Pharmacogenomics Market is Expected to Witness a CAGR of 10.8% During the Forecast Period 2018–2026 With Prominent Players Thermo Fisher Scientific Inc., Abbott Laboratories, Qiagen N.V., Pacific Biosciences of California, Inc.

Pharmacogenomics is an essential research area for development of medication for pain, cancer, psychotropic, and cardiovascular disease. The success of this medication is possible through the use of innovative technologies that help define the dosage setting for subsets of the population and an individual’s response to a specific drug. The success of the precision medicine is possible through the application of pharmacogenomics that uses information about a person’s genes, enzyme activities, cellular environment, and proteins to diagnose and treat diseases. Rapid advancements in groups of specialized molecular diagnostic tests is contributing to the improvement for assessment of real-time treatment of diseases.

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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.

Many government agencies are actively supporting the implementation of pharmacogenomics in drug development and surveillance, so that patients can benefit from advances in genomic science and technology. The government is also involved in funding companies that work to develop bioinformatics technology for precision medicine research applications. For instance, in 2017, Armonica Technologies, Inc. an Albuquerque based company received US$1.5 Mn from the states US $40 Mn catalyst fund. This fund is intended for seed early stage-companies in New Mexico that are involved in developing novel technologies. Clinically personalized medicine is also expected to provide tools that will enhance the traditional approaches for estimating the risk/benefit of an intervention in patients.

Increasing demand for various techniques to pinpointing diagnoses down to the subtype of chronic conditions will drive the pharmacogenomics market

Increasing number of research studies pertaining to sequencing, especially next generation sequencing, are expected to increase demand for pharmacogenomics tests. Meteoric progress in the aspects of NGS technology, platform, and data analysis solutions is propelling widespread, as it shows valid results for problematic areas that have long plagued the drug development industry.

Top Key Players :

Key companies covered as a part of this study include

1. Thermo Fisher Scientific Inc.
2. Abbott Laboratories
3. F. Hoffmann-La Roche AG
4. Qiagen N.V.
5. Pacific Biosciences of California, Inc.
6. Diatech Pharmacogenetics Srl
7. Assurex Health Inc.

Detailed Segmentation:

By Technology Type: Polymerase Chain Reaction, Sequencing, Microarray, Other Technologies
By Application: Drug Discovery, Therapeutic Application, Oncology, Cardiology, Pain Management, Neurological Disorders, Others
By Geography: North America, Europe, Asia Pacific, Latin America, Middle East, Africa

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This release was published on openPR.