Pharmacogenomics Market Size to Reach USD 14590 Million by 2028 at a CAGR of 9.3% | Valuates Reports

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BANGALORE, India, April 5, 2022 /PRNewswire/ -- The Global Pharmacogenomics Market is Segmented by Type (Polymerase Chain Reaction (PCR), Microarray, Sequencing), by Application (Cardiovascular Diseases (CVD), Central Nervous System (CNS), Cancer/Oncology, Infectious Diseases): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.

The global Pharmacogenomics (PGx) market size is projected to reach USD 14590 Million by 2028, from USD 7757.9 Million in 2021, at a CAGR of 9.3% during 2022-2028.

Major factors driving the growth of the Pharmacogenomics market are:

The Pharmacogenomics market is expected to grow as the focus on precision medicine grows, as does the need to improve drug safety and efficacy.

Furthermore, benefits such as more precise methods of determining appropriate drug dosages, better vaccines, and a reduction in overall healthcare costs are expected to propel the Pharmacogenomics market forward.

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TRENDS INFLUENCING THE GROWTH OF PHARMACOGENOMICS MARKET

The Pharmacogenomics market is expected to grow as the focus on precision medicine grows. Pharmacogenomics holds the promise of one day being able to custom-make drugs for individuals based on their genetic makeup. Environment, diet, age, lifestyle, and state of health all have an impact on a person's response to medications, but understanding a person's genetic makeup is thought to be the key to developing personalized drugs that are more effective and safe. Precision medicines have also been shown to be effective in the treatment of cancer. Pharmacogenomics and related expertise are required for the development of such drugs.

Pharmacogenomics will allow for more accurate methods of determining appropriate drug dosages. This factor is expected to drive the growth of the pharmacogenomics market. Dosages based on a person's genetics, how well the body processes the medicine, and how long it takes to metabolize it will be replaced by dosages based on a person's genetics, how well the body processes the medicine, and how long it takes to metabolize it. This will increase the therapy's effectiveness while reducing the risk of overdosing.

Vaccines made of genetic material, such as DNA or RNA, promise all of the advantages of current vaccines without the risks. They will stimulate the immune system, but they will not be able to infect the body. They'll be low-cost, stable, and easy to store, and they'll be able to carry multiple pathogen strains at once. This in turn is expected to drive the growth of the pharmacogenomics market

A decrease in the overall cost of healthcare is expected to further drive the growth of the Pharmacogenomics market. Reduced adverse drug reactions, failed drug trials, the time it takes to get a drug approved, the length of time patients are on medication, the number of medications patients must take to find effective therapy, the effects of a disease on the body (through early detection), and an increase in the range of possible drug targets will all contribute to a net reduction in health-care costs.

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PHARMACOGENOMICS MARKET SHARE ANALYSIS

Based on type, the polymerase chain reaction is expected to have the largest market share. The polymerase chain reaction is expected to maintain its trend throughout the forecast period due to its irreplaceability in terms of use for the amplification of a small segment of DNA.

Based on application, Oncology is expected to be the most lucrative segment. This is due to an increase in cancer prevalence around the world, as well as a surge in demand for personalized therapy and the use of pharmacogenomics in drug discovery and development.

Based on region, North America is expected to be the most lucrative region. This is due to significant investments in medical research and development.

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Key Companies:

• Abbott Laboratories
• Affymetrix, Inc.
• Assurex Health, Inc
• Astrazeneca
• GeneDX
• Illumina, Inc.
• Laboratory Corporation of America Holdings
• Myriad Genetics, Inc.
• Pathway Genomics
• Pfizer, Inc
• Qiagen, Inc.
• Rocheg
• Teva Pharmaceutical Industries Ltd.
• Thermo Fisher Scientific
• Transgenomic, Inc.

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SIMILAR REPORTS:

-  The global Pharmacogenomics Technology & Theranostics & Companion Diagnostics (CDx) market size is projected to reach USD 8514.8 Million by 2028, from USD 5180.8 Million in 2021, at a CAGR of 6.9% during 2022-2028.

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