According to market research reports, the global pharmacogenomics market was valued at $5,312.8 million in 2017, and it is expected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025. The increase in the elderly population is leading to a rise in chronic diseases such as cancer, tuberculosis, HIV, and others, which require personalized therapy. Pharmacogenomics can play a critical role in personalized therapy by providing information about how a patient’s genetic makeup affects their response to a particular drug.
The surge in adoption of pharmacogenomics by healthcare professionals is also contributing to market growth. Pharmacogenomics can help clinicians identify patients who are at risk of adverse drug reactions, optimize medication selection and dosing, and improve treatment outcomes. As healthcare professionals become more familiar with the benefits of pharmacogenomics, the demand for these tests is likely to increase.
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The report provides an extensive competitive analysis and profiles of the key market players, such as Abbott Laboratories, Dynamic DNA Laboratories, Empire Genomics, LLC, F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx), and Thermo Fisher Scientific, Inc. The other players included in the value chain analysis (but not included in the report) are Assurex Health Inc., Teva Pharmaceutical Industries Ltd., and Bayer AG.
The growing awareness of patients towards personalized therapy is another factor driving market growth. Patients are becoming more interested in personalized medicine, which tailors treatment to their individual needs and genetic makeup. As patients become more informed about pharmacogenomics, they may request these tests from their healthcare providers.
Finally, technological advancements in molecular diagnostics are also contributing to the growth of the pharmacogenomics market. Advances in DNA sequencing and other molecular diagnostic technologies are making it easier and more affordable to analyze a patient’s genetic makeup. As these technologies continue to improve, the use of pharmacogenomics in clinical practice is likely to become even more widespread.
The factors you mentioned, such as a shortage of skilled healthcare professionals, high testing costs, and limited funding for research and development, could potentially hinder the growth of the global pharmacogenomics market. However, as you pointed out, there are also opportunities for growth due to the increasing disposable income of the global population.
The global pharmacogenomics market is indeed segmented based on technology, application, and end-user. Polymerase chain reaction (PCR) is one of the key technologies used in the market for the amplification of a small segment of DNA. As you mentioned, PCR has the largest market share in the technology segment of the global pharmacogenomics market.
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The pharmacogenomics market report highlights several key aspects of the market. Here are some more details:
By Technology:
- Next-generation sequencing, polymerase chain reaction, gel electrophoresis, mass spectrometry, microarray, and others are the main technologies used in pharmacogenomics.
- Next-generation sequencing is a rapidly growing segment of the market, thanks to its ability to sequence large amounts of genetic information quickly and accurately.
- Polymerase chain reaction is currently the dominant technology in the market, as mentioned earlier.
By Application:
- The main applications of pharmacogenomics include cardiovascular disease, infectious diseases, oncology, neurological diseases, psychiatry, and others.
- Oncology is the largest segment of the market, owing to the significant potential for personalized cancer treatments based on genetic information.
By End User:
- The main end-users of pharmacogenomics are hospitals and clinics, research institutions, and academic institutes.
By Region:
- North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, Africa) are the main regions covered in the market report.
- North America and Europe are the largest markets for pharmacogenomics, owing to the advanced healthcare infrastructure and high adoption of personalized medicine in these regions.
- The Asia-Pacific region is expected to show significant growth in the coming years, due to the increasing demand for personalized medicine and improving healthcare infrastructure.
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