Pharmacogenomics Market Soaring at 8.61% CAGR to Surpass 10,265 Million by 2025
According to the new research study the global pharmacogenomics market is rising at 8.61% CAGR to 2025 propelled by government initiatives and huge investments by private companies while the research predicts the market size is expected to reach $10,265.5 million by 2025
PORTLAND, Oregon, May 15, 2019 /PRNewswire/ -- The global pharmacogenomics market generated $5,312.8 million in 2017 and is projected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025. There has been a surge in demand for the use of pharmacogenomics as a tool to customize and optimize drug therapy to suit the patients' genomic profile ensuring maximum efficacy and minimal adverse effects. Pharmacogenomics is a branch which studies the correlation between the genomic profile of the patient and the effects of drug over it. Pharmacogenomics belongs to the field of personalized medicine that promises the development of pharmacogenomics-based diagnostics tests in which drugs and drug combinations are optimized suiting the individual genotype.
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Pharmacogenomics is a field of science dealing with the identification of single nucleotide polymorphism in the interspecies and the effects it has over the drug diagnosis test that is used to identify the best suited drug, which is expected to not have an adverse effect on the patient and help the drug act effectively on the target. There is an increase in the demand for pharmacogenomics-based drug discovery and diagnostics owing to growth in prevalence of cancer, drug recalls, surge in awareness of pharmacogenomics diagnosis for treatment of cancer, higher number of R&D studies, and rise in adoption of pharmacogenomics in the development of drugs for pain management with better efficacy.
Government initiatives and huge investments by private companies in R&D drive the pharmacogenomics market. Furthermore, surge in the aging population and rise in the global incidences of cancer are anticipated to boost the market growth. The application of high throughput genomic technologies in biomedical research and therapeutic procedures accelerate the market progression.
The global pharmacogenomics market is segmented based on technology, application, end user, and region. Based on technology, the market is segregated as polymerase chain reaction, microarray, sequencing techniques, mass spectrometry and electrophoresis. Based on application, the pharmacogenomics market is further categorized into cancer, cardiovascular diseases, infectious diseases, neurological diseases and pain management among others. Based on end user, it is segmented as hospitals & clinics, research institutions and academic institutes. Based on region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, and rest of LAMEA).
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The list of key players profiled in this research report includes Abbott Laboratories, Admera Health,
Dynamic DNA Laboratories, Empire Genomics, LLC, F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC., Myriad Genetics Inc., OPKO Health, Inc (GeneDx.) and Thermo Fisher Scientific, Inc.
The other players included in the value chain analysis (and not included in the report) include Teva Pharmaceutical Industries Ltd., Assurex Health Inc., Admera Health and Bayer AG.
Related Report:
Pharmacogenomics Technology/Theranostics/Companion Diagnostics (Cdx) Market Insights 2019, Global and Chinese Analysis and Forecast To 2024
Pharmacogenomics Technology/Theranostics/Companion Diagnostics (CDx) Market Insights 2019, Global and Chinese Scenario is a professional and in-depth study on the current state of the global Pharmacogenomics Technology/Theranostics/Companion Diagnostics (CDx) industry with a focus on the Chinese market.
The report provides key statistics on the market status of the Pharmacogenomics Technology/Theranostics/Companion Diagnostics (CDx) manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
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