The latest report by IMARC Group, titled, “Pharmacogenomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the pharmacogenomics market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global pharmacogenomics market size reached a value of US$ 6.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.3 Billion by 2027, exhibiting a CAGR of 9.3% during 2022-2027.
Pharmacogenomics is a field of research that studies the relation between the deoxyribonucleic acid (DNA) of an individual and their response to a drug. It helps healthcare providers to select and develop safe, effective medications that can be tailored to the genetic design of a person. Pharmacogenomics studies variations in certain proteins, such as liver enzymes, that affect the performance of a drug. The drug development process through pharmacogenomics consists of various analyses, which include drug receptors, drug uptake, drug breakdown, and targeted drug development. Overall, it decreases healthcare costs via reduced adverse drug reactions, minimal number of failed clinical trials, and lesser time consumption in the drug approval process. Pharmacogenomics also helps in designing precise methods of measuring appropriate drug dosages and the development of more efficient vaccines.
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Global Pharmacogenomics Market Trends:
A significant rise in the research and development (R&D) expenditure activities and an increase in the instances of adverse reactions of drugs are some of the primary factors that are currently driving the global pharmacogenomics market growth. Additionally, there is a rising preference toward precision medicine on account the emerging need for improved drug efficacy and safety, which is further contributing to the growth of the market. Other than this, the increasing prevalence of different types of cancer is also fueling the market growth as targeted therapy has proven to improve the survival rates of patients and decrease redundant costs. Moreover, rapid technological advancements have resulted in the introduction of newer and upgradation of existing laboratories, which is attracting numerous investors from across the healthcare industry, thereby creating a positive outlook for the market.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Abbott Laboratories
- AstraZeneca plc
- Bayer AG
- Becton Dickinson and Company
- Bio-Rad Laboratories Inc.
- F. Hoffmann-La Roche AG
- GlaxoSmithKline plc
- Illumina Inc
- Johnson & Johnson
- Merck KGaA
- Myriad Genetics Inc.
- Qiagen N.V.
- Thermo Fisher Scientific Inc
Key Markets Segmentation:
- Polymerase Chain Reaction
- DNA Sequencing
- Mass Spectrometry
- Infectious Diseases
- Cardiovascular Diseases
- Neurological Diseases
- Pain Management
- Hospitals and Clinics
- Academic and Research Institutes
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.