What is Pharmacogenomics Market Scope?
Pharmacogenomics is defined as the tailoring of medical treatment in order to the specific characteristics of each patient. It is also known as personalized medicine. It is also widely used for cancer treatment in order to improve the survival of patients. It also examines how the genetic makeup of an individual affects human responses to drugs. On 2017, as per an article published by the Organization for Economic Co-operation and Development (France), biotech R&D in the business enterprise sector was 11.3%, and 9.4% for the United States. Growth in the prevalence of chronic diseases for instance, cancer, tuberculosis, HIV, and others are some of the major drivers which are propelling the growth of the market. The global Pharmacogenomics market is anticipated to grow at a CAGR of 6.2 % during the forecast period.
The Pharmacogenomics market study is being classified and major geographies with country level break-up.
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global pharmacogenomics market can witness an upsurge in the forecast period Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Pharmacogenomics market throughout the predicted period.
Abbott Laboratories, Inc. (United States), Affymetrix, Inc. (United States), AstraZeneca plc (United Kingdom), Assurex Health (United States), Bayer AG (Germany), GeneDX (United States), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc., (United States), Myriad Genetics, Inc., (United States) and Merck & Co, (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are GE Healthcare (United States), GlaxoSmithKline, (United Kingdom), Johnson & Johnson (United States), Pfizer, Inc., (United States), Pathway Genomics (United States), Qiagen, Inc. (Germany), Teva Pharmaceutical Industries Ltd (Israel), Thermo Fisher Scientific (United States) and Transgenomic, Inc. (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Pharmacogenomics market by Type, Application and Region.
On the basis of geography, the market of Pharmacogenomics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
On August 2017, the Albuquerque based company had received USD 1.5 Million from the states USD 40 Million catalyst fund. This will, in turn, propel the growth of the Pharmacogenomics market in futures, , On March 2016, the OneOme, LLC (United States) Company, which is a Pharmacogenomics company, announced today the hiring of Dr. Justin Odegaard, M.D., Ph.D., and Ross Higgins in order to manage and lead their Pharmacogenomics testing laboratory, and On November 2018, the American Society of Health-System Pharmacists (United States) Company had launched a professional certificate for Pharmacogenomics. This would help in enhancing the customer base of the company.
On March 2018, Food and Drug Administration (United States) reviewers evaluate the effect of genetic factors on drug safety, efficacy, or dose. In addition, it also provides advice to drug developers on how to use genomic biomarkers.
Influencing Market Trend
- The Expansion and Advancement of the Pharmacogenomics
Market Drivers
- Increase in Elderly Population Worldwide
- Surge in adoption of Pharmacogenomics procedure by the Healthcare Professionals
- Growing Awareness of the Patient Population towards Personalized Therapy
Opportunities
- Rising Demand from Emerging Economics such as India, China and others
- Surge in Disposable Income of the Global Population
Restraints
- Dearth of skilled labor worldwide
- Highly Trained Healthcare Professionals in Performing the Pharmacogenomics Diagnostics Test
Challenges
- High Cost Associated with Tests
- Lack of Funding For the Research & Development of Different Pharmacogenomics Pathways
Key Target Audience
Manufacturers of Pharmacogenomics, Suppliers of Pharmacogenomics, Wholesalers, Distributors and Retailers of Pharmacogenomics, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.