Global Pharmacogenomics Market Analysis Report 2022: A Market of Over $10.5 Billion by 2026

DUBLIN, November 23, 2022 /PRNewswire/ — The Pharmacogenomics Global Market Report 2022 has been added to from ResearchAndMarkets.com offer.

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The global pharmacogenomics market is expected to grow from $6.64 billion in 2021 for $7.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.93%. The Pharmacogenomics Market is Expected to Reach $10.51 billion in 2026 at a compound annual growth rate (CAGR) of 9.80%.

The growing demand for precision medicine is driving the demand for the pharmacogenomics market. Precision medicine is a medical model that offers personalization of healthcare, with medical decisions, treatments, practices, or products tailored to a subset of patients rather than a single model for all drugs.

There is a growing demand for precision medicine as it is the most advanced in oncology, having broader and exciting applications beyond oncology and late-stage diseases such as rare and genetic diseases. The main goal of precision medicine is to integrate genetic and environmental information about particular diseases and/or their responses to particular treatments.

For example, according to the article published on Linchpinseo in March 2022, the growing demand for investment in precision medicine from major pharmaceutical companies will see a one-third increase over the next five years. Furthermore, in the UNITED STATES, 30 million people with type 2 diabetes are diagnosed and treated where precision medicine provides individualized treatment and will recalibrate current treatment practices. Hence, the growing demand for precision medicine will drive the pharmacogenomics market.

Technological advancement is a key trend gaining popularity in the pharmacogenomics market. Drug manufacturers are focusing on various approaches to pharmacogenomic analysis to provide cost-effective solutions for screening known polymorphisms and discovering new variants.

The countries covered in the Pharmacogenomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South KoreaUK and UNITED STATES.

Report scope

  • The pharmacogenomic marker consists of the sale of pharmacogenomic tests by entities (organizations, individual companies and partnerships) which refer to a specific medical treatment to each person or group of people. Pharmacogenomics is a field of research that studies how a patient’s genes affect and how they respond to drugs.

  • The long-term goal of pharmacogenomics is to help physicians select the most appropriate drugs and doses for each individual. Pharmacogenomics will be used to create personalized medicines to treat various health conditions, including cardiovascular disease, Alzheimer’s disease, cancer and asthma.

  • The major technologies used in the pharmacogenomics market are next generation sequencing (NGS), polymerase chain reaction, gel electrophoresis, mass spectrometry, microarrays, and other technologies. NGS is a massively parallel sequencing technology that offers ultra-high throughput, scalability, and speed.

  • The technology is used to determine the order of nucleotides in entire genomes or specific regions of DNA or RNA. Applications of pharmacogenomics include neurology, drug discovery, oncology, cardiology, pain management, and other applications. The end user included hospitals and clinics, research institutes and academic institutes.

  • North America was the largest region in the Pharmacogenomics Market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period. Regions covered in the Pharmacogenomics market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Key players in the Pharmacogenomics market are

  • Abbott Laboratories

  • Astra Zeneca plc

  • Becton Dickinson and Company

  • Bayer AG

  • F Hoffmann-La Roche AG

  • Illumina Inc.

  • GlaxoSmithKline plc

  • Merck KGaA

  • Myriad Genetics Inc

  • Thermo Fisher Scientific Inc.

  • OPKO Health Inc

  • Assurex Health Inc

  • Empire Genomics LLC

  • Future Science Group

  • Pathway Genomics Corporation

Main topics covered:

1. Summary

2. Characteristics of Pharmacogenomics Market

3. Pharmacogenomics Market Trends and Strategies

4. Impact of COVID-19 on pharmacogenomics

5. Pharmacogenomics Market Size and Growth
5.1. Global Pharmacogenomics Historic Market, 2016-2021, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Pharmacogenomics Forecast Market, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints

6. Pharmacogenomics Market Segmentation
6.1. Global Pharmacogenomics Market, Segmentation by Technology, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

6.2. Global Pharmacogenomics Market, Segmentation by Distribution Channel, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • Hospital pharmacy

  • Online pharmacy

  • Retail pharmacy

6.3. Global Pharmacogenomics Market, Segmentation by Application, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • Neurology

  • drug discovery

  • Oncology

  • Cardiology

  • pain management

  • Other Apps

6.4. Global Pharmacogenomics Market, Segmentation by End User, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • Hospitals And Clinics

  • Research institutions

  • University institutes

7. Regional and Country Analysis of Pharmacogenomics Market
7.1. Global Pharmacogenomics Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Pharmacogenomics Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

For more information about this report visit https://www.researchandmarkets.com/r/pmvrwf

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