The Global Pharmacogenomics Market size is expected to reach $9.9 billion by 2025, rising at a market growth of 8.8% CAGR during the forecast period.
Pharmacogenomics or personalized medicine is defined as ?the tailoring of medical treatment to the specific characteristics of each patient.? This concept, in reality, involves the ability to classify individuals into sub-populations which are disproportionately susceptible to a particular disease or responsive to a particular treatment. Personalized medicine emphasizes on the paradigm shift in medicine from reaction to prevention. The individual response to the drug varies according to the genetic composition. Most of the responses are positive and show improvement while few face the side effects. To address those variations, it is necessary to study how the drug processing is affected by the genes. So when the genetic variation is affecting the drug processing and response, there is the scope of the clinical study to be conducted and based on the result, adjust the dosage or to find a different drug according to the genetic composition of an individual.
Global Pharmacogenomics Market Size
Increase in the geriatric population, growing adoption of pharmacogenomics procedure by healthcare professionals, increased awareness of patients towards personalized therapy, and the emerging prevalence of chronic diseases like cancer, tuberculosis, HIV, and others, are driving the growth of pharmacogenomics market.
Based on Technology, the market is segmented into Sequencing, Polymerase Chain Reaction, Electrophoresis, Mass Spectrometry, Microarray and Others. Based on Application, the market is segmented into Oncology, Psychiatry, Infectious Diseases, Neurological Diseases, Pain management, Cardiovascular Diseases and Others. Based on End User, the market is segmented into Hospitals and Clinics, Research Institutions, and Academic Institutes. The hospitals and clinics segment accounted for the largest share among end users for pharmacogenomic products, followed by research organizations and academic institutes. This is attributed to the fact that hospitals are well-equipped with molecular diagnostic lab units to cater to the different needs of the patients. Moreover, pharmacogenomics lab units at hospitals are well-equipped with highly superior systems. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
Global Pharmacogenomics Market Share
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Empire Genomics LLC, Illumina, Inc., oneome LLC, Myriad Genetics Inc., Thermo Fisher Scientific, Inc., Teva Pharmaceuticals Industries Ltd., Bayer AG, Opko Health, Inc., and Becton, Dickinson and Company.
Market Segmentation:
By Technology
By Application
By End User
By Geography
Companies Profiled
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