According to a new report published by Allied Market Research, titled,”Pharmacogenomics Market by Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018 – 2025″,the market was valued at $5,312.8 million in 2017, and is projected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025.
𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :
- Abbott Laboratories
- Admera Health
- Dynamic DNA Laboratories
- Empire Genomics, LLC.
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc.
- OneOme, LLC
- Myriad Genetics Inc.
- OPKO Health, Inc. (GeneDx.)
- Thermo Fisher Scientific, Inc.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/request-sample/5220
Pharmacogenomics is the field of science that deals with the role of genes in a drug response in an individual. The increase in the number of pharmacogenomics-based tests due to growth in ailments, such as cancer, tuberculosis, Alzheimers disease, cardiovascular diseases, and other mortality causing diseases, is expected to boost the market growth. The market for pharmacogenomics has witnessed tremendous growth in the recent years, owing to rise in patient preference toward personalized therapy-based medications.
The major factors that boost the growth of the pharmacogenomics market are technological advancements in molecular diagnostics including several molecular biology techniques such as polymerase chain reaction, sequencing, microarrays, electrophoresis, mass spectrometry among others, surge in the preference for using personalized therapy and rise in adoption of pharmacogenomics procedure. In addition, increase in unmet medical needs in the developing countries and drug recalls and failures are anticipated to offer lucrative opportunities for the market growth. However, dearth of skilled professionals and high costs associated with pharmacogenomics solutions and kits hamper the market growth. However, the unmet medical needs in the developing countries along with rise in disposable incomes of the global population is also anticipated to provide lucrative opportunities for the market during the forecast period.
𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘
- Based on application, oncology accounted for approximately 37% share of the market in 2017.
- Based on region, North America accounted for more than one-thirds market share in 2017 and is expected to maintain this trend throughout the forecast period.
- Based on end user, the hospitals segment is anticipated to grow at a CAGR of 8.4% from 2018 to 2025.
- Based on technology, the mass spectrometry segment is estimated to grow at the highest CAGR of 9.3% during the forecast period.
𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 https://www.alliedmarketresearch.com/purchase-enquiry/5220
By application, the polymerase chain reaction segment dominated the global pharmacogenomics market, accounting for 41% share of the market in 2017, growing at a CAGR of 8.9% from 2018 to 2025. This is attributed to increase in geriatric population and rise in demand for pharmacogenomics tests for the early detection of cancer. Manufacturers of pharmacogenomics solutions, kits, and services have focused on developing bioinformatics related tools for the analysis and interpretations of the large data after the test to conform the results.
The application of pharmacogenomics in oncology has the largest contribution with more than half the market share in 2017. Pharmacogenomic products majorly find applications in hospitals and clinics, research organizations, and research institutes as they are a relatively new modality, has a limitation for an end user owing to the complexities in finding the right drug that is well suited to an individual for a specific disease. All these factors together drive the demand for pharmacogenomics for diagnosis and screening of diseases.
𝗚𝗲𝘁 𝗗𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/pharmacogenomics-market
𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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