Pharmacogenomics or Pharmacogenetics, the study of genes and their impact on the way human body responses to the medication. The study combines pharmacology, the science of medicines and genomics, the study of genes and their functions to develop effective, safe medications and doses, personalized for a typical genetic makeup (person’s genetic structure). The main objective of this research to help doctors to pick the best-suited drugs and dosages for each person.
The concept basically, includes classifying individuals into the groups or categories that are uniquely prone to a particular disease or responsive to a specific treatment. Pharmacogenomics will play an essential role in revitalizing some drugs that were deemed ineffective and abandoned during the initial phases of development. Attributing to the increasing awareness of drug safety, the market for pharmacogenomics is increasing rapidly.
Acknowledging the exponential growth the market perceives currently and the potential of the market to grow in the future; Market Research Future (MRFR), recently published a market forecast. In its analysis MRFR asserts that the global Pharmacogenomics will grow exponentially by 2023, registering a CAGR of ~5.8% throughout the forecast period (2017 – 2023).
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The factors contributing to the market growth include increased utilization of medication revelation processes, growing interest, and popularity for customized drugs, expanding security in treatment and the success ration of adequacy trials. The emergence of new healthcare technologies and rapid advancements like PCR (Digital Polymerase Chain Reaction), GenX sequencing, and HTS (High Throughput Screening), are fostering the growth of the global market of Pharmacogenomics.
With the increasing demand for diagnostic tests led by the growing emphasis of patients on pre-diagnosis treatments, increasing genetic disorders & mutational diseases, the market is expanding rapidly. The government initiatives and investments in R&D programs are providing impetus to the market growth.
Adverse medicine reactions are a prominent cause of hospitalizations and deaths. With the help of Pharmacogenomics, researchers have found the way to use the genetic differences to predict if a medication can be effective for a particular person to prevent the drug reactions. As Pharmacogenomics is in its embryonic stage, currently its use is quite limited. However, the new approaches are on its way for clinical trials.
Soon, Pharmacogenomics will perceive the development of personalized drugs to treat a wide range of health problems, including Alzheimer disease, cardiovascular disease, cancer, cardiovascular disease, asthma, and HIV/AIDS.
Market Segmentation:
On the basis of technology, the global pharmacogenomics market value has been segmented into microarray, sequencing, polymerase chain reaction, and others. The sequencing segment has been further sub-segmented into Sanger sequencing, pyrosequencing, next-generation sequencing, and others.
On the basis of application, the pharmacogenomics market has been segmented into oncology, cardiology, neurological disorders, and others. The oncology segment has been sub-segmented into breast cancer, lung cancer, and others.
On the basis of end-users, the global pharmacogenomics market has been segmented into hospitals, research organizations, academic institute, and others
Regional Analysis
As per the regional analysis, the Americas region leads the pharmacogenomics market the mainly because of a well-developed healthcare industry and incidence of developed economies like the U.S. and Canada in the region. Furthermore, growing number of patients suffering from cardiovascular diseases and increasing healthcare costs have improved the growth of the market in America. The European region is the second major pharmacogenomics market, followed by the Asia Pacific region. Accessibility to funds for research and development along with government support and incidence of the huge patient population within the region will boost the market expansion through the forecast period. Besides, the existence of the developed economies like France and Germany within the region is motivating the market growth. The Asia Pacific region is the most rapidly growing region for the market owing to the incidence of a huge patient population. On the other hand, the Middle Eastern & African region has the least share in the pharmacogenomics market owing to low per capita healthcare expenditure, the presence of poor economy and stringent government policies, especially in the African region. The Middle East holds the key share of the market in this region due to a well-developed healthcare sector and huge healthcare expenditure.
Competitive Analysis
The growing levels of diversification in the industry, have permitted the companies to use many chances available in the industry. The continual delivery of customer value has enhanced the market value of the industry. Moreover, the challengers are handling the competitive environment by driving the market growth elements to their advantage. The proficiency to fuel competitive capabilities is among the main reasons powering their efforts in this period. The market competitors are framing their plans for corporate strategy in a way can bring about the best value for growth in the current scenario, while also simultaneously improving their product’s value. The forecast for growth in the market appears to be promising through the forecast period. The firms in this market are adapting to the state of events by employing portfolio upgrades and upholding financial fluidity.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Pharmacogenomics Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Pharmacogenomics Market: Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary research
3.4 Pharmacogenomics Market Size Estimation
Chapter 4. Pharmacogenomics Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Pharmacogenomics Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
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