VANCOUVER, BC, July 28, 2021 /PRNewswire/ -- The global pharmacogenomics market size is expected to reach USD 11.97 Billion in 2027 at a CAGR of 8.7%, according to the latest report by Emergen Research. Growing demand for personalized therapies, increasing incidence of chronic and infectious diseases, and increasing awareness among patients about precision medicine are some key factors expected to drive market revenue growth over the forecast period. Growing adoption of pharmacogenomics by healthcare professionals in diagnosis and treatment of cancer and increasing funding to accelerate R&D activities are some other key factors expected to further fuel revenue growth of the market going ahead.
Pharmacogenomics is the field of research that combines pharmacology and genomics to understand how a person's genes affect their response to medication or therapy. This helps physicians develop effective and safe medications that are precisely tailored to the genetic makeup of the individual. It uses DNA and amino acid sequence data to accelerate drug development and testing. Pharmacogenomics has also been helpful in developing effective, personalized, and cost-effective therapies during the COVID-19 pandemic. Increasing use of pharmacogenomics to develop efficient therapies for cancer treatment is a key factor boosting market revenue growth and is expected to continue going ahead.
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Pharmacogenomics help in determining which drugs are safe for an individual, appropriate dosage of the drug, and aids in reducing overall expenditure of treatments. Technological advancements and improvements in pharmacogenomics have enabled physicians reduce the incidence of adverse drug reactions and this is a key factor expected to contribute to revenue growth of the market. However, shortage of skilled professionals, high costs of tests, and lack of funding for pharmacogenomics research are some key factors expected to restrain market growth over the forecast period.
Some Key Highlights in the Report:
Software segment is expected to account for largest revenue share in the global market over the forecast period owing to increasing application of genomic data for developing effective therapies and drug regimens.
Polymerase chain reaction segment is expected to register robust revenue CAGR over the forecast period owing to rising use of PCR to detect and diagnose infectious diseases and biomarkers. Technological advancements in PCR technique have increased its potential to help doctors develop effective and tailored medications according to the genetic makeup of an individual.
Research organization segment is expected to register steady revenue growth over the forecast period owing to increasing R&D activities over the recent past and rising investment and funding to accelerate research in precision medicine.
Asia Pacific market revenue is expected to expand at a revenue CAGR of 8.8% during the forecast period owing to increasing patient pool needing personalized therapies, establishment of pharmacogenomics associations from research studies conducted across Asia, and increasing expenditure on healthcare facilities.
Key companies in the market include Abbott Laboratories, Admera Health, LLC, Agena Biosciences, Inc., Cancer Genetics, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd, geneOmbio Technologies Pvt Ltd., Genomic Health, Inc., Illumina, Inc., and Laboratory Corporation of America Holdings, among others.
In August 2019, KPMG joined forces with Thermo Fisher Scientific and Coriell Life Sciences to improve quality care and patient outcome by providing pharmacogenomics data by leveraging Thermo Fisher Scientific's genetic analysis platform. The main goal of the partnership is to improve drug efficacy and safety and enhance clinical outcomes.
In July 2021, the FDA granted 510(k) clearance to 23andMe for a pharmacogenomics report for two medications use for heart condition and depression, respectively. The 510(k) clearance has eliminated the need for confirmatory testing and will allow the company to present interpretive drug data based on genetic factors for these drugs.
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For the purpose of this report, Emergen Research has segmented the global pharmacogenomics market on the basis of products and services, technology, application, end-use, and region:
Product and Services Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
Polymerase Chain Reaction (PCR)
DNA Sequencing/Next Generation Sequencing (NGS)
Nucleic Acid Amplification Tests (NAATs)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
Middle East & Africa
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