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Global Pharmacogenomics Market 2021 is expected to register a CAGR of Growing rate%, during forecast period with Impact of Covid 19 Analysis

Pharmacogenomics

Global “Pharmacogenomics Market” Report 2021 (value and volume) by company, regions, product types, end industries, history data and estimate data. Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. This report focuses on the Pharmacogenomics in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. Pharmacogenomics Market report categorizes the market based on manufacturers, regions, type, and application. Pharmacogenomics Market reports offer a detailed assessment of the Pharmacogenomics including enabling technologies, current market situation, market assumptions, restraining factors.

The Global Pharmacogenomics market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.

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The pharmacogenomics market is expected to register a growth rate of nearly 10.5% over the forecast period, 2018 – 2023. Pharmacogenomics is a branch of biotechnology, where genomic information is used to study individual responses to drugs. It helps to make clinical decisions based on the association of a gene variant with any drugs by manipulating the dosage or choosing a different drug. Currently, pharmacogenomics plays a significant role in the drug development process by opening new opportunities in drug discovery. Pharmacogenomics market is anticipated to get propelled by its growing reference and increasing health awareness. There are many instances where pharmacogenomics is used to prevent adverse drug reaction, such as, for HIV-infected patients, a genetic variant test is routinely performed before prescribing the antiviral drug abacavir (Ziagen). The US Food and Drug Administration (FDA) recommend genetic testing before prescribing the chemotherapy drug mercaptopurine (Purinethol) to patients with acute lymphoblastic leukemia. This kind of government initiative is likely to drive the pharmacogenomics market in coming years.

High Rate of Adverse Drug Reaction to Boost the Growth of Pharmacogenomics Market

Adverse drug reaction (ADR) is one of the increasing public health problems leading to high number of mortality and morbidity. There are many research studies available related to poor patient outcomes and burden to healthcare system. In Sicily, there is an active pharmacovigilance project, aimed to improve ADRs monitoring in internal medicine wards in hospital since 2014. A research report published in 2018 by Marisa Rosimeire Ribeiro et al. revealed that there is an increase of 10% in the rate of ADR for every administered drug in hospitalized patient in Brazil. Pharmacogenetics is gaining significance by providing tailored drug treatment thus lower overall prevalence of adverse drug reaction. Therefore, pharmacogenomics market is primarily driven by potential usage of genomic biomarkers in clinical practice in order to adjust drug dosage and to avoid drug toxicity. Other factors contributing to the pharmacogenomics market growing focus in precision medicine, Increasing Expenditure in Research and Development and enhancement of drug safety and efficiency to increase success rates in pharma R&D.

Difficulties in Detecting Gene Variation that Affect Drug Response Limits the Growth of Pharmacogenomics Market

There are considerable commercial, regulatory and clinical implications for the fact that a particular genetic trait (single nucleotide polymorphism or SNP profile) confers vulnerability to toxicity or poor therapeutic response. Since there is minimal information available regarding every gene that affects drug response, which causes the overall process of finding the correct SNP to be very expensive and time-consuming and resource intensive as well. Due to the slowdown of the development of pharmacogenomics, the market is get retrained.Another factor limiting the growth of this market is pharmacogenomics is reimbursement issues.

North America to Dominate the Pharmacogenomics Market

North America is anticipated to dominate the pharmacogenomics market across the globe owing to the increasing research expenditure and government initiatives. The Clinical Pharmacogenetics Implementation Consortium (CPIC) was started as a shared partnership between the Pharmacogenomics Research Network (PGRN) and PharmGKB to break the barrier to clinical usage of pharmacogenetic tests. NIH struggles to maximize the benefits of pharmacogenomics research for individuals and society and the major goal of them is further pharmacogenomics research and to ensure that doctors implement their findings. Adverse drug reactions are one of the major causes of hospitalizations and deaths in the United State, which is also fueled the pharmacogenomics research and its market.Thus, countries of North American region are expected to generate high opportunities for growth of pharmacogenomics market.

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The global Pharmacogenomics market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.

Pharmacogenomics Market Report covers the Top Key-players in 2021:-

  • Abbott Laboratories
  • Inc.
  • Affymetrix
  • Inc.
  • AstraZeneca PLC
  • Bayer AG
  • Becton
  • Dickinson and Company
  • Bio-Rad Laboratories
  • Inc.
  • F. Hoffmann-La Roche AG
  • Illumina
  • Inc.
  • QIAGEN
  • and Thermo Fisher Scientific Inc.

Highlighted points of Pharmacogenomics Market Size:

  • Covers the varying market dynamics of the industry.
  • In-depth analysis of market risks, opportunities, limitations, and growth of the market.
  • Includes market driving and restraining factors.
  • Participants profiles along with product description, overview, and business data.
  • Include details of five years of forecast analysis by types, regions, and applications.

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This Pharmacogenomics Market Research/analysis Report Contains Answers to your following Questions

  • Which Manufacturing Technology is Used for Pharmacogenomics? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Pharmacogenomics Market? What’s Their Company Profile, Their Product Information, Contact Information?
  • What Was Global Market Status of Pharmacogenomics Market? What Was Capacity, Production Value, Cost and PROFIT of Pharmacogenomics Market?
  • What Is Current Market Status of Pharmacogenomics Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Pharmacogenomics Market by Taking Applications and Types in Consideration?
  • What Are Projections of Global Pharmacogenomics Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
  • What Is Pharmacogenomics Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Pharmacogenomics Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Pharmacogenomics Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for Pharmacogenomics Industry?

Key Developments in the Pharmacogenomics Market:

  • Apr 2018: Thermo Fisher Scientific and the University of Pittsburgh announced that they have established a new pharmacogenomics center of excellence that combines technology in genomics, medication response phenotyping, bioinformatics, implementation science and education.

    Reasons to Purchase this Report

  • Current and future of pharmacogenomics market outlook in the developed and emerging markets
  • Analysis of various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the market estimate sheet (in Excel)

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    Finally, the report Global Pharmacogenomics Market 2021 describes the Pharmacogenomics industry expansion game plan, the Pharmacogenomics industry knowledge supply, appendix, analysis findings, and the conclusion.

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