Global Pharmacogenomics Market, by Technology (DNA Sequencing, Microarray, Polymerase Chain Reaction, Electrophoresis, Mass Spectrometry, and Other Technologies), by Application (Cardiovascular Diseases, Infectious Diseases, Oncology, Neurological Diseases, Psychiatry, Pain Management and Others), by End User (Hospitals & Clinics, Research Institutions and Academic Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 14,028.01 Mn in 2022 and is expected to exhibit a CAGR of 11.1% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key trends in market include market players focusing on growth strategies such as launch of Pharmacogenomics (PGx) Center, which is expected to drive growth of global pharmacogenomics market over the forecast period. For instance, in April 2018, Thermo Fisher Scientific, is an American supplier of scientific instrumentation, reagents and consumables, and software services, and the University of Pittsburgh have established a new Pharmacogenomics (PGx) Center of Excellence that combines expertise and technology in genomics, bioinformatics, implementation science, medication response phenotyping and education. The Center aims to discover and validate medication response predictors in patients, overcome clinical implementation barriers and demonstrate the value of pre-emptive PGx testing in routine clinical practice.
Global Pharmacogenomics Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 outbreak has had a positive impact on growth of the pharmacogenomics industry. Pharmacogenomics has made significant advances in the field of medicine, involving both pharmacology and genetics, from reaction to prevention. There is ongoing research to examine the genomic structure, function, and impact of the SARS-CoV-2 genome using immunogenomic and pharmacogenomics analysis on COVID patient samples. When the coronavirus vaccine was being developed, a large number of people were subjected to highly specialized clinical studies to test the vaccine's positive and negative responses. These factors are expected to propel the global market growth.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Pharmacogenomics Market”- Forecast to 2030, Global Pharmacogenomics Market, Global Pharmacogenomics Market, by Technology (DNA Sequencing, Microarray, Polymerase Chain Reaction, Electrophoresis, Mass Spectrometry, and Other Technologies), by Application (Cardiovascular Diseases, Infectious Diseases, Oncology, Neurological Diseases, Psychiatry, Pain Management and Others), by End User (Hospitals & Clinics, Research Institutions and Academic Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights related to pharmacogenomics market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pharmacogenomics-market-1053
Moreover, increasing product approvals is expected to aid in growth of the global pharmacogenomics market over the forecast period. For instance, in October 2020, F. Hoffmann-la Roche Ltd is a Switzerland-based multinational healthcare company announced that it received the U.S. Food and Drug Administration (FDA) approval of expanded claims for the cobas EGFR Mutation Test v2 as a companion diagnostic (CDx) for a broader group of therapies in the treatment of non-small cell lung cancer (NSCLC).
Key Takeaways of the Global Pharmacogenomics Market:
- Global pharmacogenomics market is expected to exhibit a CAGR of 11.1% during the forecast period due to increasing adoption of growth strategies by key players such as product launch, which is expected to boost growth of the market. For instance, in November 2019, Agena Biosciences, a global provider of molecular testing solutions, announced the launch of the VeriDose CYP2D6 CNV panel designed to provide pharmacogenomics (PGx) testing programs with a more accurate and efficient way to analyze CYP2D6 copy number. The RUO panel quantifies CYP2D6 copy number, even in the presence of CYP2D6/CYP2D7 hybrid alleles which cannot be detected by commonly used PGx technologies.
- Among end user, research institutions and academic institutes segment is estimated to account for largest market share in the global pharmacogenomics market over the forecast period, owing to increasing collaboration for research and development by key players. For instance, in April 21 2022, Prairie Health, a data-driven telemedicine company, and The University of Western Australia (UWA) are collaborated on a study to expand research in clinical pharmacogenetics to provide precision medicine in psychiatry. Prairie Health and UWA aim to use genetic markers and other phenotypic data to build predictive models for an individual's response to medication. The partnership will provide access to UWA populations to support Prairie Health’s development of advanced predictive models with the goal of developing new clinical protocols or approaches that support precision psychiatry.
- On the basis of regions, Asia Pacific is estimated to exhibit highest CAGR in the global pharmacogenomics market over the forecast period, owing to key companies operating in market focusing on inorganic growth strategies such as partnership. For instance, in April 2022, MGI Tech Co., Ltd.,an affiliate of BGI Group,announced partnership with Nalagenetics (NALA) is a genetic testing company, to advance pharmacogenomics in Singapore and Indonesia. The collaboration aims to use NALA's Clinical Decision Support, a software medical device to analyze whole genome sequencing data sets generated by MGI's DNBSEQTM sequencing platform and generate clinical-grade reports for pharmacogenomics and polygenic risk scores. NALA is dedicated to help implement clinical genetic testing in Southeast Asia with strong expertise in pharmacogenetics, assay development, and AI-linked genetics analysis for pharmacological phenotypes and risk prediction.
- Major players operating in the global pharmacogenomics market are Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx
