Pharmacogenomics: Growing Biotechnology Industry and Rising Global Burden of Diseases will Grow The Global Pharmacogenomics Market at a ~CAGR of 8.52% During Forecasted Period 2023-2032

Pune, India, November, 2022 /MRFR Press Release/- Market Research Future published a half-cooked research report on global pharmacogenomics market. 

Market Highlights

The global pharmacogenomics market is expected to reach USD 8.5 Billion by 2032 at 8.52% CAGR  during forecast period 2023 to 2032.

Pharmacogenomics defines how genes can affect a person’s response to drugs. Pharmacogenomics is predicted to treat a wide range of health problems including cardiovascular diseases, Alzheimer disease, cancer, HIV/AIDS, and asthma, in near future. The growing biotech industry boosts the market growth. According to the Organization for Economic Co-operation and Development in 2017, biotech R&D in the business enterprise sector was 11.3%, and 9.4% of total business enterprise R&D, for U.S. and France respectively in 2014. Moreover, in 2016, according to the BIOCOM AG, the total turnover for the Germany based biotech companies was USD 3.7 billion. Moreover, rising healthcare expenditures followed by increasing interest for customized drugs will drive the market growth. However, lack of awareness and consistency in pharmacogenomics products will restrain the market growth during the forecasted period. 

Segmentation

The global pharmacogenomics market is segmented on the basis of technology, application, and end user.

On the basis of technology, the market is segmented into microarray, sequencing, polymerase chain reaction, and others. The sequencing segment is sub-segmented into Sanger sequencing, pyrosequencing, next-generation sequencing, and others. On the basis of application, the market is segmented into oncology, cardiology, neurological disorders, and others. The oncology segment, by technology, is sub-segmented into breast cancer, lung cancer, and others. On the basis of end users, the market is segmented into hospitals, research organizations, academic institute, and others 

Regional Analysis

America dominates the global pharmacogenomics market owing to a well-developed healthcare sector. Moreover, the presence of developed economies and rising number of patients suffering from cardiovascular diseases have boosted the growth of the market in America. In 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 

Europe is the second largest pharmacogenomics market, followed by the Asia Pacific region. Availability of funds for research and development along with government support within the region will drive the market growth during the forecasted period. 

Asia Pacific is the fastest growing region for the market due to the presence of a huge patient population, continuously developing economies like India and China and presence of huge opportunities in the market drives the market. 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%. 

On the other hand, the Middle East & Africa has the least share in the global pharmacogenomics market due to presence of poor economy and stringent government policies especially in Africa region. The majority of the market of this region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure. 

Key Players

The key players for the global pharmacogenomics market are Myriad Genetics, Inc. (U.S.), 23andMe, Inc. (U.S.), Pathway Genomics (U.S.), GeneTech (U.S.), GeneDx. (U.S.), Future Science Group (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health, Inc. (U.S.), and others   

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