics market forward. Next-generation sequencing (NGS) techniques, such as whole-genome sequencing and targeted gene panels, enable comprehensive profiling of an individual's genetic variants. These advancements have improved the speed, accuracy, and affordability of genetic testing, facilitating the integration of pharmacogenomics into routine clinical practice. Additionally, bioinformatics tools and artificial intelligence (AI) algorithms are employed to analyze vast genomic datasets, aiding in the identification of clinically relevant genetic variants and predicting drug responses.
Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled in the Report:
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
Market Dynamics:
The report offers insightful information about the market dynamics of the Pharmacogenomics market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Pharmacogenomics market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Pharmacogenomics market.
Radical Highlights of the Pharmacogenomics Market Report:
- Comprehensive overview of the Pharmacogenomics market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players, including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of the technological developments and RD advancements on the Pharmacogenomics market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about business expansion strategies, product launches, and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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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 the widespread application of genomic data to effectively influence healthcare outcomes. The testing methods are improved, and the public and health care professionals are educated about the potential benefits owing to technological advancements.
- The pharmacogenomics by application includes Oncology as one of the prospects which are expected to fuel the market growth. Pharmacogenomics is expected to help guide healthcare professionals to personalize treatment for cancer patients, which will contribute significantly to the market.
- Research organizations held a significant share in 2019, owing to its contribution to the research field. It is a relatively new field that combines pharmacology and genomics to develop effective, safe medications and doses that will be tailored to a person's genetic makeup.
- The major driving factors for the growth of this market in the North American region is the rising demand for personalized medicines, high medical reimbursement facilities, and technological advancement.
Pharmacogenomics Market Segmentation:
Market Overview:
The report bifurcates the Pharmacogenomics market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Product and Services Outlook (Revenue, USD Billion; 2017-2027)
- Products
- Kits
- Assays and Reagents
- Instruments
- Software
- Services
- Genotyping
- SNP Identification
- Pharmacogenetic Testing
- Other Services
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- Real-Time PCR
- qPCR
- Digital PCR
- DNA Sequencing/Next Generation Sequencing (NGS)
- Nucleic Acid Amplification Tests (NAATs)
- Mass Spectrometry
- Gel Electrophoresis
- Hybridization
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
- Others
- Microarray
- Others
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Infectious Diseases
- Neurology/Psychiatry
- Cardiovascular
- Others
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the Pharmacogenomics Market report is an exhaustive database that will help readers formulate lucrative strategies. The Pharmacogenomics Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Pharmacogenomics market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Pharmacogenomics with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
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