Global Pharmacogenomics Market Top Manufactures (Abbott Laboratories, Inc., Affymetrix, Inc., Astrazeneca Plc) Forecast 2023

Pharmacogenomics Market Report Coverage Highlights: This report covers drivers, restraints, opportunities, challenges, and market trends. The report also covers the product portfolio analysis of the Pharmacogenomics products and vendor benchmarking of the top players in this market. In addition, this report highlights the growth strategies adopted by the major market players to garner large shares in the Pharmacogenomics market.

A separate section with Pharmacogenomics industry key players is included in the report, which provides a comprehensive analysis of price, cost, gross, revenue, product picture, specifications, company profile, and contact information. Development and Research plays a vital role towards the innovation in any given industry which require to execute. Additionally, performing research and development offers a competitive advantage over the competitors owing to regular introduction of products and prototypes to attract consumers. This is expected to have a positive impact on the Pharmacogenomics market growth over the forecast period.

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The pharmacogenomics market is expected to register a growth rate of nearly 10.5% over the forecast period, 2018 - 2023. Pharmacogenomics is a branch of biotechnology, where genomic information is used to study individual responses to drugs. It helps to make clinical decisions based on the association of a gene variant with any drugs by manipulating the dosage or choosing a different drug. Currently, pharmacogenomics plays a significant role in the drug development process by opening new opportunities in drug discovery. Pharmacogenomics market is anticipated to get propelled by its growing reference and increasing health awareness. There are many instances where pharmacogenomics is used to prevent adverse drug reaction, such as, for HIV-infected patients, a genetic variant test is routinely performed before prescribing the antiviral drug abacavir (Ziagen). The US Food and Drug Administration (FDA) recommend genetic testing before prescribing the chemotherapy drug mercaptopurine (Purinethol) to patients with acute lymphoblastic leukemia. This kind of government initiative is likely to drive the pharmacogenomics market in coming years.

High Rate of Adverse Drug Reaction to Boost the Growth of Pharmacogenomics Market

Adverse drug reaction (ADR) is one of the increasing public health problems leading to high number of mortality and morbidity. There are many research studies available related to poor patient outcomes and burden to healthcare system. In Sicily, there is an active pharmacovigilance project, aimed to improve ADRs monitoring in internal medicine wards in hospital since 2014. A research report published in 2018 by Marisa Rosimeire Ribeiro et al. revealed that there is an increase of 10% in the rate of ADR for every administered drug in hospitalized patient in Brazil. Pharmacogenetics is gaining significance by providing tailored drug treatment thus lower overall prevalence of adverse drug reaction. Therefore, pharmacogenomics market is primarily driven by potential usage of genomic biomarkers in clinical practice in order to adjust drug dosage and to avoid drug toxicity. Other factors contributing to the pharmacogenomics market growing focus in precision medicine, Increasing Expenditure in Research and Development and enhancement of drug safety and efficiency to increase success rates in pharma R&D.

Difficulties in Detecting Gene Variation that Affect Drug Response Limits the Growth of Pharmacogenomics Market

There are considerable commercial, regulatory and clinical implications for the fact that a particular genetic trait (single nucleotide polymorphism or SNP profile) confers vulnerability to toxicity or poor therapeutic response. Since there is minimal information available regarding every gene that affects drug response, which causes the overall process of finding the correct SNP to be very expensive and time-consuming and resource intensive as well. Due to the slowdown of the development of pharmacogenomics, the market is get retrained.Another factor limiting the growth of this market is pharmacogenomics is reimbursement issues.

North America to Dominate the Pharmacogenomics Market

North America is anticipated to dominate the pharmacogenomics market across the globe owing to the increasing research expenditure and government initiatives. The Clinical Pharmacogenetics Implementation Consortium (CPIC) was started as a shared partnership between the Pharmacogenomics Research Network (PGRN) and PharmGKB to break the barrier to clinical usage of pharmacogenetic tests. NIH struggles to maximize the benefits of pharmacogenomics research for individuals and society and the major goal of them is further pharmacogenomics research and to ensure that doctors implement their findings. Adverse drug reactions are one of the major causes of hospitalizations and deaths in the United State, which is also fueled the pharmacogenomics research and its market.Thus, countries of North American region are expected to generate high opportunities for growth of pharmacogenomics market.

Key Developments in the Market

Apr 2018: Thermo Fisher Scientific and the University of Pittsburgh announced that they have established a new pharmacogenomics center of excellence that combines technology in genomics, medication response phenotyping, bioinformatics, implementation science and education.

Major Players: ABBOTT LABORATORIES, INC., AFFYMETRIX, INC., ASTRAZENECA PLC, BAYER AG, BECTON, DICKINSON AND COMPANY, BIO-RAD LABORATORIES, INC., F. HOFFMANN-LA ROCHE AG, ILLUMINA, INC., QIAGEN, and THERMO FISHER SCIENTIFIC INC. among others.

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Current and future of pharmacogenomics market outlook in the developed and emerging markets
Analysis of various perspectives of the market with the help of Porters five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the market estimate sheet (in Excel)

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Pharmacogenomics Market Forecast 2018-2023

The Pharmacogenomics industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Pharmacogenomics production, supply, sales and market status.

Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.

Detailed TOC of Global Pharmacogenomics Market Forecasts (2018 - 2023)

Introduction
1.1 Definition of the Market

1.2 Key Findings of the Study

Research Scope and Methodology
2.1 Study Deliverables

2.2 Study Assumptions

2.3 Research Methodology

2.4 Research Phases

Market Dynamics
3.1 Drivers

3.1.1 Increasing Demand for Pharmacogenomics

3.1.2 Evolving R&D Priorities

3.1.3 Adoption of Pharmacogenomics

3.2 Restraints

3.2.1 Pharmacogenomics Industry

3.2.2 Pharmacogenomics Types and Application

Industry Analysis
4.1 Porter's Five Forces Analysis

4.1.1 Bargaining Power of Suppliers

4.1.2 Bargaining Power of Buyers

4.1.3 Threats of New Entrants

4.1.4 Threats of Substitute Products and Services

4.1.5 Degree of Competition

Market Segmentation
5.1 By Application

5.2 By Geography

5.2.1 North America

5.2.1.1 US

5.2.1.2 Canada

5.2.1.3 Mexico

5.2.1.4 Others

5.2.2 Europe

5.2.2.1 Spain

5.2.2.2 UK

5.2.2.3 France

5.2.2.4 Germany

5.2.2.5 Russia

5.2.2.6 Italy

5.2.2.7 Others

5.2.3 Asia-Pacific

5.2.3.1 China

5.2.3.2 Japan

5.2.3.3 India

5.2.3.4 Australia

5.2.3.5 Others

5.2.4 South America

5.2.4.1 Brazil

5.2.4.2 Argentina

5.2.4.3 Others

5.2.5 Africa

5.2.5.1 South Africa

5.2.5.2 Others

Competitor Analysis
6.1 Market Shares of Leading Players

6.2 Strategies Adopted by Leading Players

Company Profiles
Future Outlook of the Market
Appendix
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