Pharmacogenomics Market boosting the growth: Market dynamics and trends, efficiencies Forecast 2026
Increasing demand for various techniques to pinpointing diagnoses down to the subtype of chronic conditions will drive the pharmacogenomics market
(EMAILWIRE.COM, September 16, 2018 ) The Global Pharmacogenomics Market by Technology Type (Polymerase Chain Reaction, Sequencing, Microarray, and Other Technologies), and by Application (Drug Discovery and Therapeutic Application) was valued at US$ 7,623.9 million in 2016 and is projected to expand at a CAGR of 7.6% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Advancements in technology, increasing developments by key players, rising prevalence of lifestyle related diseases are expected to contribute to meteoric growth of the pharmacogenomics market over the forecast period.
In parallel with rapid advancements in the identification and mapping of Single Nucleotide Polymorphism (SNPs) across the human genome, technological discoveries and enhancements to high-throughput genotyping have also made significant strides. Leading biotech firms have driven genotyping throughput to scales and significantly driving down costs. Pharmacogenomics initiatives have led to new discoveries and development of several treatments that are tailored for specific characteristics such as genetic makeup or genetic profile of an individual tumor, that helps transform the treatment methods. Increasing government funding to help companies develop bioinformatics technology for precision medicine research applications. For instance, in 2017, Armonica Technologies, Inc., an Albuquerque-based company received US$1.5 million from the government’s US $40 million catalyst fund. This fund is intended for seed early-stage companies in New Mexico that are involved in developing novel technologies.
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In therapeutic application, oncology portfolio is of strategic importance for researchers to develop more targeted approaches for the treatment of cancer. For an instance, AstraZeneca oncology portfolio will increasingly rely on the use of genetics and genomics for patient identification and stratification, which in turn, provides a source of novel biomarkers and diagnostics. This allows them to streamline the R&D process and help to better understand the biological basis of the diseases that are aiming to be treated. Thus, integration of pharmacogenomics analysis results in increased designing of tailored drugs, which is expected to increase profits for drug manufacturers.
Asia Pacific is expected to witness highest growth in the global pharmacogenomics market, owing to rising biotechnology and life sciences sector in this region as well as the increasing focus on research and development by the top market players in these regions. For instance, Thermo Fisher Scientific, in 2017, announced an Asia Precision Medicine research array for regional screening initiatives, which has reduced costs and complexity of analysis associated with whole genome sequencing to help the research of diseases among people living in
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Vendors are continuously investing in the development of the pharmacogenomics for various applications in clinical and translational research to find a solution to the problems of under-served patients, misdiagnoses, adverse drug reactions (ADRs), and ineffective therapeutics, which is projected to provide lucrative growth over the forecast period. In May 2015, Rosetta Genomics Ltd. launched OncoGxOne, Admera Health’s next-generation sequencing (NGS) panel that detects a vast number of genetic alterations implicated in cancer, to provide clear, concise, and actionable clinical recommendations from a single, comprehensive test.
Key Takeaways of the Pharmacogenomics Market:
The global pharmacogenomics market is expected to expand at a CAGR of 6% during the forecast period (2017–2025), due to foster collaborations among the pharmaceutical industry, academic researchers, regulators and government organizations across various regions
Increasing demand for sequencing, owing to its wide application in cancer pharmacogenetic and ability to sequence large number of genes up to the complete genome in a single reaction.
