The Global Pharmacogenomics Market,
by Technology Type (Polymerase Chain Reaction, Sequencing, Microarray,
and Other Technologies), and by Application (Drug Discovery and
Therapeutic Application) was valued at US$ 7,623.9 million in 2016 and is projected to expand at a CAGR of 7.6% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Advancements
in technology, increasing developments by key players, rising
prevalence of lifestyle related diseases are expected to contribute to
meteoric growth of the pharmacogenomics market over the forecast period.
Increasing engagement of pharmaceutical
companies in pharmacogenomics is increasing potential opportunities for
various phases of drug discovery and development processes. In parallel
with rapid advancements in the identification and mapping of Single
Nucleotide Polymorphism (SNPs) across the human genome, technological
discoveries and enhancements to high-throughput genotyping have also
made significant strides. Leading biotech firms have driven genotyping
throughput to scales and significantly driving down costs.
Pharmacogenomics initiatives have led to new discoveries and development
of several treatments that are tailored for specific characteristics
such as genetic makeup or genetic profile of an individual tumor, that
helps transform the treatment methods. Increasing government funding to
help companies develop bioinformatics technology for precision medicine
research applications. For instance, in 2017, Armonica Technologies,
Inc., an Albuquerque-based company received US$1.5 million from the
government’s US $40 million catalyst fund. This fund is intended for
seed early-stage companies in New Mexico that are involved in developing
novel technologies.
In therapeutic application, oncology
portfolio is of strategic importance for researchers to develop more
targeted approaches for the treatment of cancer. For an instance,
AstraZeneca oncology portfolio will increasingly rely on the use of
genetics and genomics for patient identification and stratification,
which in turn, provides a source of novel biomarkers and diagnostics.
This allows them to streamline the R&D process and help to better
understand the biological basis of the diseases that are aiming to be
treated. Thus, integration of pharmacogenomics analysis results in
increased designing of tailored drugs, which is expected to increase
profits for drug manufacturers.
Browse 29 Market Data Tables
and 33 Figures spread through 210 Pages and in-depth TOC on "
Pharmacogenomics Market, by Technology Type (Polymerase Chain Reaction,
Sequencing, Microarray, and Other Technologies), and by Application
(Drug Discovery and Therapeutic Application), and by Region - Global
Forecast to 2025"
To know the latest trends and insights related to pharmacogenomics market, click the link below:
Asia Pacific is expected to witness
highest growth in the global pharmacogenomics market, owing to rising
biotechnology and life sciences sector in this region as well as the
increasing focus on research and development by the top market players
in these regions. For instance, Thermo Fisher Scientific, in 2017,
announced an Asia Precision Medicine research array for regional
screening initiatives, which has reduced costs and complexity of
analysis associated with whole genome sequencing to help the research of
diseases among people living in Asia, which in turn, is expected to
favor growth of the market in Asia Pacific.
The healthcare facilities and services
in the Middle Eastern countries are underdeveloped, however, have high
potential to grow in the near future. To accomplish the goal, the Middle
Eastern countries are forming alliances with global leading companies
as well as government organizations to foster the development of
healthcare in these countries. For instance, in 2016, Middle East
Medical Assembly at American University of Beirut (AUB) explored
precision medicine sector, which is expected to revolutionize the
healthcare and disease treatment in the Middle East, as MEMA brings
physicians and experts together to discuss the latest challenges and
novelties in precision medicine and genomics.
Vendors are continuously investing in
the development of the pharmacogenomics for various applications in
clinical and translational research to find a solution to the problems
of under-served patients, misdiagnoses, adverse drug reactions (ADRs),
and ineffective therapeutics, which is projected to provide lucrative
growth over the forecast period. In May 2015, Rosetta Genomics Ltd.
launched OncoGxOne, Admera Health’s next-generation sequencing (NGS)
panel that detects a vast number of genetic alterations implicated in
cancer, to provide clear, concise, and actionable clinical
recommendations from a single, comprehensive test.
Key Takeaways of the Pharmacogenomics Market:
- The global pharmacogenomics market is expected to expand at a CAGR of 6% during the forecast period (2017–2025), due to foster collaborations among the pharmaceutical industry, academic researchers, regulators and government organizations across various regions
- Increasing demand for sequencing, owing to its wide application in cancer pharmacogenetic and ability to sequence large number of genes up to the complete genome in a single reaction.
- Polymerase Chain Reaction is also expected to show a meteoric growth over the forecast period, as this system provides flexibility in content, high sample throughput, quick sample-to-results turnaround time, and low cost
- Among applications, drug discovery is the major segment that drives growth, as this is an emerging field and there are currently a large number of pharmacogenomics tests to detect mutations in the genes responsible for various infectious and non-infectious diseases
Some of the major players involved in
global pharmacogenomics market are Thermo Fisher Scientific Inc., Bayer
AG, AstraZeneca plc, Assurex Health, GE Healthcare, Bristol-Myers Squibb
Company, Qiagen, Inc., F. Hoffmann-La Roche Ltd, Transgenomic, Inc.,
Abbott Laboratories, Inc., and GlaxoSmithKline
About Coherent Market Insights:
Coherent Market Insights is a prominent
market research and consulting firm offering action-ready syndicated
research reports, custom market analysis, consulting services, and
competitive analysis through various recommendations related to emerging
market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
No comments:
Post a Comment