Pharmacogenomics Market 2020 World Analysis and Forecast Till 2026

According to Market Research Future (MRFR), the Global Pharmacogenomics Market Analysis is Projected to Expand at a CAGR of 5.8% Over the Forecast Period (2017-2023).The deciding factors in the pharmacogenomics market growth include the surging expenditure in research and development (R) along with the elevating rate of adverse reactions.

World over, there has been a rising focus on precision medicine coupled with the growing need for drug safety as well as efficacy, which has led to the market expansion in recent years.

On that note, the strong focus on precision medicine is striving to expand the pharmacogenomics market, as the primary aim of precision medicine is integrating genetic as well as environmental information of certain diseases along with their responses to specific treatments.This factor helps in targeted drug therapies, in addition to the growing adoption of treatment procedures that reduce the side effects and achieve accurate results, which makes extensive use of pharmacogenomics.

For instance, in 2015, the United States (U.S.) government had implemented a new precision medicine initiative to augment the development of individualized care, which includes genetic variability for a variety of chronic disorders.Additionally, the rapid growth in the number of research studies associated with sequencing, particularly next-generation sequencing, will raise the demand for pharmacogenomic tests in the years to come.

(U.S.), Future Science Group (U.S.), GeneTech (U.S.), 23andMe, Inc. (U.S.), and others.Market Segmentation The global market for pharmacogenomics has been segmented on the basis of technology, application, and end user.The types of technology in the market include microarray, sequencing, polymerase chain reaction, and others.

The sequencing segment is further segmented on the basis of Sanger sequencing, pyrosequencing, next-generation sequencing, and others.The segments based on application are oncology, cardiology, neurological disorders, and others.

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The scope of the global Pharmacogenomics Technology (Theranostics and Companion Diagnostics) Market was appreciated by US$ 5.62 billion in 2016 and it is likely to reach US$ 18.3 billion during the forecast period.

This could be attributed to growth in geriatric population, prevalence of chronic diseases like HIV, tuberculosis, and cancer, increase in awareness amongst the patients regarding personalized therapy, and adoption of pharmacogenomics by loads of healthcare professionals.The pharmacogenomics technology market is also likely to get bolstered technological advancements related to molecular diagnostics.

Besides, emerging economies need to think twice before affirming pharmacogenomics tests as initial as well as operating costs are high.

Governments herein do struggle with funding on this count.Download Sample Report @ https://www.millioninsights.com/industry-reports/pharmacogenomics-technology-market/request-sampleThe pharmacogenomics theranostics market is segmented by application, technology, end-user, and geography.

By application, the segmentation goes like cardiovascular disease, pain management, psychiatry, infectious diseases, oncology, and neurological disease.

By technology, the pharmacogenomics technology industry spans sequencing, polymerase chain reaction, mass spectrometry, microarray, and electrophoresis.

The concept basically, includes classifying individuals into the groups or categories that are uniquely prone to a particular disease or responsive to a specific treatment.

In its analysis MRFR asserts that the global Pharmacogenomics will grow exponentially by 2023, registering a CAGR of ~5.8% throughout the forecast period (2017 – 2023).Request Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/1177The factors contributing to the market growth include increased utilization of medication revelation processes, growing interest, and popularity for customized drugs, expanding security in treatment and the success ration of adequacy trials.

The emergence of new healthcare technologies and rapid advancements like PCR (Digital Polymerase Chain Reaction), GenX sequencing,   and HTS (High Throughput Screening), are fostering the growth of the global market of Pharmacogenomics.

With the increasing demand for diagnostic tests led by the growing emphasis of patients on pre-diagnosis treatments, increasing genetic disorders & mutational diseases, the market is expanding rapidly.

As Pharmacogenomics is in its embryonic stage, currently its use is quite limited.

The oncology segment has been sub-segmented into breast cancer, lung cancer, and others.On the basis of end-users, the global pharmacogenomics market has been segmented into hospitals, research organizations, academic institute, and othersRegional AnalysisAs per the regional analysis, the Americas region leads the pharmacogenomics market the mainly because of a well-developed healthcare industry and incidence of developed economies like the U.S. and Canada in the region.

Pharmacogenomics is the study of the relationship between genes and the drug response in humans.

The pharmacogenomics market is driven by significant growth in the pharmaceutical sector.

According to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe was valued at US$ 139, 287 million in 2000, which increased to US$ 284, 028 million (est.)

According to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.  Pharmacogenomics has been greatly beneficial to clinical pharmacology by enabling pharmacists to customize treatment plans for patients with specific deficiencies or risks that would not have been treatable without this knowledge.

In April 2021, Vertex received European Commission label extension approval for triple combination cystic fibrosis treatment Kaftrio, extending its use for the ‘majority of patients aged 12 years and older in the U.K, Germany, and other European nations.

The field of pharmacogenomics now encompasses many types of research and studies.