Global Pharmacogenomics Market, by Technology Type (Polymerase Chain Reaction, Sequencing, Microarray, and Other Technologies), and by Application (Drug Discovery and Therapeutic Application) and by Geography - Trends and Forecast to 2025

Pharmacogenomics deals with the influence of genetic variation on drug response in patients by correlating gene expression changes and Single-Nucleotide Polymorphisms (SNPs) with a drug's efficacy or toxicity. Growing concerns for the early identification of drug advertises, drug safety, and growing need for prompt compliance to regulatory guidelines have led the introduction of new technologies and methods by pharmaceutical manufacturers and other intermediaries. These advancements are expected to fuel adoption of pharmacogenomics technology during the forecast period. Pharmacogenomics has different restorative applications such as cardiology, oncology, neurological disorder, and pain management. In this manner, through further headways in this field, by enhancing drug safety, optimizing drug therapy with increasing patient compliance and further reducing healthcare costs is expected to result in the meteoric growth of the pharmacogenomics market 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 global pharmacogenomics market was valued at US$ 7,623.9 million in 2016 and is expected to witness a CAGR of 7.6% during the forecast period (2017 – 2025).

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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. 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.

North America held the largest market share, followed by Europe in 2016, owing to presence of major key players and strategic collaborations among them. Asia Pacific is also expected to grow at a substantial rate due to increased investments in R&D and setting up of in-house manufacturing and R&D facilities. In 2008, Transgenomic entered into a laboratory services agreement with the Guangzhou Family Planning Center in Guangzhou, China to provide pharmacogenomic analyses within the Guangzhou Laboratory for pharmaceutical companies who choose to pursue clinical trials in China. Latin America and Africa are expected to grow at a steady pace, as countries in these regions have shown considerable interest in research and continuous efforts made by major players to expand their business in these regions. South African Medical Research Council (SAMRC) has collaborated with Beijing Genomics Institute in April 2017, to understand the genetic composition of the population, which is expected to augment growth of the pharmacogenomics in South Africa.

The market is driven by collaborations and pipelines for upcoming products. Objective of the collaborations between the organization and the companies is identification of specific tumor targets by expansion of known mutations associated with defective DNA repair. Companies are engaged in development of single comprehensive tests that can capture a large amount of relevant content. For instance, in 2017, Qiagen N.V. and Bristol-Myers Squibb signed an agreement for use of Next Generation Sequencing technology to develop gene expression profiles for immuno-oncology therapies.

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