Global Pharmacogenomics Market Forecast to 2027

The global Pharmacogenomics Market is expected to reach USD 11.97 Billion by 2027, according to a new report by Emergen Research. The global pharmacogenomics (PGx) market is growing at a substantial pace owing to the growing demand for personalized therapy, the increasing prevalence of target chronic diseases, technological advancements, favorable government initiatives, and the availability of financial support for research and development.

The top competitors in the market, their expansion ambitions, and their growth strategies are all carefully examined in the Pharmacogenomics Market report. The archive particularly exhorts businesspeople to look for information about and instructions for potential customers. The review, which only highlights the greatest sellers, helps business owners understand their local market and find potential customers.

Pharmacogenomics has high demand; therefore, research centers invest a handful of the amount in their R&D, which fuels market growth by a large margin. Pharmacogenomics may also help to quickly identify the best drugs to treat people with certain mental health disorders. Cancer is another active area of pharmacogenomic research. Whether fighting a unique and fast-spreading disease like the novel coronavirus or treating a well-known common condition, genomics is increasingly being used to inform more personalized and cost-effective strategies for drug development and use. Such advantages are expected to foster the market significantly during the forecast period.

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Competitive Terrain:

The global Pharmacogenomics industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.

The leading market contenders listed in the report are:

Abbott Laboratories, Admera Health, LLC, Agena Biosciences, Inc., Cancer Genetics, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd, geneOmbio Technologies Pvt Ltd., Genomic Health, Inc., Illumina, Inc., and Laboratory Corporation of America Holdings

Research Report on the Pharmacogenomics Market Addresses the Following Key Questions:

Who are the dominant players of the Pharmacogenomics market?

Which regional market is anticipated to have a high growth rate over the projected period?

What consumer trends and demands are expected to influence the operations of the market players in the Pharmacogenomics market?

What are the key growth drivers and restraining factors of the Pharmacogenomics market?

What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?

What is the overall impact of the COVID-19 pandemic on the Pharmacogenomics market and its key segments?

Market Overview:

The report bifurcates the Pharmacogenomics market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

Product and Services Outlook (Revenue, USD Billion; 2017-2027)

Products

Kits

Assays and Reagents

Instruments

Software

Services

Genotyping

SNP Identification

Pharmacogenetic Testing

Other Services

Technology Outlook (Revenue, USD Billion; 2017-2027)

Polymerase Chain Reaction (PCR)

Real-Time PCR

qPCR

Digital PCR

DNA Sequencing/Next Generation Sequencing (NGS)

Nucleic Acid Amplification Tests (NAATs)

Mass Spectrometry

Gel Electrophoresis

Hybridization

Fluorescence In Situ Hybridization (FISH)

Chromogenic In Situ Hybridization (CISH)

Others

Microarray

Others

Application Outlook (Revenue, USD Billion; 2017-2027)

Oncology

Infectious Diseases

Neurology/Psychiatry

Cardiovascular

Others

Regional Landscape section of the Pharmacogenomics report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Some Key Highlights from the Report

The software under the product and services segment is expected to have the largest market share. This is attributed to the widespread application of genomic data to effectively influence healthcare outcomes. The testing methods are improved, and the public and health care professionals are educated about the potential benefits owing to technological advancements.

The pharmacogenomics by application includes Oncology as one of the prospects which are expected to fuel the market growth. Pharmacogenomics is expected to help guide healthcare professionals to personalize treatment for cancer patients, which will contribute significantly to the market.

Research organizations held a significant share in 2019, owing to its contribution to the research field. It is a relatively new field that combines pharmacology and genomics to develop effective, safe medications and doses that will be tailored to a person's genetic makeup.

The major driving factors for the growth of this market in the North American region is the rising demand for personalized medicines, high medical reimbursement facilities, and technological advancement.

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Pharmacogenomics market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

Key Points of the Geographical Analysis:

Data and information related to the consumption rate in each region

Estimated increase in the consumption rate

Proposed growth of the market share of each region

Geographical contribution to market revenue

Expected growth rate of the regional markets

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