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Pharmacogenomics Global Market Report 2022

·4-min read

Major players in the pharmacogenomics market are Abbott Laboratories, AstraZeneca 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 and Pathway Genomics Corporation.

New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Pharmacogenomics Global Market Report 2022" -

The global pharmacogenomics market is expected to grow from $6.64 billion in 2021 to $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 pharmacogenomics marker consists of the sale of pharmacogenomics testing by entities (organizations, sole traders, and partnerships) that refer to precise medical treatment to each person or a group of people.Pharmacogenomics is a field of research that studies how a patient’s genes affect and how they respond to medications.

The long-term aim of pharmacogenomics is to help doctors select the drugs and doses best suited for each person. Pharmacogenomics will be used to create customized drugs to treat a variety of health issues, including cardiovascular disease, Alzheimer’s disease, cancer, and asthma.

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

The technology is used to determine the nucleotide order in entire genomes or specific regions of DNA or RNA.The applications of pharmacogenomics includes neurology, drug discovery, oncology, cardiology, pain management and other application.

The end-user included hospitals and clinics, research institutions, 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 in the forecast period.

The regions covered in the pharmacogenomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The pharmacogenomics market research report is one of a series of new reports that provides pharmacogenomics market statistics, including pharmacogenomics industry global market size, regional shares, competitors with a pharmacogenomics market share, detailed pharmacogenomics market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacogenomics industry. This pharmacogenomics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rising demand for precision medicine is driving the demand for the pharmacogenomics market.Precision medicine is a medical model that proposes healthcare customization, with medical decisions, treatments, practices, or products tailored to a subset of patients rather than a one drug fits all model.

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

For instance, according to the article published on Linchpinseo in March 2022, the increasing demand for precision medicine investment from leading pharmaceutical companies is experiencing a 1/3 increase in the next five years.Furthermore, in the USA, 30 million people with type 2 diabetes get diagnosed and treated where precision medicine provides individualized treatment and will re-calibrate current treatment practices.

Hence, the increasing demand for precision medicine will drive the pharmacogenomics market.

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

For instance, in May 2021, Integrated Prescription Management (IPM), a USA-based pharmacy benefits management (PBM) company, and Myriad Genetics Inc, a genetic testing and precision medicine, launched GeneSight® test, a pharmacogenomics testing for patients suffering from depression or anxiety.

In April 2020, Castle Biosciences, Inc.US-based company that offers diagnostic tests and tumor-specific information, acquired AltheaDx for an undisclosed amount.

With this acquisition, AltheaDx to perhaps create a mental health franchise beginning with a test that is now covered by Medicare for depression. AltheaDx is a US-based commercial-stage molecular diagnostics company specializing in the field of pharmacogenomics (PGx) testing services focused on mental health.

The countries covered in the pharmacogenomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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