Pharmacogenomics Market Sees Promising Growth of 5.8% by 2023

Pharmacogenomics defines how genes can affect a person’s response to drugs. It is relatively a new field and combines pharmacology and genomics. The aim of Pharmacogenomics Market is to develop effective and safe medications. Moreover by pharmacogenomics, drugs doses can be tailored to a person’s genetic makeup. The field of pharmacogenomics is predicted to treat a wide range of health problems including cardiovascular diseases, Alzheimer disease, cancer, HIV/AIDS, and asthma, in near future. The Global Pharmacogenomics Market is expected to grow at a ~CAGR of 5.8% during the forecast period.

Pharmacogenomics is the study of how genes effect on a person’s response to drugs. This comparatively latest theory combines pharmacology (the science of drugs) and genomics (the study of genes and their functions) to advance effective, safe medications and doses that will be tailored to a person’s genetic condition.

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Some of the factors driving the market are increasing prevalence of several infectious and non-infectious diseases, rising use of drug discovery processes, increasing demand for personalized drugs, and developing awareness about benefits related with pharmacogenomics. Illnesses needs proper effective treatment that should be more reliable and safe at the same time. Pharmacogenomics can help to achieve both. Increasing awareness about its benefits is likely to drive demand globally.

Application of pharmacogenomics would seriously benefit physicians in the treatment of a particular segment of population by studying their responses to specific drugs. Additionally, the knowledge of effectiveness of a drug in a patient would make a drug more reliable, and limit the number of drugs to be withdrawn from the market due to different negative reactions in some patients to whom they were reacted.

Competitive Analysis:

The key players for the global pharmacogenomics market are Myriad Genetics, Inc. (U.S.), 23andMe, Inc. (U.S.), Pathway Genomics (U.S.), GeneTech (U.S.), GeneDx. (U.S.), Future Science Group (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health, Inc. (U.S.), and others.

Regional Analysis:

The Americas dominate the global pharmacogenomics market owing to a well-developed healthcare sector and presence of developed economies like the U.S. and Canada. Moreover, increasing number of patients suffering from cardiovascular diseases and rising healthcare expenditure have boosted the growth of the market in America. In 2016, according to the Centres for Diseases Control and Prevention in the U.S., heart disease was the leading cause of death for both men and women. Moreover, it was also estimated that the healthcare expenditure for heart diseases in the U.S. reaches USD 200 billion each year.

Europe is the second largest Pharmacogenomics Industry, followed by Asia Pacific. Availability of funds for research and development along with government support and presence of huge patient population within the region will drive the market growth during the forecast period. Moreover, the presence of the developed economies like Germany and France within the region fuels the market growth.

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Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies like India and China and presence of huge opportunities in the market drives the market. According to the Indian Brand Equity Foundation in 2016, the Indian biotech industry is estimated to reach USD 100 billion by 2025 from USD 7 billion in 2015 with a CAGR of 30.46%.

On the other hand, the Middle East & Africa has the least share in the global pharmacogenomics market due to presence of poor economy, low per capita healthcare expenditure and stringent government policies especially in the Africa region. The majority of the market of this region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure. Moreover, developed economies like Dubai, Saudi Arabia, Dubai, besides others fuels the market growth within the Middle East & Africa region.

Brief TOC

Report Prologue
Market Introduction
Research Methodology
Market Dynamics
Market Factor Analysis
Global Pharmacogenomics Market, By Application
Global Pharmacogenomics Market, By Therapeutic Application
Global Pharmacogenomics Market, By Methods
Global Pharmacogenomics Market, By Region
Company Profile
Conclusion
Appendix

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