The Global Pharmacogenomics Market is expected to grow at a ~CAGR of 5.8% during the forecast period.
The key players profiled in pharmacogenomics market report includes 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.),
- OneOme (U.S.)
Pharmacogenomics characterizes how qualities can influence a man’s reaction to drugs. It is moderately another field and joins pharmacology and genomics. The point of pharmacogenomics is to create compelling and safe medicines. Additionally by pharmacogenomics, drugs measurements can be custom-made to a man’s hereditary cosmetics. The field of pharmacogenomics is anticipated to treat an extensive variety of medical issues including cardiovascular infections, Alzheimer illness, growth, HIV/AIDS, and asthma, in not so distant future.
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As per the Organization for Economic Co-activity and Development (2017), biotech R&D in the business venture division was 11.3%, and 9.4% for U.S. furthermore, France separately in 2014. Besides, in 2016, as indicated by the organization BIOCOM AG, the aggregate turnover for the Germany based biotech organizations was USD 3.7 billion. The above information reasons that the biotechnology business is extending. This developing biotech segment alongside the rising human services uses, and expanding enthusiasm for modified medications will drive the market development. In any case, absence of mindfulness and absence of consistency in pharmacogenomics items will control the market development amid the conjecture time frame.
The Americas dominate the global pharmacogenomics market owing to a well-developed healthcare sector and presence of developed economies like the U.S. and Canada. Moreover, increasing number of patients suffering from cardiovascular diseases and rising healthcare expenditure 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. Moreover, it was also estimated that the healthcare expenditure for heart diseases in the U.S. reaches USD 200 billion each year.
Europe is the second largest pharmacogenomics market, followed by Asia Pacific. Availability of funds for research and development along with government support and presence of huge patient population within the region will drive the market growth during the forecast period. Moreover, the presence of the developed economies like Germany and France within the region fuels the market growth.
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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, low per capita healthcare expenditure and stringent government policies especially in the 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. Moreover, developed economies like Dubai, Saudi Arabia, Dubai, besides others fuels the market growth within the Middle East & Africa region.
- Pharmaceutical companies
- Biotechnological institutes
- Government and Private Laboratories
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
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