Pharmacogenomics Market Is Growing Exponentially In Order To Gain More Demand By 2026 With Top Key Players Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, Qiagen N.V., Pacific Biosciences of California Inc.

Pharmacogenomics deals with the influence of genetic variation on drug response in patients by correlating gene expression changes and Single-Nucleotide Polymorphisms (SNPs) with a drug's efficacy or toxicity. Growing concerns for the early identification of drug advertises, drug safety, and growing need for prompt compliance to regulatory guidelines have led the introduction of new technologies and methods by pharmaceutical manufacturers and other intermediaries. These advancements are expected to fuel adoption of pharmacogenomics technology during the forecast period. Pharmacogenomics has different restorative applications such as cardiology, oncology, neurological disorder, and pain management. In this manner, through further headways in this field, by enhancing drug safety, optimizing drug therapy with increasing patient compliance and further reducing healthcare costs is expected to result in the meteoric growth of the pharmacogenomics market over the forecast period.

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Market Dynamics

Major factors that propel the market are increasing demand for personalized drugs, increasing prevalence of several non-infectious and infectious diseases, rising utilization of these technology for effective treatment therapeutics, and growing awareness about benefits associated with pharmacogenomics. Continuous collaboration among pharmacogenomics manufacturers for various applications in clinical and translational research is also expected to drive growth of the market across regions. In 2016, Merck & Co. Inc., collaborated with Biocartis, an innovative molecular diagnostic company to develop and commercialize a new liquid biopsy technology for RAS biomarker testing. This can enable more access to the test for number of metastatic colorectal cancer patients. Furthermore, use of pharmacogenomics to perform diagnostic assays in the field of determining individual’s susceptibility to certain diseases, toxicology, biochemical genetics, and drug safety are also expected to lead to rapid growth of the market for pharmacogenomics over the forecast period.

Technological Advancements Leading To New Product Launch Is A Prominent Factor Fueling Market Growth

Today, screening of known polymorphic drug metabolism enzymes and transporters (DMET) is rapidly becoming routine practice in clinical research. So manufacturers are currently focusing on various approaches to pharmacogenomics analysis to provide rapid and cost-effective solutions for both the screening of known polymorphisms and discovery of novel variants. Few of the advanced technologies already been commercialized like Illumina HiSeq-2000 and HiScan, Roche 454 GSFLX Titanium and the Applied Biosystems SOLiD Analyzer 5500xl. Besides, the combination of goldstandard Applied Biosystems TaqMan Assays with the high-throughput Applied Biosystems Open Array manufactured by Thermo Fisher Scientific Inc., enables analysis of common variants, typically in under four hours with the flexibility to modify array content.

Key Companies

Key companies covered as a part of this study include Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, Qiagen N.V., Pacific Biosciences of California, Inc., Diatech Pharmacogenetics Srl and Assurex Health Inc.

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Detailed Segmentation:

Global Pharmacogenomics Market, By Technology Type:
Polymerase Chain Reaction
Sequencing
Microarray
Other Technologies

Global Pharmacogenomics Market, By Application:
Drug Discovery
Therapeutic Application
Oncology
Cardiology
Pain Management
Neurological Disorders
Others

Regional Analysis

North America held the largest and the fastest market owing to presence of major key players and strategic collaborations among them. Asia Pacific is also expected to exhibit substantial growth rate after North America due to increased investments in R&D and increasing number of clinical trials. In November 2016, according to the Pharmaceutical Research and Manufacturers of America (PhRMA) data, EFPIA and PhRMA member companies conducted 825 clinical trials for various therapeutic indications across Japan in 2015, showing an increase of 21% in comparison to 2013. Latin America and Africa are expected to grow at a steady pace, as countries in these regions have shown considerable interest in research and continuous efforts made by major players to expand their business in these regions. South African Medical Research Council (SAMRC) has collaborated with Beijing Genomics Institute in April 2017, to understand the genetic composition of the population, which is expected to augment growth of the pharmacogenomics in South Africa.

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This release was published on openPR.