Pharmacogenomics Market Booming Worldwide Report 2021-2028 | Thermo Fisher Scientific, Abbott Laboratories, F. Hoffmann-La Roche AG

Overview

Drugs affect individuals in various ways. For example, one drug may cause an increased heart rate, slightly faster breathing and an increase in blood pressure while another may cause drowsiness, lack of focus and memory loss. These differences in the way that different drugs work on people provide a window into the genetic coding of an individual and how it reacts to specific medications. As technology advances and researchers continue to strive to unlock the secrets to these codes, a better understanding of the actual function of genes will emerge. Ultimately, this will lead to precision medicine and improved treatments for all kinds of health conditions and diseases. However, in order to get there, we need to fully grasp the importance of pharmacogenomics.

Market Statistics:

The global pharmacogenomics market was valued at US$ 9,357.3 million in 2020 and is projected to expand at a CAGR of 11.8% during the forecast period (2021–2028).

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Key Players in This Report 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.

Market: Drivers

Increasing adoption of pharmacogenomics in oncology is expected to propel growth of the global pharmacogenomics market over the forecast period. For instance, in 2019, Allscripts Healthcare Solutions, Inc. announced that Summit Healthcare will implement the 2bPrecise precision health platform to equip providers with pharmacogenomic information at the point of care.

Covid-19 Impact Analysis:

The outbreak of COVID-19 has evolved into an emergent global pandemic. Globally, as of 8:23pm CEST, 19 October 2021, there have been 240,940,937 confirmed cases of COVID-19, including 4,903,911 deaths, reported to WHO. As of 19 October 2021, a total of 6,545,309,084 vaccine doses have been administered. Many drugs without established efficacy are being used to treat COVID-19 patients either as an offlabel/compassionate use or as a clinical trial. Currently, no direct evidence of pharmacogenomics data in patients with COVID-19 is available. Pharmacogenomics could explain variability in drug response and improve patients' outcomes with Covid-19.

Key Takeaways

The global pharmacogenomics market is expected to expand at a CAGR of 11.8% during the forecast period (2021–2028). One of the factors boosting growth of the market is launch of new products. For instance, 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.

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Asia Pacific is expected to witness significant growth in the global pharmacogenomics market, owing to decrease in cost of analysis. For instance, in 2017, Thermo Fisher Scientific announced an Asia Precision Medicine research array for regional screening initiatives, which has reduced costs and complexity of analysis associated with whole genome sequencing to help the research of diseases among people living in Asia.
Sequencing is expected to witness significant growth in the global pharmacogenomics market over the forecast period, owing to investment in expansion of in vitro diagnostics.

For instance, in May 2020, Pillar Biosciences, a China-based next-generation sequencing clinical cancer diagnostics company, raised US$ 29.7 million in Series C financing, which the company intends to invest in expansion of in vitro diagnostic and research use.

Among applications, drug discovery is expected to witness significant growth in the global pharmacogenomics market over the forecast period, owing to R&D of new drugs. For instance, in March 2018, Evotec AG launched new drug discovery service INDiGO, an integrated drug development solution to accelerate drug development processes from candidate selection to NDA submission.

Market Trends:

Increasing number of drug development activities is expected to aid in growth of the global pharmacogenomics market. In April 2021, Vertex received European Commission label extension approval for triple combination cystic fibrosis treatment Kaftrio, extending its use for the ‘majority’ of patients aged 12 years and older in U.K, Germany and other European nations.

Competitive Landscape

Major players operating in the global pharmacogenomics market include, Abbott Laboratories, Assurex Health Inc., Diatech Pharmacogenetics Srl, F. Hoffmann-La Roche AG, Pacific Biosciences of California, Inc., Qiagen N.V., and Thermo Fisher Scientific Inc.

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