Global Pharmacogenomics Market: by Technology (Polymerase Chain Reaction, Microarray, Sequencing, Electrophoresis, and Others), by Application (Neurology, Oncology, Infectious Diseases, Pain Management, and Others), by End-User (Hospitals & Clinics, Academic Institutes, Research Institutes, and Others) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
The pharmacogenomics market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive market analyses, capturing all the pharmacogenomics industry aspects.
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Pharmacogenomics Industry Outlook
The pharmacogenomics market size was valued at USD 6.53 billion in 2020, which is expected to reach USD 9.47 billion by 2027, registering a CAGR of 7.2% during the forecast period (2021-2027). Pharmacogenomics is the study of pharmacology and genomics in human genes that affect a person’s reaction to a particular drug. Pharmacogenomics aims to ensure effective and safe medications with minimal side effects. Cardiovascular diseases, AIDS, Alzheimer’s disease, and cancer are diseases that can be treated by pharmacogenomics.
Factors Affecting the Pharmacogenomics Industry over the Forecast Period:
The rise in the geriatric population, increase in the awareness among patients towards personalized therapy, growing adoption of pharmacogenomics procedures by healthcare professionals, and high prevalence of chronic diseases across the globe are the key factors expected to propel the market growth of the pharmacogenomics market over the forecast period.
Governments also provide financial aids, take initiatives, craft rules & regulations and work towards the development & promotion of pharmacogenomics which affects the market dynamics of pharmacogenomics.
However, the lack of skilled and highly trained healthcare professionals and the high cost associated with the test may restrain the growth of the pharmacogenomics market.
Impact of COVID-19 on Pharmacogenomics Market:
COVID-19 is a global public health disease that has affected almost every industry. The outbreak of COVID-19 increased the demand for pharmacogenomics. This creates many opportunities for new and small-scale players to mark their presence in the regional market and offer low-cost prices and high-quality products to the end-users. Therefore, with the outbreak of the COVID-19, there is a significant surge in demand for pharmacogenomics that has been seen across the globe, which has positively impacted the pharmacogenomics market value in 2020 and subsequent years.
Scope of the Report
The report outlines the global pharmacogenomics market study based on technology, application, and end user.
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The pharmacogenomics market has been segmented based on technology –
- Polymerase Chain Reaction
- Microarray
- Sequencing
- Electrophoresis
- Others
The pharmacogenomics market has been segmented based on application –
- Neurology
- Oncology
- Infectious Diseases
- Pain Management
- Others
The pharmacogenomics market has been segmented on the basis of the end user –
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- Hospitals & Clinics
- Academic Institutes
- Research Institutes
- Others
Pharmacogenomics Market: Regional Outlook
Based on the region, the global pharmacogenomics market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East, and Africa. In 2019, North America held the largest share in the pharmacogenomics market, followed by the Asia Pacific and Europe due to the rising demand for personalized medicine and technological advancement in the region. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast periods due to the rapidly increasing aging population and growing R&D centers.
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Key Global Pharmacogenomics Market Competitors Includes –
The pharmacogenomics market is highly fragmented, with a large number of small players across the globe. The vital pharmacogenomics market manufacturers operating in the global market are –
- Abbott Laboratories
- Bayer AG
- Dickinson and Company
- Empire Genomics
- F. Hoffmann-La Roche Ltd.
- Illumina Inc.
- Johnson and Johnson Services Inc.
- Merck & Co., Inc.
- Myriad Genetics Inc.
- Opko Health Inc.
- Teva Pharmaceuticals Industries
- Thermo Fisher Scientific Inc.
The pharmacogenomics tools market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.