The Global Pharmacogenomics Market, by Technology Type (Polymerase Chain Reaction, Sequencing, Microarray, and Other Technologies), and by Application (Drug Discovery and Therapeutic Application) was valued at US$ 8,357.3 million in 2017 and is projected to expand at a CAGR of 10.8% during the forecast period (2018–2026), as highlighted in a new report published by Coherent Market Insights. Advancements in technology, increasing developments by key players, rising prevalence of lifestyle related diseases are expected to contribute to meteoric growth of the pharmacogenomics market over the forecast period.
Increasing engagement of pharmaceutical companies in pharmacogenomics is increasing potential opportunities for various phases of drug discovery and development processes. In parallel with rapid advancements in the identification and mapping of Single Nucleotide Polymorphism (SNPs) across the human genome, technological discoveries and enhancements to high-throughput genotyping have also made significant strides. Leading biotech firms have driven genotyping throughput to scales and significantly driving down costs. Pharmacogenomics initiatives have led to new discoveries and development of several treatments that are tailored for specific characteristics such as genetic makeup or genetic profile of an individual tumor, that helps transform the treatment methods. Increasing government funding to help companies develop bioinformatics technology for precision medicine research applications. For instance, in 2017, Armonica Technologies, Inc., an Albuquerque-based company received US$1.5 million from the government’s US $40 million catalyst fund. This fund is intended for seed early-stage companies in New Mexico that are involved in developing novel technologies.
In therapeutic application, oncology portfolio is of strategic importance for researchers to develop more targeted approaches for the treatment of cancer. For an instance, AstraZeneca oncology portfolio will increasingly rely on the use of genetics and genomics for patient identification and stratification, which in turn, provides a source of novel biomarkers and diagnostics. This allows them to streamline the R&D process and help to better understand the biological basis of the diseases that are aiming to be treated. Thus, integration of pharmacogenomics analysis results in increased designing of tailored drugs, which is expected to increase profits for drug manufacturers.
Browse 28 Market Data Tables and 31 Figures spread through 160 Pages and in-depth TOC on " Pharmacogenomics Market, by Technology Type (Polymerase Chain Reaction, Sequencing, Microarray, and Other Technologies), and by Application (Drug Discovery and Therapeutic Application), and by Region - Global Forecast to 2026"
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North America is expected to witness highest growth in the global pharmacogenomics market, owing to increasing number of clinical trials for various application areas and rising biotechnology and life sciences sector in this region as well as the increasing focus on research and development by the top market players in these regions. North America is followed by Asia Pacific with the second highest growth rate during the forecast period. For instance, Thermo Fisher Scientific, in 2017, announced an Asia Precision Medicine research array for regional screening initiatives, which has reduced costs and complexity of analysis associated with whole genome sequencing to help the research of diseases among people living in Asia, which in turn, is expected to favor growth of the market in Asia Pacific.
The healthcare facilities and services in the Middle Eastern countries are underdeveloped, however, have high potential to grow in the near future. To accomplish the goal, the Middle Eastern countries are forming alliances with global leading companies as well as government organizations to foster the development of healthcare in these countries. For instance, in 2016, Middle East Medical Assembly at American University of Beirut (AUB) explored precision medicine sector, which is expected to revolutionize the healthcare and disease treatment in the Middle East, as MEMA brings physicians and experts together to discuss the latest challenges and novelties in precision medicine and genomics.
Vendors are continuously investing in the development of the pharmacogenomics for various applications in clinical and translational research to find a solution to the problems of under-served patients, misdiagnoses, adverse drug reactions (ADRs), and ineffective therapeutics, which is projected to provide lucrative growth over the forecast period. In May 2015, Rosetta Genomics Ltd. launched OncoGxOne, Admera Health’s next-generation sequencing (NGS) panel that detects a vast number of genetic alterations implicated in cancer, to provide clear, concise, and actionable clinical recommendations from a single, comprehensive test.
Key Takeaways of the Pharmacogenomics Market:
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