According to a new report published by Allied Market Research, titled,"Pharmacogenomics Market by Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025",the market was valued at $5,312.8 million in 2017, and is projected to reach $10,265.5 million by 2025, growing at a CAGR of 8.61% from 2018 to 2025.
Pharmacogenomics is the field of science that deals with the role of genes in a drug response in an individual. The increase in the number of pharmacogenomics-based tests due to growth in ailments, such as cancer, tuberculosis, Alzheimers disease, cardiovascular diseases, and other mortality causing diseases, is expected to boost the market growth. The market for pharmacogenomics has witnessed tremendous growth in the recent years, owing to rise in patient preference toward personalized therapy-based medications.
The major factors that boost the growth of the pharmacogenomics market are technological advancements in molecular diagnostics including several molecular biology techniques such as polymerase chain reaction, sequencing, microarrays, electrophoresis, mass spectrometry among others, surge in the preference for using personalized therapy and rise in adoption of pharmacogenomics procedure. In addition, increase in unmet medical needs in the developing countries and drug recalls and failures are anticipated to offer lucrative opportunities for the market growth. However, dearth of skilled professionals and high costs associated with pharmacogenomics solutions and kits hamper the market growth. However, the unmet medical needs in the developing countries along with rise in disposable incomes of the global population is also anticipated to provide lucrative opportunities for the market during the forecast period.
By application, the polymerase chain reaction segment dominated the global pharmacogenomics market, accounting for 41% share of the market in 2017, growing at a CAGR of 8.9% from 2018 to 2025. This is attributed to increase in geriatric population and rise in demand for pharmacogenomics tests for the early detection of cancer. Manufacturers of pharmacogenomics solutions, kits, and services have focused on developing bioinformatics related tools for the analysis and interpretations of the large data after the test to conform the results.
The application of pharmacogenomics in oncology has the largest contribution with more than half the market share in 2017. Pharmacogenomic products majorly find applications in hospitals and clinics, research organizations, and research institutes as they are a relatively new modality, has a limitation for an end user owing to the complexities in finding the right drug that is well suited to an individual for a specific disease. All these factors together drive the demand for pharmacogenomics for diagnosis and screening of diseases.
Key Findings of the Pharmacogenomics Market:
- Based on application, oncology accounted for approximately 37% share of the market in 2017.
- Based on region, North America accounted for more than one-thirds market share in 2017 and is expected to maintain this trend throughout the forecast period.
- Based on end user, the hospitals segment is anticipated to grow at a CAGR of 8.4% from 2018 to 2025.
- Based on technology, the mass spectrometry segment is estimated to grow at the highest CAGR of 9.3% during the forecast period.