Pharmacogenomics market volume
Share, demand growth, business opportunities by 2027
Global pharmacogenomics market: by technology (polymerase chain reaction, microchip, sequencing, electrophoresis, etc.), by application (neurology, oncology, infectious diseases, anesthesia, etc.), by end user (hospitals and clinics, academic institutes, research institutes, etc.) and by region - the global scale of the industry, growth, trends, opportunities and forecast (2021-2027)
The Pharmacogenomics Market Report covers a thorough analysis of market dynamics, business models, segment/regional analysis, as well as relevant market shares and strategies adopted by key market players operating around the world. This entails an in-depth analysis of factors affecting the global market and market statistics indicating market share/growth by region and segment. The research presented in the report is one of the most comprehensive market analyses covering all aspects of the pharmacogenomics industry.
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Prospects of the pharmacogenomic industry
The size of the pharmacogenomics market was estimated at 6.53 billion US dollars in 2020, and it is expected that by 2027 it will reach 9.47 billion US dollars, and the average annual growth rate during the forecast period (2021-2027) will be 7.2%. Pharmacogenomics is the study of the pharmacology and genomics of human genes that affect a person's reaction to a particular drug. Pharmacogenomics strives to provide effective and safe medicines with minimal side effects. Cardiovascular diseases, AIDS, Alzheimer's disease and cancer are diseases that can be treated using pharmacogenomics.
Factors affecting the pharmacogenomics industry in the forecast period
The growth of the geriatric population, increased patient awareness of personalized therapy, the growing adoption of pharmacogenomics procedures by medical professionals and the high prevalence of chronic diseases worldwide are key factors that are expected to contribute to the growth of the pharmacogenomics market during the forecast period.
Governments also provide financial assistance, take the initiative, develop rules and regulations and work on the development and promotion of pharmacogenomics, which affects the dynamics of the pharmacogenomics market.
However, the shortage of qualified and highly qualified medical workers and the high cost of the test can restrain the growth of the pharmacogenomics market.
The impact of COVID-19 on the pharmacogenomics market
COVID-19 is a global public health disease that has affected almost all industries. The COVID-19 outbreak has increased the demand for pharmacogenomics. This creates many opportunities for new and small players to mark their presence in the regional market and offer low-cost prices and high-quality products to end users. Thus, with the outbreak of COVID-19, there is a significant surge in demand for pharmacogenomics worldwide, which has positively affected the market value of pharmacogenomics in 2020 and subsequent years.
The report describes a study of the global pharmacogenomics market based on technologies, applications and end users.
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The pharmacogenomics market has been segmented based on technology:
- Polymerase chain reaction
- Sequence of actions
The pharmacogenomics market has been segmented depending on the application:
- Infectious diseases
- Pain Management
The pharmacogenomics market was segmented by the end user:
- Hospitals and clinics
- Academic institutions
- Research institutes
Pharmacogenomics Market: regional overview
Depending on the region, the global pharmacogenomics market was divided into five geographical regions, namely: North America, Asia-Pacific, Europe, South America, the Middle East and Africa. In 2019, North America held the largest share of the pharmacogenomics market, followed by the Asia-Pacific region and Europe due to the growing demand for personalized medicine and technological progress in the region. Moreover, the Asia-Pacific region is expected to show the highest CAGR in the world during the forecast periods due to a rapidly growing aging population and growing research and development centers.
The main competitors in the global pharmacogenomics market include:
The pharmacogenomics market is highly fragmented, with a large number of small players around the world. The main manufacturers of the pharmacogenomics market operating in the world market:
- Abbott Laboratories
- Bayer AG
- Dickinson and Company
- Empire Genomics
- F. Hoffmann-La Roche Ltd.
- Illumina Inc.
- Johnson and Johnson Service Inc.
- Merck & Co., Inc.
- Myriad Genetics Inc.
- Opco Health Inc.
- Teva Pharmaceuticals Industries
- Thermo Fisher Scientific Inc.
The report on the pharmacogenomic instruments market contains a thorough analysis of macroeconomic factors and the market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of segment/regional prospects, taking into account the presence of market players in the relevant segment and region/country. The information contained in the report includes input data.
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The Pharmacogenomics Market Report includes a comprehensive analysis:
- Market segmentation and regional analysis
- Market size 10 years
- Price analysis
- Supply and demand analysis
- Product life cycle analysis
- Porter's Five Forces and Value Chain Analysis
- Analysis of developed and developing countries
- PEST analysis
- Market and forecast factor analysis
- Market opportunities, risks and trends
- Conclusion and recommendation
- Regulatory landscape
- Patent analysis
- Competition landscape
- 15+ company profiles
Regional analysis of the pharmacogenomics market includes:
- North America (USA, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, rest of Latin America)
- Europe (Germany, Italy, France, Great Britain, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, other European countries)
- Asia-Pacific region (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, other countries of the Asia-Pacific region)
- Middle East and Africa (Saudi Arabia, UAE, South Africa, North Africa, the rest of the Middle East and Africa.
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