According to Nova one advisor, the global Pharmacogenomics market was valued at USD 15.2 billion in 2021 and it is expected to hit around USD 36.7 billion by 2030 with a CAGR of 10.29% during the forecast period 2022 to 2030.
According to Nova one advisor, the global Pharmacogenomics market was valued at USD 15.2 billion in 2021 and it is expected to hit around USD 36.7 billion by 2030 with a CAGR of 10.29% during the forecast period 2022 to 2030.
Request Free Sample of This Report@https://www.novaoneadvisor.com/report/sample/6940
Key Takeaways:
- By application, oncology segment has accounted highest revenue share of over 30.2% in 2021
- By region, North America held 41.3% revenue share in 2021.
- By technology, the polymerase chain reaction segment hit market share of around 36.9% in 2021.
Pharmacogenomics is a component of genomic medicine used in medical treatment. The market focuses on developing precision medicine to improve drug efficacy and safety. The developing methods to determine drug dosages, vaccines, and reduction of overall healthcare costs are boosting the market.
The major growth factors such as the product approvals, growth of inorganic strategies, and demand for precision medicine are accelerating the market. The rise in the elderly population demands proper and effective medication. The growing adoption of pharmacogenomics procedures in the healthcare sector and the awareness among the patient population due to its personalised therapy are driving the market. The huge number of severe chronic diseases like HIV, cancer, tuberculosis, and others, is accelerating the pharmacogenomics market. The advancements integrated with molecular diagnostics procedures will boost the market growth in the forecast period.
The healthcare professionals are skilled and trained to perform the pharmacogenomics diagnostics test. The key player’s developments to improve pharmacogenomics are aiding the market. The research and development activities and the disposable income propel towards higher growth opportunities for the market.
Report Scope of the Pharmacogenomics Market
| Report Coverage | Details |
| Market Size in 2022 | USD 16.76 Billion |
| Market Size by 2030 | USD 36.7 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 10.29% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Technology, Applications, End User, Distribution Channel and Geography |
| Companies Mentioned | Abbott (US), Bayer AG (Germany), Allergan (Ireland), AbbVie Inc (US), GmBH (Germany), Teva Pharmaceutical Industries ltd (India), Natco Pharma Limited (India), Lupin (India), Sun Pharmaceutical Industries ltd (India), Merck & Co Inc (Germany), Eli Lilly and Company (US), Squiib Company (US), Novartis AG (Switzerland), Mylan N.V. (US), Ferndale Pharma Group Inc, (US), f. Hoffmann-La Roche Ltd (Switzerland), Pfizer Inc (US) and Takeda Pharmaceutical Industries ltd (Japan) |
Pharmacogenomics Market Dynamics
Drivers
Precision medicines have proved to be efficient for the treatment of cancer. For the development of such drugs pharmacogenomics and related expertise are required. These specially developed medicines have reduced the medical costs for patients who have been spending a large amount of money on responsive treatments.
Opportunities
There is a need to enhance the drug efficacy and security over a while. The increase in the rate of adverse reactions to various drugs and large investment in the related research & development projects has prompted the global pharmacogenomics market growth.
Restraints
The cost of carrying on the research & development projects in the field of pharmacogenomics is very high. The rate of failure of projects is also high which is hindering the growth of its global market. Medical and research institutes require high-tech laboratories to carry out such operations. There is also a lack of awareness among the general public about precision medicine.
Segmental Insights
Product Insights
Segmentation of pharmacogenomics based on product increased various drug products with higher efficacy and less adverse reactions to the drug therapies. Improved technologies, applications, end users worldwide with enhanced research and development introduced by the market players contributes for the expansion of the pharmacogenomics market during the forecast period. Increasing population with increased disorders among the people and raised demands from the health professionals for integrating new drug therapies for higher efficacy and less adverse effects have driven the market to grow high.
Technology Insights
Segmentation of pharmacogenomics based on technology various technologies developed with improved research by the market players and rising of the market growth. Various developed technologies such as sequencing, microarray, mass spectrometer, electrophoresis, polymerase chain reaction. Whereas polymerase chain reaction has the increased market growth with highest revenue share in the pharmacogenomics technology. In irreplaceability usage for amplification in a small segment of DNA. Polymerase chain reaction is examined to grow the pharmacogenomics market rate with highest share during the forecast period.
