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Pharmacogenomics Market Analysis and In-depth Research on Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, Qiagen N.V., Pacific Biosciences of California, Inc

05-20-2019 12:12 PM CET | Health & Medicine

Press release from: Coherent Market Insights - Biotechnology

Pharmacogenomics

Pharmacogenomics

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.

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Increasing prevalence of several infectious and non-infectious diseases is also one of the major factors boosting the demand for regulated next-generation sequencing-based clinical trial assays and companion diagnostics. According to U.S. Food and Drug Administration (FDA) statistics, over 100,000 people in the U.S. die each year from injurious responses to drugs that were correctly prescribed by a physician. Additionally, over 2.2 million people endure acute, though not fatal, side effects. Worldwide, BioWorld estimates those figures increase to 200,000 deaths and over 4.5 million people suffering serious side effects.

Pharmacogenomics tests are expected to predict susceptibility to maladies as well as create therapeutics tailored to an individual's specific genetic profile. This in turn, is expected to increase market growth. However, unavailability of proper diagnostic testing due to lack of trained personnel, high costs associated with tests, dearth of laboratory facility, and lack of standardization and validation of the test procedures hampers the development of the personalized medicine.

The healthcare facilities and services in the Middle Eastern countries are underdeveloped, however, have high potential to grow in the near future. To accomplish the goal, the Middle Eastern countries are forming alliances with global leading companies as well as government organizations to foster the development of healthcare in these countries. For instance, in 2016, Middle East Medical Assembly at American University of Beirut (AUB) explored precision medicine sector, which is expected to revolutionize the healthcare and disease treatment in the Middle East, as MEMA brings physicians and experts together to discuss the latest challenges and novelties in precision medicine and genomics.

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Vendors are continuously investing in the development of the pharmacogenomics for various applications in clinical and translational research to find a solution to the problems of under-served patients, misdiagnoses, adverse drug reactions (ADRs), and ineffective therapeutics, which is projected to provide lucrative growth over the forecast period. In May 2015, Rosetta Genomics Ltd. launched OncoGxOne, Admera Health’s next-generation sequencing (NGS) panel that detects a vast number of genetic alterations implicated in cancer, to provide clear, concise, and actionable clinical recommendations from a single, comprehensive test.

Some of the major players involved in global pharmacogenomics market are 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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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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