Polymerase Chain Reaction is also expected to show a meteoric growth over the forecast period, as this system provides flexibility in content, high sample throughput, quick sample-to-results turnaround time, and low cost
Some of the major players involved in global pharmacogenomics market are Thermo Fisher Scientific Inc., Bayer AG, AstraZeneca plc, Assurex Health, GE Healthcare, Bristol-Myers Squibb Company, Qiagen, Inc., F. Hoffmann-La Roche Ltd, Transgenomic, Inc., Abbott Laboratories, Inc., and GlaxoSmithKline
Else place an Inquire before Purchase “Pharmacogenomics Market Size, Status and Forecast 2026 : https://www.coherentmarketinsights.com/insight/talk-to-analyst/1053
In parallel with rapid advancements in the identification and mapping of Single Nucleotide Polymorphism (SNPs) across the human genome, technological discoveries and enhancements to high-throughput genotyping have also made significant strides. Leading biotech firms have driven genotyping throughput to scales and significantly driving down costs. Pharmacogenomics initiatives have led to new discoveries and development of several treatments that are tailored for specific characteristics such as genetic makeup or genetic profile of an individual tumor, that helps transform the treatment methods. Increasing government funding to help companies develop bioinformatics technology for precision medicine research applications. For instance, in 2017, Armonica Technologies, Inc., an Albuquerque-based company received US$1.5 million from the government’s US $40 million catalyst fund. This fund is intended for seed early-stage companies in New Mexico that are involved in developing novel technologies.
Request a Sample Copy: https://www.coherentmarketinsights.com/insight/request-sample/1053
In therapeutic application, oncology portfolio is of strategic importance for researchers to develop more targeted approaches for the treatment of cancer. For an instance, AstraZeneca oncology portfolio will increasingly rely on the use of genetics and genomics for patient identification and stratification, which in turn, provides a source of novel biomarkers and diagnostics. This allows them to streamline the R&D process and help to better understand the biological basis of the diseases that are aiming to be treated. Thus, integration of pharmacogenomics analysis results in increased designing of tailored drugs, which is expected to increase profits for drug manufacturers.
Asia Pacific is expected to witness highest growth in the global pharmacogenomics market, owing to rising biotechnology and life sciences sector in this region as well as the increasing focus on research and development by the top market players in these regions. For instance, Thermo Fisher Scientific, in 2017, announced an Asia Precision Medicine research array for regional screening initiatives, which has reduced costs and complexity of analysis associated with whole genome sequencing to help the research of diseases among people living in
Request a Customization: https://www.coherentmarketinsights.com/insight/request-customization/1053
Vendors are continuously investing in the development of the pharmacogenomics for various applications in clinical and translational research to find a solution to the problems of under-served patients, misdiagnoses, adverse drug reactions (ADRs), and ineffective therapeutics, which is projected to provide lucrative growth over the forecast period. In May 2015, Rosetta Genomics Ltd. launched OncoGxOne, Admera Health’s next-generation sequencing (NGS) panel that detects a vast number of genetic alterations implicated in cancer, to provide clear, concise, and actionable clinical recommendations from a single, comprehensive test.
Key Takeaways of the Pharmacogenomics Market:
The global pharmacogenomics market is expected to expand at a CAGR of 6% during the forecast period (2017–2025), due to foster collaborations among the pharmaceutical industry, academic researchers, regulators and government organizations across various regions
Increasing demand for sequencing, owing to its wide application in cancer pharmacogenetic and ability to sequence large number of genes up to the complete genome in a single reaction.
Polymerase Chain Reaction is also expected to show a meteoric growth over the forecast period, as this system provides flexibility in content, high sample throughput, quick sample-to-results turnaround time, and low cost
Some of the major players involved in global pharmacogenomics market are Thermo Fisher Scientific Inc., Bayer AG, AstraZeneca plc, Assurex Health, GE Healthcare, Bristol-Myers Squibb Company, Qiagen, Inc., F. Hoffmann-La Roche Ltd, Transgenomic, Inc., Abbott Laboratories, Inc., and GlaxoSmithKline
Else place an Inquire before Purchase “Pharmacogenomics Market Size, Status and Forecast 2026 : https://www.coherentmarketinsights.com/insight/talk-to-analyst/1053
Contact Information:
Coherent Market Insights
Mr.Shah
Tel: 12067016702
Email us
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Coherent Market Insights
Mr.Shah
Tel: 12067016702
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results