The propelling factors for the growth of the pharmacogenomics market include the increased expenditure in R&D and an increase in the rate of adverse reactions, which has led to the higher adoption of pharmacogenomics in the global market. The increasing focus on precision medicine, along with the need to enhance drug safety and efficacy, is also further fuelling the growth of this market.
The increasing focus on precision medicine is expected to augment the pharmacogenomics market, as the goal of the precision medicine approach is to integrate genetic and environmental information of particular diseases and/or their responses to particular treatments. This is done to determine or assist in targeted drug therapies, as well as in treatment procedures to be adopted to minimize the side effects and improve results, which will require pharmacogenomics extensively.
Pharmacogenomics is also helpful in cancer treatment and has proved to improve the survival of patients, and at the same time, has found to reduce the unnecessary cost due to unresponsive treatment by patients. Hence, pharmacogenomics for cancer therapy has led to a number of important discoveries in the current cancer treatment, hence, driving the market growth during the forecast period.
The increasing expenditure in R&D and an increase in the rate of adverse reactions have led to the higher adoption of pharmacogenomics in the global market. Furthermore, there is a rapid increase in the number of research studies related to sequencing, especially next-generation sequencing, which is expected to increase the demand for pharmacogenomic tests in the future.
Key Market Trends
Drug Discovery is the Segment under Application that is Expected to Grow the Fastest during the Forecast Period
Pharmacogenomics is one of the major emerging trends in the field of medical science, which greatly influences the drug development process. With the use of pharmacogenomics, target identification by drugs has become relatively easy, which ensures much higher chances of success for the approval of drugs. In addition, out of 500 genes, only 50 disease genes have drug availability in the market today. This emphasizes the market opportunity in the future for different manufacturers to concentrate on drug discovery using pharmacogenomics.
Pharmacogenomics has also found applications in the treatment of cancer patients, by anticipating the possible differences in drug response, resistance, efficacy, and toxicity of the chemotherapeutic and targeted immune biologic agents. Therefore, pharmacogenomics for cancer therapy has led to a number of important discoveries in the current cancer treatment, which has helped in the growth of the oncology segment of the market studied.
North America holds the Largest Share of the Market and is Expected to Follow the Same Trend over the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period, due to the presence of high per capita healthcare expenditure, coupled with high patient awareness levels, and the high prevalence of target diseases. American Cancer Society estimates that in 2020, around 1.8 million new cases will be diagnosed with cancer and around 606,520 people would die due to it. Moreover, the increasing preference for personalized treatment, along with its high adoption rate, is further contributing to the growth of the market.
The large interest of researchers and investment in the safety and efficiency of drugs by companies are one the major factors responsible for the growth of the market. The government is also involved in funding companies that work to develop bioinformatics technology for precision medicine research applications.
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