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Oct 5, 2020 10:55 AM ET

Global Pharmacogenomics Market Set for Rapid Growth, to reach Value USD 10,492.2 million by 2025

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Pharmacogenomics Market by Technology (Microarray, Polymerase Chain Reaction, Sequencing, Electrophoresis, Mass Spectrometry, and Others), Application (Infectious Diseases, Oncology, Neurological Diseases, Cardiovascular Diseases, Pain Management, Psychiatry, and Others), and End User (Research Institutions, Hospitals and Clinics, and Academic Institutes): Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2025” According to the report, global demand for pharmacogenomics market was valued at approximately USD 5,712.5 million in 2018, and is expected to generate revenue of around USD 10,492.2 million by end of 2025, growing at a CAGR of around 9.2% between 2019 and 2025.

Pharmacogenomics is the amalgamation of pharmacology along with genomics. The field of pharmacogenomics studies the influence of genes on drug response. The objective of pharmacogenomics is to make safe and operative doses and medicine custom-made to the genetic structure of a person.

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Factors such as growing implementation of pharmacogenomics practice, growing elderly population, growing adoption of tailored therapy, rapidly increasing frequency of chronic ailments, and growing frequency of adversarial reactions are the key driving factors in the development of global pharmacogenomics market. Scientific improvements in the field of pharmacogenomics and growing awareness will present an opportunity for companies in the pharmacogenomics market. Nevertheless, high price of diagnosis, deficiency of skilled professionals, and little awareness in evolving regions will constrain the development of global pharmacogenomics market.

The global pharmacogenomics market has been split into technology, application, and end user. Based on technology, pharmacogenomics market has been segmented into microarray, polymerase chain reaction, sequencing, electrophoresis, mass spectrometry, and others. The polymerase chain reaction segment accounted for the highest market share in 2018 due to irreplaceable nature.

The application segment has been divided into infectious diseases, oncology, neurological diseases, cardiovascular diseases, pain management, psychiatry, and others.

The end user segment has been divided into research institutions, hospitals and clinics, and academic institutes. The hospitals and clinics segment accounted for the highest market share in 2018 due to presence of latest molecular diagnostic infrastructure in hospitals.

Regionally, the thoracic drainage devices market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa North America will be foremost region through the forecast time. U.S. will be the leading country in the North America region owing to growing execution of pharmacogenomics and quick implementation of latest healthcare technologies. Europe is likely to be the succeeding key market. The crucial reasons are existence of skilled healthcare professionals and increasing acceptance of personalized medicine. Asia Pacific will develop at the highest growth rate owing to presence of large patient group, rise in consciousness regarding pharmacogenomics, and high incidence of chronic diseases. The Latin America region will grow at a significant rate during the assessment period. The Africa & Middle East will display definite advancement in the expected time-frame.

The report also includes detailed profiles of key players such as Dynamic DNA Laboratories, Abbott Laboratories, Empire Genomics, LLC, Illumina, Inc., F. Hoffmann-La Roche Ltd., Myriad Genetics Inc., OneOme LLC, Thermo Fisher Scientific, Inc., and OPKO Health, Inc. among others.

This report segments the Global Pharmacogenomics Market as follows:

Global Pharmacogenomics Market: By Technology

Global Pharmacogenomics Market: By Application

Global Pharmacogenomics Market: By End User

Global Pharmacogenomics Market: By Region

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Keywords:    Pharmacogenomics Market

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