Pharmacogenomics Market Report 2019 to register a CAGR of 10.8% to reach US$ 20.83 Billion by 2026 | Coherent Market Insights
Global Pharmacogenomics Market – Insights
Pharmacogenomics is the study of how genes affect an individual’s response to drugs. This is done by correlating gene expression changes and Single-Nucleotide Polymorphisms (SNPs) with a drug’s efficacy or toxicity. It is relatively a new field that combines genomics and pharmacology to develop efficient and safe medications that will customized to an individual’s makeup. Growing concerns for the early identification of drug advertises, drug safety, and growing need for timely compliance to regulatory guidelines have led the introduction of new technologies and methods by pharmaceutical manufacturers and other intermediaries. These advancements are expected to fuel adoption of pharmacogenomics technology during the forecast period. Pharmacogenomics has different restorative applications such as cardiology, oncology, neurological disorder, and pain management. In this manner, through further headways in this field, by enhancing drug safety, optimizing drug therapy with increasing patient compliance and further reducing healthcare costs is expected to result in the meteoric growth of the pharmacogenomics market over the forecast period.
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Various government agencies are taking proactive initiatives to implement pharmacogenomics in drug development and surveillance, so that patients can benefit from advances in genomic science and technology. The government is also involved in funding companies that work to develop bioinformatics technology for precision medicine research applications. For instance, in 2017, Armonica Technologies, Inc., a U.S.-based company received US$ 1.5 Mn from the states US$ 40 Mn catalyst fund. This fund is intended for seed early stage-companies in New Mexico that are involved in developing novel technologies. Clinically personalized medicine is also expected to provide tools that will enhance the traditional approaches for estimating the risk/benefit of an intervention in patients.
The global pharmacogenomics market was valued at US$ 8,357.3 million in 2017 and is expected to witness a CAGR of 10.8% during the forecast period (2018 – 2026).
Figure 1. Global Pharmacogenomics Market Share, by Technology Type (%)
Source: Coherent Market Insights Analysis (2018)
Market Dynamics- Drivers
Increasing demand for various techniques to pinpointing diagnoses down to the subtype of chronic conditions will drive the pharmacogenomics market
Growing research and development activities related to sequencing and especially generation sequencing is expected to boost the demand for pharmacogenomics tests, which in turn, is expected to drive the global pharmacogenomics market growth during the forecast period. Moreover, significant progress in the aspects of NGS technology, platform, and data analysis solutions is propelling widespread, as it shows valid results for problematic areas that have long plagued the drug development industry.
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Furthermore, growing prevalence of several infectious and non-infectious diseases is expected to propel the global pharmacogenomics market over the forecast period, as it is boosting the demand for regulated next-generation sequencing-based clinical trial assays and companion diagnostics. According to U.S. Food and Drug Administration (FDA) statistics, over 100,000 people in the U.S. die each year from injurious responses to drugs that were correctly prescribed by a physician. Additionally, over 2.2 million people endure acute, though not fatal, side effects. Worldwide, BioWorld estimates those figures increase to 200,000 deaths and over 4.5 million people suffering serious side effects.
Pharmacogenomics tests are expected to predict susceptibility to maladies as well as create therapeutics tailored to an individual’s specific genetic profile. This in turn, is expected to increase market growth.
Introduction of novel technology leading to new product launch is a prominent factor fueling market growth
Today, screening of known polymorphic drug metabolism enzymes and transporters (DMET) is rapidly becoming routine practice in clinical research. So manufacturers are currently focusing on various approaches to pharmacogenomics analysis to provide rapid and cost-effective solutions for both the screening of known polymorphisms and discovery of novel variants. Few of the advanced technologies already been commercialized like Illumina HiSeq-2000 and HiScan, Roche 454 GSFLX Titanium and the Applied Biosystems SOLiD Analyzer 5500xl. Besides, the combination of goldstandard Applied Biosystems TaqMan Assays with the high-throughput Applied Biosystems Open Array manufactured by Thermo Fisher Scientific Inc., enables analysis of common variants, typically in under four hours with the flexibility to modify array content.
Market Dynamics- Restraints
Lack of proper diagnostic testing due to lack of trained personnel, high costs associated with tests, dearth of laboratory facility, and lack of standardization and validation of the test procedures are expected to restrain the global pharmacogenomics market growth in the near future.
Figure 2. Global Pharmacogenomics Market Share, by Region (%)
Source: Coherent Market Insights Analysis (2018)
Among regions, North America accounted for the largest market share and is witnessed fastest growth, owing to presence of major key players and strategic collaborations among them. Asia Pacific is expected to register significant growth rate after North America, owing to increased investments in R&D and increasing number of clinical trials. In November 2016, according to the Pharmaceutical Research and Manufacturers of America (PhRMA) data, EFPIA and PhRMA member companies conducted 825 clinical trials for various therapeutic indications across Japan in 2015, showing an increase of 21% in comparison to 2013. Furthermore, Latin America and Africa are expected to exhibit moderate growth rate, as countries in these regions have shown considerable interest in research and continuous efforts made by major players to expand their business in these regions. South African Medical Research Council (SAMRC) has collaborated with Beijing Genomics Institute in April 2017, to understand the genetic composition of the population, which is expected to augment growth of the pharmacogenomics in South Africa.
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Key companies in the market are involved in various growth strategies such as collaboration and agreement, in order to gain competitive edge in the market. Objective of these collaborations between the organization and the companies is identification of specific tumor targets by expansion of known mutations associated with defective DNA repair. Companies are engaged in development of single comprehensive tests that can capture a large. amount of relevant content. For instance, in 2017, Qiagen N.V. and Bristol-Myers Squibb signed an agreement for use of Next Generation Sequencing technology to develop gene expression profiles for immuno-oncology therapies.
Major companies operating in the global pharmacogenomics market are Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, Qiagen N.V., Pacific Biosciences of California, Inc., Diatech Pharmacogenetics Srl, and Assurex Health Inc.About Us:
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