Pharmacogenomics Market Size Worth $14.10Bn, Globally, by 2028 at 10.3% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Feb. 24, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (PCR, Sequencing, Microarray, Gel Electrophoresis, Mass Spectrometry, and Others), Application (Drug Discovery, Oncology, Neurology and Psychiatry, Pain Management, Cardiovascular Diseases, and Others), and End User (Hospitals and Clinics, Biopharmaceutical Companies, CROs and CDMOs, and Others)". The pharmacogenomics market growth is driven by the increasing prevalence of chronic diseases, the rising demand for precision medicine, and the growing funding for pharmacogenomic research activities. However, the lack of skilled professionals hampers the market growth.

Pharmacogenomics Market: Competitive Landscape and Key Developments

F. Hoffmann-la Roche Ltd; Abbott; Oxford Nanopore Technologies; Thermo Fisher Scientific Inc; Illumina, Inc; QIAGEN; Agilent Technologies, Inc; Myriad Genetics, Inc; Admera Health; and Dynamic DNA Laboratories are among the leading companies operating in the global pharmacogenomics market. These players focus on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.

In October 2020, F. Hoffmann-la Roche Ltd announced that it has received U.S. Food and Drug Administration (FDA) approval of expanded claims for the cobas EGFR Mutation Test v2 as a companion diagnostic (CDx) for a broader group of therapies in the treatment of non-small cell lung cancer (NSCLC).

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In December 2020, Thermo Fisher Scientific Inc announced that USFDA has granted premarket approval to Oncomine Dx Target Test as a companion diagnostic (CDx) to help identify non-small cell lung cancer (NSCLC) patients whose tumors carry epidermal growth factor receptor (EGFR) Exon20-insertion mutations for potential treatment with RYBREVANT targeted therapy.

In September 2021, Abbott announced the acquisition of Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove peripheral blood clots. Walk Vascular's peripheral thrombectomy systems will be incorporated into Abbott's existing endovascular product portfolio. Financial terms were not disclosed.

In 2020, North America dominated the pharmacogenomics market, and the US holds the largest market share in this region. The market growth in the country is attributed to the increase in the prevalence of chronic disorders, such as cancer, neurological disorders, and cardiovascular disorders; the presence of leading biopharmaceutical companies and CROs; and the presence of well-developed healthcare infrastructure. The US Food and Drug Administration is also playing a significant role in driving the pharmacogenomics market by developing a specific database for storing pharmacogenomic profiling of drug and biomarkers, and it currently includes more than 200 medications. In this way, FDA is assisting the physicians in developing the drug prescriptions for the patient to achieve optimum effects with minimum adverse events. The FDA also provides a list of pharmacogenomics biomarkers in drug labeling, including germline or somatic gene variants, functional deficiencies with genetic etiology, protein biomarkers, and chromosomal abnormalities.      

The rising adoption of pharmacogenomics-based treatment of cancer along with the introduction of several novel products associated with this approach and the support of the regulatory agencies are expected to bolster the pharmacogenomics market in the US during the forecast period. Currently, several clinical trials are investigating pharmacogenomics technology for developing precise medications and improving the overall response rate of the treatment. In May 2021, the US Food and Drug Administration (FDA) approved Lumakras (Sotorasib) for a targeted therapy for non-small cell lung cancer patients with tumors that express the G12C mutation in the KRAS gene.

Many older adults (>60%) suffer from two or more chronic conditions. Twin studies stated that genes can cause chronic conditions, such as cardiovascular disease (CVDs), diabetes, obesity, RA, Alzheimer's disease (AD), and depression.  By using molecular genetic data from genome-wide association studies (GWAS), it is now possible to measure individual-level risks for these chronic diseases. According to the Centers for Disease Control and Prevention (CDC), in 2020, nearly 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions.

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CVDs, such as atherosclerosis, angina pectoris, and acute myocardial infarction, due to a hectic lifestyle result in high mortality rates. As per the data provided by the World Health Organization (WHO), CVDs are the leading cause of death, reporting ~17.9 million deaths each year. Diabetes is a life-threatening disease with no functional cure, and diabetes of all types can lead to various complications in different parts of the body and increase the risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are among the major complications associated with diabetes. The significant increase in diabetes cases leads to life-changing complications among people. According to the International Diabetes Federation (IDF), in 2017, 46 million diabetic patients were reported in North America, which is expected to reach 62 million by 2045. This increasing burden of chronic diseases is triggering the demand of pharmacogenomic technologies for developing novel therapies.

EPharmacogenomics Market: Segmental Overview

Based on technology, the pharmacogenomics market is segmented into PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. The market for the PCR segment is further segmented into real time PCR, standard PCR, and digital PCR. The PCR segment held the largest share of 37.71% of the pharmacogenomics market in 2021.

Based on application, the pharmacogenomics market is segmented into drug discovery, oncology, neurology and psychiatry, pain management, cardiovascular diseases, and others. The oncology segment accounted for the largest market share in 2021. However, the drug discovery segment is expected to register the highest CAGR in the market during the forecast period.

Based on end user, the pharmacogenomics market is segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others. The CROs and CDMOs segment accounted for the largest market share in 2021, whereas the hospital and clinics segment is expected to register the highest CAGR in the market during the forecast period.

The COVID-19 pandemic has heavily affected North American countries, such as the US and Canada. These countries reported the highest numbers of COVID-19 positive cases. The US registered the highest number of deaths due to COVID-19. The demand for diagnosing and therapeutic devices dramatically increased in hospitals due to the chaotic situation in the medical industry across the region. For instance, the demand for ventilators, respirators, and in vitro diagnostic (IVD) tests has risen drastically in hospitals in North America.

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Moreover, across various healthcare sectors, the effect of COVID-19 pandemic can be felt, resulting in multiple changes in the healthcare industry. Scientists are collaborating to generate and share genomic sequence data information and apply it to disease diagnosis and control efforts. The US is increasing its ability to track novel coronavirus mutations with genomic sequencing as experts warned that new variants drive up number of cases and hospitalizations. For instance, the US ranked 43rd in genome sequencing projects by sequencing 3% of the sample, according to the GISAID Initiative, a global genome sequencing database project. Genome sequencing can aid in the fight against COVID-19 and the newly emerging variants.

In addition, in April 2020, genome Canada launched the Canadian COVID Genomics Network, an initiative backed with US$ 40 million funding. The initiative consists of a partnership between Genome Canada and six regional Genome centers, genome sequencing centers through CGEn, national and regional public health labs, universities, hospitals, and the private sector, for scaling up existing genome-based COVID-19 research globally. All such developments would propel the growth of the North America pharmacogenomics market in the future.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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