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Global Pharmacogenomics (PGx) Market Analysis Report

  • Id : RNR-53878
  • Category : Pharma Healthcare
  • Publish Date : 2016
  • Pages : 0
  • Format : PDF
License Type

Description
The global Pharmacogenomics (PGx) market growth is gradually gaining speed as large number of government initiatives and research & development programs have been launched in the last few years. Advancement and innovation of new healthcare technologies such as next generation sequencing, high throughput screening (HTS), and Digital PCR are developing the platform for the growth of Pharmacogenomics (PGx) market. The global PGx market is expected to grow over $14.85 billion by 2022. 

The market growth is propelled due to factors such as: rising usage in drug discovery processes, increasing demand for pharmacogenomics & precise drugs, technological innovation and advancement, increasing genetic disorders/abnormalities, and government support and regulations. The report has been further classified on the basis of ecosystem players, therapeutic applications, and geographical regions. Ecosystem is further segmented into: Pharmaceuticals companies, Diagnostic Companies, and Service Providers which includes Software & Healthcare database providers, Hospitals & Care Providers and Insurance Providers. 

Diagnostic Test segment is holding the maximum market share and is expected to grow at 11.63% CAGR from 2016 to 2022. This is due to the increasing demand for diagnostic tests as patients are emphasizing more on pre-diagnosis treatment, increasing genetic disorders & mutational diseases, and government initiatives and investment in research and development programs among others.

In North America, existing players are integrating with new start-ups through partnerships and collaboration to capture the North American segment. North American local players are entering in other developing regions to capture more market share. Throughout the Asia-Pacific and European countries, regulatory bodies are rolling out regulations to keep a check on latest technologies. 

North America is the largest contributor in the revenue generation in PGx market followed by Europe region, and is expected to grow at a high CAGR of 12.14% CAGR from 2016 to 2022. APAC region is expected to show the fastest growth globally, and is expected to grow at 18.74% CAGR from 2016 to 2022.

The APAC region is focusing more on technological development and introduction of new gene sequencing and gene mapping tools into healthcare systems to develop specific laboratory diagnostic tests.

Rapid advancement and innovation of new healthcare technologies such as next generation sequencing, High Throughput Screening (HTS), and Digital Polymerase Chain Reaction (PCR) are further enhancing the platform for the growth of Pharmacogenomics (PGx) market. The completion of first human genome project in 1990s has created the platform for the development of further enhanced Pharmacogenomics solutions. PGx is not a modernized market but the increasing demand for precision medicine, targeted therapeutics and increasing cases of adverse drug reactions are some of the major factors which led to a tremendous growth rate in the past few years. 
Since the announcement of ‘Precision Medicine Initiative’ by the President Barack Obama in January 2015, a large number of Research and Development (R&D) programs has been taken up for the developing precise drugs, targeted therapeutics,  and laboratory tests which required Pharmacogenomics analysis. At present, government initiatives are focused towards launching a large number of PGx test & drugs, controlling the increasing level of genetic disorders, and integrating advanced technologies to fulfill the unmet needs of the patients. Most of the developments taking place in the present scenario are mainly related to oncology & cardiovascular diseases, but it is anticipated that it may target almost all therapeutic areas affected by genetic mutations. 
Government regulations and standards are sustaining the growth and development of the PGx market. The main aim of these regulations is to make the PGx solutions more adaptable and focused toward oncology, pain management, CNS, CVD, and infectious diseases among others. The patients are benefitted indirectly by these regulations as it save time and cut-down cost as the patients get the required treatment for the specific disease. The market growth is propelled due to factors such as: rising usage in drug discovery processes, increasing demand for pharmacogenomics & precise drugs, technological innovation and advancement, increasing genetic disorder/abnormalities, and government support and regulations.
This study includes an overview and analysis of the PGx market, by type of ecosystem players ,type of therapeutics application, technology type, and geographical regions; allowing the researcher to develop a comprehensive outlook of the market. The PGx market report presents a detailed analysis of the key market dynamics and provides an extensive insight into various forms of developments, trends and key participants. All of the above mentioned report coverage parameters are discussed across different regions like North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).
While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section of the prominent consortiums, compliances, and regulatory bodies, and their involvement in the PGx market. The research incorporates Porter’s Five Forces Model for in-depth analysis of the PGx market and an assessment of the factors governing the same.