The pharmacogenomics market is growing at an incremental pace of development on the global stage due to the large number of advantages associated to personalized therapy. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently forecasted in its report on Global Pharmacogenomics Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR ~5.8 % while achieving million dollar growth readily in the forecast period.
Pharmacogenomics is one of the essential elements in personalized medicine. The simple concept in pharmacogenomics is that interindividual variability in drug response is a consequence of multiple factors, including genomics, epigenomics, the environment and a patient’s characteristics, such as gender, age and/or concomitant medication.
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Pharmacogenomics plays an important role in drug discovery and development. Pharmacogenomics refers to the effects of genetic polymorphism and genomic variants on drug response, its information can help in selection of the optimal drug, dose, treatment process, and avoid adverse drug reactions. As adverse drug reactions have been reported as one of the leading causes of death among hospitalized patients. Adverse drug reactions are also referred as the factor behind loss of confidence in the healthcare system and the diminishing satisfaction of both patients and health professionals.
Pharmacogenomics approach aids pharmaceutical companies to design drugs that satisfies the requirements of particular genetic sub-groups of the general population. The main interest of pharmacogenomics is to identify patients for whom drug efficacy can be predicted, and to reduce risk of adverse drugs effects. The main and important pharmacogenomics approaches is to prescribe drugs on the basis of their patients’ genetic profiles which is termed as ‘personalized medicine.
Latest Industry Updates
Nov 2017: Myriad Genetics, Inc., announced positive results from a double-blind, multi-center, randomized controlled trial assessing the impact of the GeneSight Psychotropic test (GeneSight) on psychiatric treatment response in 1,200 patients with major depressive disorder. GeneSight is one of the leading pharmacogenomics test to help guide medication selection for mental health disorders.
June 2016: OneOme announced about key business milestones in advance of launching its RightMed test. RightMed test is a cost-effective, comprehensive, personalized pharmacogenomics product which analyses 22 genes which provided at the point of care. The OneOme platform was co-developed and exclusively licensed from Mayo Clinic to bring pharmacogenomics into routine clinical care. OneOme’s RightMed test is currently in use by Mayo Clinic Center for individualized medicine. The test helps providers easily make personalized treatment decisions across more than 300 medications for more than 20 medical indications.
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Global Pharmacogenomics Market – Competitive Analysis
Pharmacogenomics in recent years has used a new generation of technology approaches that has led to a revolution in the understanding of disease susceptibility and pathophysiology, providing enormous potential for novel therapeutic strategies.
However, with companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the best strategies.
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.) and others.
Global Pharmacogenomics Market – Regional Analysis
The global pharmacogenomics market is segmented into Americas, Europe, Asia Pacific and the Middle East & Africa. Global pharmacogenomics market is highly dominated by North America and Europe due to majority of pharmaceutical companies engaged in research & development activities, increasing awareness about side effects of a drug among the people, production of next generation PCR technology and microarray system which drive the growth of this market. APAC is fastest growing region due to the presence of a huge patient population, continuously developing economies like India and China and presence of huge opportunities drives the market growth. For instance, According to the Indian Brand Equity Foundation in 2016, the Indian biotech industry is estimated to reach USD 100 billion by 2025 from USD 7.0 billion in 2015.
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