Pharmacogenomics Market Technological Advancements will Allow Overcoming Challenges in Future

Pharmacogenomics deals with the study of inherited variations in human genes that affect an individual’s reaction to a particular drug. It co-integrates the genetic sciences with pharmaceutical science. Thus, it is the science of individualizing the drug, which is based on individual’s genetic makeup. And, many times pharmacogenomics are linked to personalized medicine, as the environmental conditions, genetic variations, and changing lifestyle greatly influence the type and severity of diseases as well as therapeutic responses that varies from person to person. In pharmacogenomics, various genetic tests are performed that determine or assist in targeted drug therapies as well as treatment procedures to be adopted so as to minimize side-effects and improve results. The genetic tests performed in pharmacogenomics also help to determine an individual’s susceptibility to certain diseases. Presently, pharmacogenomics is being considered to bring a new change in medicine and healthcare as it promises to offer better, safer as well as affordable healthcare.

Some of the major driving factors for the growth of this market, include, increasing prevalence of several infectious and non-infectious diseases, rising usage in drug discovery processes, increasing demand for personalized drugs, and increasing awareness about benefits associated with pharmacogenomics. Increasing prevalence of several diseases require effective treatment therapeutics, which must be more reliable and safe at the same time. Pharmacogenomics can help achieve both and hence increasing awareness of its benefits will increase its demand across geographies, hence increased growth of the market. The application of pharmacogenomics would greatly help physicians in the treatment of a particular segment of population by studying their responses to specific drugs. Also, the knowledge of effectiveness of a drug in a patient would make a drug more reliable, and it will limit the number of drugs to be withdrawn from the market due to different adverse reactions in few patients to whom they were administered. Pharmacogenomics is also facing challenges like, predicting the association between a genetic marker and a phenotypic drug response, where other variables are also playing their role in drug response. However, recent technological advancements will allow overcoming such challenges in future, hence contributes towards the growth of this market.

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Among all the regions, North America holds the leading position in pharmacogenomics market followed by Europe. Some of the factors responsible for the growth of this market in these regions include increasing usage of pharmacogenomics in the development of more potent as well as personalized medicines, which are on huge demand in these regions. High awareness among physicians and drug developers about the benefits, such as increased reliability, reduced side effects etc. will continue to provide growth towards this market in these regions. Asia-Pacific is the most lucrative market as it promises tremendous growth in future. Key factor responsible for the rapid growth of this market in the region are increasing demand for better, safer and cost effective therapeutics for several infectious as well as non-infectious diseases, which are prevalent in this region. Other major factors include increasing healthcare awareness, improving healthcare investments, rising number of R&D centers and demand for personalized drugs will continue to provide growth towards this market in future.

Some of the major players operating in this market are Abbott Laboratories, Inc., Affymetrix, Inc., AstraZeneca plc, Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Bayer AG, Merck & Co., Inc., GE Healthcare, GlaxoSmithKline plc, Johnson & Johnson, Merck KGaA and others.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
North America
Asia Pacific
Europe
Rest of the World
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