The Global Pharmacogenomics (PGx) Market size is forecasted to reach USD 11.01 billion from USD 5.66 billion in 2019, delivering a CAGR of 8.7% through 2027. The market growth is driven by the increasing prevalence of chronic diseases, expanding research and development activities, rising patient awareness, and an associated demand for personalized therapy.
Pharmacogenomics is the study of the effect of individual genetic make-up, which indicates the therapeutic effect of the medication on a specific patient. Genetic variation is directly linked to the effects on the human body. Pharmacogenomics testing is witnessing massive adoption in medical settings for supplementing translational and pharmaceutical research.
The increasing use of the patient-specific treatment by healthcare professionals to minimize severe adverse reactions of medication that varies from person to person tremendously will boost the pharmacogenomics market growth over the coming years. The increasing emphasis on a patient-specific approach for the treatment of chronic diseases and the study of factors that can impact treatment like genetic factors is influencing the desired action of medication in the modern medical landscape. Growing preference for pharmacogenomics testing by physicians to choose better-suited treatment for the particular patient to attain a better therapeutic effect will foster the global pharmacogenomics market share through 2027.
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Further key findings from the report suggest:
- In the product and services segment, the kits segment accounted for USD 2.70 billion in 2019 and is estimated to hold a major share of the pharmacogenomics market share through 2027 due to high product demand in research organizations for providing better insight for therapeutic decisions based on the genetic test.
- The assays segment is estimated to witness the maximum growth rate of nearly 8.4% through 2027 on account of the increasing interest of researchers, increasing preference for personalized treatment, and investment in the safety and efficiency of drugs.
- In terms of technology, the Polymerase Chain Reaction (PCR) segment is expected to account for major pharmacogenomics market revenue share through 2027. The technology has the potential to aid the development of effective and safe medications tailored to an individual’s genetic make-up, which is leading to high demand.
- On the basis of application, the cardiovascular segment is estimated to contribute significantly to the pharmacogenomics market share, exhibiting a CAGR of 8.1% through 2027 due to the increasing prevalence of cardiovascular diseases across the globe.
- In the regional landscape, North America dominated the market share with a revenue generation of USD 2.33 billion in 2019 and is set to witness a substantial growth due to the availability of the best in class healthcare infrastructure along with increased demand for pharmacogenomics for the treatment of chronic diseases in the region.
- The Asia Pacific region is estimated to witness major growth through 2027 due to changing lifestyles and a rise in the patient pool suffering from various target diseases. A recent study indicated that the current growth rate for federal research funding in China has exponentially exceeded that in the European Union and the U.S.
- Europe accounted for 27.5% of the pharmacogenomics market share in 2019 and is set to witness a growth rate of 8.4% over the analysis period.
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The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies’ initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Region analysis Covers:
- North America (U.S.A., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- 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)
Products and Services Outlook (Revenue, USD Billion; 2017-2027)
Products
Kits
Assay & Reagents
Instruments
Software
Services
Genotyping
SNP Identification
Pharmacogenetics 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
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
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Research Organisation
Pharmaceutical Companies
Diagnostic Centers
Others
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Top Companies operating in the Market and Profiled in the Report include:
Admera Health, Abbott Laboratories, Agena Biosciences, Inc., Dynamic DNA Laboratories, Cancer Genetics, Inc., F. Hoffmann-La Roche Ltd, Genomic Health, Inc., geneOmbio Technologies Pvt Ltd., Laboratory Corporation of America Holdings, and Illumina, Inc., among others.
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