The global pharmacogenomics market generated $5,312.8 million in 2017 and is projected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025. Pharmacogenomics is the field of science that evaluates the genetic makeup of an individual that affects the response to drugs. Pharmacogenomics combines the knowledge of pharmacology and genomics. It deals with the interaction of genetic variation and its influence over the drug response in patients by correlating genetic expression and its variability leading to drug’s efficacy or toxicity.
There has been a surge in demand for the use of pharmacogenomics as a tool to customize and optimize drug therapy to suit the patients’ genomic profile ensuring maximum efficacy and minimal adverse effects. Pharmacogenomics is a branch which studies the correlation between the genomic profile of the patient and the effects of drug over it. Pharmacogenomics belongs to the field of personalized medicine that promises the development of pharmacogenomics-based diagnostics tests in which drugs and drug combinations are optimized suiting the individual genotype. Pharmacogenomics is a field of science dealing with the identification of single nucleotide polymorphism in the interspecies and the effects it has over the drug diagnosis test that is used to identify the best suited drug, which is expected to not have an adverse effect on the patient and help the drug act effectively on the target. There is an increase in the demand for pharmacogenomics-based drug discovery and diagnostics owing to growth in prevalence of cancer, drug recalls, surge in awareness of pharmacogenomics diagnosis for treatment of cancer, higher number of R&D studies, and rise in adoption of pharmacogenomics in the development of drugs for pain management with better efficacy. Government initiatives and huge investments by private companies in R&D drive the pharmacogenomics market. Furthermore, surge in the aging population and rise in the global incidences of cancer are anticipated to boost the market growth. The application of high throughput genomic technologies in biomedical research and therapeutic procedures accelerate the market progression.
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Key Market Benefits for Pharmacogenomics Market:
- The study provides an in-depth analysis of the global pharmacogenomics market trends and opportunities along with future estimations to elucidate the imminent investment pockets of the industry.
- The report presents a quantitative analysis of the global pharmacogenomics market share from 2018 to 2025 to enable stakeholders to capitalize on the prevailing market opportunities.
- An extensive analysis of the market based on technology, application, end user, and region helps understand the trends in the industry.
- The key market players are analyzed along with their strategies to understand the competitive outlook of the global pharmacogenomics market.
Pharmacogenomics Key Market Segments:
Market by Technology
- Polymerase Chain Reaction
- Mass Spectrometry
Market by Application
- Infectious diseases
- Cardiovascular diseases
- Neurological diseases
- Pain management
By End User
- Hospitals and clinics
- Research institutions
- Academic institutes
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of LAMEA
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