Dallas, March 03, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global pharmacogenomics (PGx) market is expected to grow from USD 6.73 billion in 2020 to USD 11.63 billion by 2028, at a CAGR of 7.0% during the forecast period 2021-2028.
Increasing research and development activities in pharmacogenomics sector is anticipated to offer future growth opportunities in the market. This sector is still in the infancy stage, and thus, various research studies are going on, such as next-generation sequencing, real-time PCR, microarray, and others in the pharmacogenomics field.
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Pharmacogenomics (PGx), is the study of how people respond differently to drug therapy based upon their genetic makeup. The pharmacogenomics is part of the field of precision medicine, which aims to treat each patient individually. It uses genomic information to study individual responses to drugs and helps healthcare provider to choose the right drug for each individual patient. Tailoring a patient's medication to their unique genetic characteristics can replace the one-size-fits-all approach to dosing and drug selection that is commonly used today.
The growing demand for personalized medicines across the globe, driving the growth of the market during the forecast period. In addition to this, the rising prevalence of chronic diseases around the world, boosting the demand for personalized medicines, which led to increasing the growth of the market. However, lack of skilled personnel and many ethical issues related to the use of pharmacogenomics, are some of the factors anticipated to hamper the market growth over the forecast period.
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Major players in the global pharmacogenomics (PGx) market are Abbott Laboratories, AstraZeneca PLC, Admera Health, LLC, Agena Biosciences, Inc., Biomerieux, Bayer AG, Cancer Genetics, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd, geneOmbio Technologies Pvt Ltd., Qiagen, Genomic Health, Inc., Illumina, Inc., Laboratory Corporation of America Holdings, and Bio-Rad Laboratories Inc. among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global pharmacogenomics (PGx) industry.
• In November 2019, Agena Bioscience, LLC announced the release of the VeriDose CYP2D6 CNV panel designed to provide PGx testing programs with a more accurate and efficient way to analyze CYP2D6 copy number.
• In January 2020, Illumina, Inc. announced 15 years partnership with the Roche, drug and diagnostics maker company, to increase the availability of genomic testing to patients with cancers and to broaden adoption of distributable next-generation sequencing-based testing in oncology.
The polymerase chain reaction (PCR) held the major market share of 42.33% in the year 2020
The technology segment includes polymerase chain reaction (PCR), DNA sequencing/next-generation sequencing (NGS), nucleic acid amplification tests (NAATs), mass spectrometry, gel electrophoresis, hybridization, microarray, and others. The polymerase chain reaction (PCR) held the major market share of 42.33% in the year 2020. PCR is one of the widely used technology in the pharmacogenomics, and it represents an innovative method for the development of personalized medicines.
Infectious disease segment is expected to grow at the highest CAGR of 9.6% over the forecast period
The application segment includes pain management, oncology, infectious diseases, neurology/psychiatry, cardiovascular, and others. Infectious disease segment is expected to grow at the highest CAGR of 9.6% over the forecast period. The therapeutic management of contagious diseases has been challenged by the soaring phenomenon of antibiotic resistance, the high rate of which is mainly due to improper prescription and use of antimicrobials. Personalized medicine for infectious diseases is an emerging concept, which is boosting the growth of this segment over the forecast period.
The hospital segment held the major market share and valued at USD 2.41 billion in the year 2020
The end-user segment is divided into a research organization, hospitals, diagnostic centres, academic institutes, and others. The hospital segment held the major market share and valued at USD 2.41 billion in the year 2020. Many hospitals have rolled out the pharmacogenomics programs in the hospitals for the treatment such as oncology and neurology/psychiatry, among others.
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Regional Segment Analysis of the Pharmacogenomics (PGx) Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region led the global pharmacogenomics (PGx) market with revenue of USD 2.76 billion in 2020. This is because North America is growing tremendously in terms of the healthcare industry. North America region has become the hub for the technological development and transformation of the industry. Due to the presence of several technical and pharmaceutical players in countries like Canada and the U.S., North America is projected to dominate the global pharmacogenomics (PGx) market on geographical front. The Asia Pacific region is one of the prominent regions in the global pharmacogenomics market, owing to growing awareness among the physicians and drug developers in the region. China and Taiwan, India, Japan and South Korea are some of the prominent countries in the growth of pharmacogenomics market in the Asia Pacific region. In addition to this, rising research and development activities and increasing funds from the government for the development of innovative therapies in the healthcare field, further fuelling the growth of the market in the region. Europe is anticipated to hold a considerable market share in the global pharmacogenomics market. This is mainly attributed to the increasing geriatric population in the countries such as Germany and UK, which led to rising chronic diseases across the region.
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About the report:
The global pharmacogenomics (PGx) market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
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