FREMONT, California, May 23, 2019 /PRNewswire/ -- According to the new market intelligence report by BIS Research titled "Global Pharmacogenomics Market - Analysis and Forecast, 2018-2028", 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.
As per the research released by World Health Organization the global healthcare expenditure is on course to be an exorbitant $8.5 trillion in 2020. Owing to an increasing economic burden of chronic diseases, estimated to constitute almost 43% of the global economic burden. Thus, the soaring demand for better treatment outcome is leading to the ascending need for preventive, precise healthcare and tailored medication.
The growth of the precision medicine market over the last few years (2010-2017) has been colossal and has significantly contributed to giving rise to a number of parallel fields of study and possible healthcare implementations. Success in driving growth in the field of precision medicine has been largely dependent on the presence of various thought leaders who are highly skilled interdisciplinary leaders and are contributing to the field with their innovation, organization, and guidance. To honor these thought leaders, BIS Research and InsightMonk are delighted to present the first edition of 'The Top 25 Voices in Precision Medicine', an elite compendium of thought leaders in precision medicine from across the globe.
Pharmacogenomics is an integral aspect of precision medicine which studies how an individual's genetic makeup affects their response to a therapeutic drug. Despite tailored medication dosing, there still are a large number of cases involving adverse drug reactions, leading to frequent dose titration and iteration with respect to medication. Collectively, these factors impose a significant burden on the patient, provider, and the overall healthcare system. Rather than a dosing that incorporates a "one-size-fits-all" paradigm, pharmacogenomics offers a priori identification of patients who are likely to experience toxicity or therapeutic failure. With the advent of this field, precision care has been considerably enhanced to provide favorable therapeutic effects realistically.
According to Abdul Wahid, Principal Analyst at BIS Research,"North America is the leading contributor to the global pharmacogenomics market with 50.89% share of the global market value in 2018. This region is anticipated to grow at a CAGR of 6.45% during the forecast period, 2019-2028 and to continue dominating the global market in 2028 as well. However, the Asia-Pacific region is expected to grow at an impressive CAGR of 8.82% during the forecast period from 2019-2028."
Several advancements in the pharmacogenomics industry, spear-headed by the insurgence of direct-to-consumer (DTC) testing services, have revolutionized health regimes by largely targeting challenges with regard to chronic diseases, that need to be addressed immediately.
With rapid developments taking place at an escalating pace, the industry is consistently evolving to provide more precise care, providing significant realization to the term "precision diagnostics".
In 2018, genotyping has been acknowledged as the major contributor to the global pharmacogenomics services market and is expected to grow at a stable CAGR during the forecast period 2019-2028.
Oncology is expected to witness a robust CAGR during the forecast period 2019-2028. However, the pharmacogenomics market for neurology/psychiatry is anticipated to witness the fastest growth during the forecast period 2019-2028.
PCR-based pharmacogenomics is expected to witness a robust CAGR during the forecast period 2019-2028, owing to the rapid technological advances being achieved through systems, such as droplet digital PCR and multiplex PCR assays. However, the sequencing-based pharmacogenomics is anticipated to witness the fastest growth among all during the forecast period 2019-2028, owing to increasing adoption rates for sequencing systems for exploratory research.
Laboratory Corporation of America Holdings is currently the largest shareholder in the pharmacogenomics market. This market dominance is attributed to the company's presence within the market through its expansive product portfolio, led by dedicated pharmacogenetic testing services.
This market intelligence report provides a multi-dimensional view of the global pharmacogenomics market in terms of market size and growth potential. This research report aims at answering various aspects of the global pharmacogenomics market with the help of key factors driving the market, restraints that can possibly inhibit the overall growth of the market, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales, manufacturers, service providers, and trend analysis by segments, and growth share analysis by geographical regions. Additionally, the report provides a comprehensive attractive analysis and opportunity analysis for the entire pharmacogenomics market for 2018 and 2028.
This report is a meticulous compilation of research on more than 60 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants, and vendors. The report also comprises 17 detailed company profiles including several key players, such as Abbott Laboratories, F. Hoffmann-La Roche Ltd, Illumina, Inc., Laboratory Corporation of America Holdings, Quest Diagnostics, Incorporated, Myriad Genetics, Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., and Genomic Health, Inc., among others. The report also consists of snapshot profiles of AstraZeneca plc, OneOme, LLC, and 23andMe, Inc. which have been anticipated to be three of the fastest growing companies with regard to presence in the pharmacogenomics market.
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