Application Insights
Segmentation of pharmacogenomics based on application it is segmented in various disorders incudes such as cardiovascular diseases, neurological disease, oncology disease, psychiatry, infectious diseases, pain managing, HIV, AIDS, tuberculosis and many more diseases. In oncology pharmacogenomics is utilized for effect of drug therapy and developed drug with higher efficiency over the genomes of the individual. The oncology to hold the highest position in the applications section. Increase in prevalence of cancer patients across the world with increased growth of market due to increased demands from the health professionals and new drug therapies and technologies developed with higher efficiency and decreased side effects to eradicate the disease completely.
End User Insights
Segmentation of pharmacogenomics based on the end user divided in to hospitals, health clinics, research and development sector, laboratories, medical institutes. Moreover hospitals and health clinics have highest revenue share which holds the pharmacogenomics market to the top position with increased demands and awareness developed among the health professionals due to advance drug development and technologies with good output and increased therapeutic index have expanded the market growth to a larger extent during the forecast period.
Pharmacogenomics Market Regional Analysis
The global pharmacogenomics market is increasing rapidly. It is leaving a huge impression in every part of the world owing to its specialization and advancements. The regions of the operation of its global market include regions of america, europe, asia-pacific, and the rest of the world.
American region, which includes the area of North America (the US and Canada) and Latin America, provides the largest market for Pharmacogenomics Industry. This owns to a large number of investments in medicinal study and research. The level of awareness among the general public is also very high.2016, according to the Centres for Diseases Control and Prevention in the U.S., heart disease was the leading cause of death for both men and women. Moreover, it was also estimated that the healthcare expenditure for heart diseases in the U.S. reaches USD 200 billion each year.
The European region, which includes Germany, UK, France, Russia, and Italy, is also expanding and holds the second-largest market share of its global pharmacogenomics market. There is a large population of people suffering from cardiovascular and other diseases. This is raising the demand for precision medicines.
Asia-Pacific (ASPAC) region, which includes China, Japan, India, Australia, and South Korea, is growing tremendously throughout the forecasted period. The developing countries, such as India, are providing a cheaper infrastructure for research & development projects.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 billion in 2015 with a CAGR of 30.46%.
Full Report is Ready | Quick Buy This Premium Report from Here@ https://www.novaoneadvisor.com/report/checkout/6940
Some of the prominent players in the Pharmacogenomics Market include:
- Abbott (US)
- Bayer AG (Germany)
- Allergan (Ireland)
- AbbVie Inc (US)
- GmBH (Germany)
- Teva Pharmaceutical Industries ltd (India)
- Natco Pharma Limited (India)
- Lupin (India)
- Sun Pharmaceutical Industries ltd (India)
- Merck & Co Inc (Germany)
- Eli Lilly and Company (US)
- Squiib Company (US)
- Novartis AG (Switzerland)
- Mylan N.V. (US)
- Ferndale Pharma Group Inc, (US)
- f. Hoffmann-La Roche Ltd (Switzerland)
- Pfizer Inc (US)
- Takeda Pharmaceutical Industries ltd (Japan)
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Pharmacogenomics market
By Technology
- DNA Sequencing
- Microarray
- Polymerase Chain Reaction
- Electrophoresis
- Mass Spectrometry
By Applications
- Drug Discovery
- Pain management
- Neurology
- Oncology
- Cardiovascular diseases
- Infectious diseases
- Psychiatry
- Others
By End User
- Hospitals
- Clinics
- Research institute
- Medical, academic institute
By Distribution Channel
- Hospital Pharmacy
- Online Pharmacy
- Retail Pharmacy
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Pharmacogenomics industry analysis from 2022 to 2030 to identify the prevailing Pharmacogenomics industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Pharmacogenomics industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Pharmacogenomics industry trends, key players, market segments, application areas, and market growth strategies.
Full Report is Ready | For Purchase Inquiry@ https://www.novaoneadvisor.com/report/checkout/6940
You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333
Blog: https://www.novaoneadvisor.com/
Blog: https://www.visionresearchreports.com/
Blog: https://qyresearchmedical.com/
About Us
Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.
We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.