Pharmacogenomics is the analysis of the effect of the genome in drug response and combines the sciences of pharmacology and genomics. The global pharmacogenomics market is anticipated to grow at a CAGR of 5.8 % during the review period.
The Growing Adoption Of Evidence-Based Medicines And The Growing Applications Of Drugs With A Narrow Safety Margin Are The Prime Determinants Of The Market
Pharmacogenomics aims to rationalize and optimize drug therapy taking into account the patients’ genotype, thereby increasing maximum efficacy with minimal adverse effects. Thus, by taking the genotype of patients into account it prevents adverse side effects of drugs with a narrow safety margin and therapeutic index, deviating from the “one-dose-fits-all” approach and the trial-and-error method of prescribing drugs. Pharmacogenomics results in better treatment outcomes, higher efficacy, and reduction of occurrence of drug toxicities and adverse drug reactions (ADRs)
Advent Of Customized And Precision Medicine Expected To Boost Market Demand
The growing incidence of cancer is driving the demand for precision medicine. According to World Health Organization, cancer was responsible for 8.8 million deaths in 2015, indenting nearly 1 in 6 patient’s deaths. Lung cancer, liver cancer, colorectal cancer, stomach cancer, and breast cancer recorded 16,90, 788, 774, 754, and 571 thousand deaths in 2015. Common cancers include lung cancer, liver cancer, colorectal cancer, stomach cancer, and breast cancer, which have been recorded to cause 1.69 million, 788,000, 774 thousand, 754 thousand, and 571 thousand deaths respectively in the year 2015. According to Centers for Disease Control and Prevention, more than 1.5 million people are diagnosed with cancer every year in the U.S., and more than five lakh people are not able to survive.
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Pharmacogenomics benefits the prognosis of the disease by taking into consideration the functionality of these genes, and their effect on the efficacy of the patient’s current or future treatments. It also explains the failure of past treatments. Thus, there has been a growing bias for the personalized medicine, in which drugs are optimized for individual’s differences in genetic makeup.
Key Players of Pharmacogenomics Market
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 of Pharmacogenomics Market
America dominates the Global Pharmacogenomics Market owing to a well-developed healthcare sector. Moreover, the presence of developed economies and rising number of patients suffering from cardiovascular diseases 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
Europe is the second largest Pharmacogenomics market, followed by the Asia Pacific region. Availability of funds for research and development along with government support within the region will drive the market growth during the forecasted period.
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 and stringent government policies especially in 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.
Key Questions Answered In This Report:
What will the market size and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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Some Brief Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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