Global Pharmacogenomics Market to Reach $8.98 Bn by 2028

Monday 3 June 2019, Amsterdam

Pharmacogenomics is defined as the study of the whole genome with respect to drug response, is consistently revolutionizing healthcare at the interface of precision medicine, with implications for drug development in order to provide superior treatment.

With a critical role in the global precision medicine phenomenon, pharmacogenomics is responsible for ensuring safe and effective application of targeted therapeutics. The services offered by the major players in the pharmacogenomics market encompass categories such as genotyping, single nucleotide polymorphism (SNP) identification, and pharmacogenetic testing, among others. Also, several diagnostics and pharmaceutical companies are presently undertaking synergistic activities for the development of NGS-, PCR-, IHC-, ISH-, microarray-, or mass spectrometry-based pharmacogenomics for the applications in several disease indications, in order to enable efficient diagnosis, treatment selection, dosage selection, and treatment monitoring. The applications of pharmacogenomics primarily include oncology, infectious diseases, neurology/psychiatry, and cardiovascular, among others. Aside from the discovery of effective biomarkers for the development of efficient pharmacogenomics kits, obtaining regulatory approval is essential. The efficiency and effectiveness primarily depend upon the approval of a pharmacogenomics in the stratification of the patient population as responders and non-responders to aid in the selection of appropriate treatment. Therefore, the entire regulatory and approval process necessitates close collaboration between the manufacturer of the targeted drug and the manufacturer of corresponding genetic test. Besides research organizations, pharmaceutical companies, and diagnostic centers, among others, are also prominent end users of pharmacogenomics.

This growth has been primarily attributed to the major drivers in this market such as a highly increasing prevalence of infectious diseases and various types of cancer globally, increase in adoption of personalized medicine shifting the paradigm from reaction to prevention on a global level, increasing rate of adverse drug reaction, and surge in usage of pharmacogenomics for drug discovery and development. These individualized care regimes are improving quality of life of the patients and reducing economic, societal, and clinical burden, projecting a future of prosperity.

According to the latest report, titled 'Global Pharmacogenomics Market – Analysis and Forecast (2019-2028)’, the global pharmacogenomics market was valued at $4.49 billion in 2018 and is estimated to grow over $8.98 billion by 2028. The global pharmacogenomics market is expected to grow at a compound annual growth rate (CAGR) of 6.98% during the forecast period 2019-2028.

Companies Mentioned 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.
• Laboratory Corporation of America Holdings
• Myriad Genetics, Inc.
• Pathway Genomics Corporation
• QIAGEN N.V.
• Quest Diagnostics Incorporated
• Thermo Fisher Scientific Inc.
• Transgenomic, Inc.
• 23andMe, Inc.
• OneOme, LLC
• Astra Zeneca PLC

Key Questions Addressed in the Report:

• What are the major market drivers, challenges, and opportunities in the global pharmacogenomics market?
• What are the underlying structures resulting in the emerging trends within the global pharmacogenomics market?
• How will each segment of the global pharmacogenomics market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2028?
• What are the key developmental strategies which are implemented by the major players in order to sustain in the competitive market? What are the key regulatory implications in developed and developing regions for pharmacogenomics?
• Who are the leading players with significant offerings to the global pharmacogenomics market? What is the current market dominance for each of these leading players?
• What would be the compound growth rate witnessed by the leading players in the market during the forecast period 2019-2028? Which pharmacogenomics service type is estimated to witness the most promising growth?
• What are the key applications in global pharmacogenomics market? What are the major segments of these applications?
• What are the major technologies that are employed in the global pharmacogenomics market? Which is the dominating technology?
• Who are the primary end users of the global pharmacogenomics market? Which is the fastest growing end use segment in the global pharmacogenomics market? What are the services that are being provided by these end users?
• Who are the key manufacturers and service providers in the global pharmacogenomics market, and what are their contributions? Also, what is the growth potential of each major pharmacogenomics manufacturer and service provider?
• What is the scope of the global pharmacogenomics market in North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World? Which pharmacogenomics application and service type dominate these regions?