The latest report published by IMARC Group, titled, “Pharmacogenomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” offers a comprehensive analysis of the industry, which comprises insights on the global pharmacogenomics market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global pharmacogenomics market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 7% during 2021-2026.
Pharmacogenomics is a field of research that studies the relation between the deoxyribonucleic acid (DNA) of an individual and their response to a drug. It helps healthcare providers to select and develop safe, effective medications that can be tailored to the genetic design of a person. Pharmacogenomics studies variations in certain proteins, such as liver enzymes, that affect the performance of a drug. The drug development process through pharmacogenomics consists of various analyses, which include drug receptors, drug uptake, drug breakdown, and targeted drug development. Overall, it decreases healthcare costs via reduced adverse drug reactions, minimal number of failed clinical trials, and lesser time consumption in the drug approval process. Pharmacogenomics also helps in designing precise methods of measuring appropriate drug dosages and the development of more efficient vaccines.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Pharmacogenomics Market Trends:
A significant rise in the research and development (R&D) expenditure activities and an increase in the instances of adverse reactions of drugs are some of the primary factors that are currently driving the global pharmacogenomics market growth. Additionally, there is a rising preference toward precision medicine on account the emerging need for improved drug efficacy and safety, which is further contributing to the growth of the market. Other than this, the increasing prevalence of different types of cancer is also fueling the market growth as targeted therapy has proven to improve the survival rates of patients and decrease redundant costs. Moreover, rapid technological advancements have resulted in the introduction of newer and upgradation of existing laboratories, which is attracting numerous investors from across the healthcare industry, thereby creating a positive outlook for the market.
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Global Pharmacogenomics Market 2021-2026 Analysis and Segmentation:
Competitive Landscape with Key Player:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Abbott Laboratories, AstraZeneca plc, Bayer AG, Becton Dickinson and Company, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG, GlaxoSmithKline plc, Illumina Inc., Johnson & Johnson, Merck KGaA, Myriad Genetics Inc., Qiagen N.V. and Thermo Fisher Scientific Inc.
Breakup by Technology:
- Polymerase Chain Reaction
- Microarray
- DNA Sequencing
- Mass Spectrometry
- Electrophoresis
- Others
Breakup by Application:
- Oncology
- Infectious Diseases
- Cardiovascular Diseases
- Neurological Diseases
- Psychiatry
- Pain Management
- Others
Breakup by End User:
- Hospitals and Clinics
- Academic and Research Institutes
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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