Pharmacogenomics Market: Technological advancements leading to new product launch is a prominent factor to Booming growth of the Market

Market Overview

Pharmacogenomics studies the role of the genome in drug response. This field of research combines pharmacology with genomics to study the genetic makeup of individuals. It is also becoming a valuable tool for personalized medicine. Because of its focus on individual response, pharmacogenomics is a valuable tool to identify new therapeutic targets. However, this field has its limitations. One of the main benefits of pharmacogenomics is that it may help identify the most effective treatment for certain mental illnesses. First-line treatments for depression often fail to work for a large proportion of patients.

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𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

• Thermo Fisher Scientific Inc.*
• Abbott Laboratories
• F. Hoffmann-La Roche AG
• Qiagen N.V.
• Pacific Biosciences of California, Inc.
• Diatech Pharmacogenetics Srl
• Assurex Health Inc.

Market Dynamics

Growing focus on precision medicine is expected to drive growth of the global pharmacogenomics market during the forecast period. Personalized medicine is manufactured specifically for unique individuals based on their predicted response or risk of disease. The demand for personalized medicine has increased in the recent past as physicians can provide more effective drugs and avoid potential side effects. For instance, in May 2021, AdventHealth partnered with Sema4 to launch a precision medicine program.

Pharmacogenomics plays a major role in precision medicine by guiding pharmaceutical companies in drug discovery and development and also helping physicians in selecting the right drug for patients based on their genetic make-up.

However, challenges associated with reimbursement and difficulties in detecting gene variation that affects drug response are expected to hamper the global pharmacogenomics market growth over the forecast period.

Pharmacogenomics Market 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

The regional analysis covers:

North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
The Middle East and Africa (GCC, Southern Africa, and North Africa)

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Impact of COVID-19

The outbreak of the COVID-19 pandemic has significantly impacted the global pharmacogenomics market. With many pharmaceutical companies prioritizing drug discovery and vaccine development for novel coronavirus, the development of precision medicine for different types of chronic and acute diseases was massively impacted. Furthermore, manufacturing companies had to shut down their operations, in order to comply with regulations, which further impacted growth of the said market. However, the rollout of vaccines and many countries undertaking mass vaccination programs is expected to aid in regaining the lost traction of the market in the near future.

Key questions answered in the report:

• Who are the global key players in this Pharmacogenomics market?

• What’s their company profile, product information, contact information?

• What was the global market status of the market?

• What was the capacity, production value, cost, and profit of the market?

• What are projections of the global industry considering capacity, production, and production value?

• What will be the estimation of cost and profit?

• What will be market share, supply, and consumption?

• What is market chain analysis by upstream raw materials and downstream industry?

• What are the market dynamics of the market?

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