New York, January 13, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Pharmacogenomics Services Market – A Global and Regional Analysis: Focus on Service, Technology, Application, End User, and Country-Wise Analysis: Focus on Service, Technology, Application, End User, and Country-Wise Analysis “- Analysis and forecasts, 2021-2031” – https://www.reportlinker.com/p06219255/?utm_source=GNW
• Service – Genotyping, SNP identification, pharmacogenetic tests and other services
• Technology – Polymerase chain reaction (PCR), microarray, sequencing and other technologies
• Application – Oncology, infectious diseases, neurology / psychiatry, cardiovascular and other applications
• End user – Research organizations, pharmaceutical companies, diagnostic centers and other end users
• North America – United States and Canada
• Europe – Germany, UK, France, Italy, Spain, Denmark, Netherlands and rest of Europe
• Asia-Pacific: Japan, China, Australia, India, Singapore and rest of Asia-Pacific
• Latin America: Brazil, Mexico and the rest of Latin America
• Rest of the world
Market growth drivers
• Growing prevalence of infectious diseases and various types of cancer in the world
• Increased adoption of personalized medicine shifting paradigm from response to prevention globally
• Increasing rate of adverse drug reactions
• Increased use of pharmacogenomics for drug discovery and development
• Lack of use of available data for drug development initiatives
• Lack of high complexity test centers
• Difficulty in detecting genetic variations affecting response to drugs
• Regulatory challenges for direct-to-consumer pharmacogenomics (DTC) companies
• Massive reach for the adoption of pharmacogenomics in emerging countries
• Technological advances in molecular techniques for pharmacogenomic diagnostic tests
• Increase in direct-to-consumer (DTC) testing services
Key companies profiled
Abbott Laboratories, Admera Health, LLC, Mesa Laboratories, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd., geneOmbio Technologies Pvt Ltd., Exact Sciences Corporation, Illumina, Inc., Laboratory Corporation of America Holdings, Myriad Genetics , Inc., OmeCare, QIAGEN NV, Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., Precipio, 23andMe, Inc., OneOme, LLC, DiaCarta, Inc., OPKO Health
Key questions addressed in this report:
• How are pharmacogenomics services revolutionizing clinical diagnostics and translational research?
• What are the major market drivers, challenges, and opportunities in the global pharmacogenomics services market?
• What are the underlying structures resulting from emerging trends in the global pharmacogenomics services market?
• What has been the impact of the COVID-19 pandemic on the global ecosystem of pharmacogenomics services?
• What are the key development strategies that are implemented by the main players in order to remain in the competitive market?
• What are the main regulatory implications in developed and developing regions regarding the use of pharmacogenomics services?
• What are the potential barriers to entry that businesses wishing to enter a particular region should face?
• How is each market segment expected to grow during the forecast period 2021-2031, and what are the expected revenue generated by each of the segments? Here are the segments:
o Service (genotyping, SNP identification, pharmacogenetic tests and other services)
o Technology (polymerase chain reaction, microarray, sequencing and other technologies)
o Application (oncology, infectious diseases, neurology / psychiatry, cardiovascular and other applications)
o End user (research organizations, pharmaceutical companies, diagnostic centers and other end users)
o Region (North America, Europe, Asia-Pacific, Latin America and rest of the world)
• What are the growth opportunities for pharmacogenomics service companies in their region of operation?
• Who are the major players offering significant offerings in the global pharmacogenomics services market?
• Which companies are expected to be very disruptive in the future, and why?
Our healthcare experts have discovered that the pharmacogenomics services industry is one of the most dynamic and rapidly changing markets. The global pharmacogenomics services market is projected to reach $ 9,346.8 million by 2031, from $ 5,060.0 million in 2020, at a CAGR of 5.71% during the forecast period 2021-2031 . The market is driven by certain factors including increasing prevalence of infectious diseases and various types of cancer, increasing adoption of personalized medicine shifting paradigm from reaction to prevention, increasing rate of cancer ‘Adverse drug reactions and the increasing use of pharmacogenomics for drug discovery and development.
Currently, the pharmacogenomics services industry is experiencing an upsurge due to the increasing prevalence of infectious diseases and various types of cancer, the increase in adoption of personalized medicine shifting the paradigm of reaction to prevention. , increased rate of adverse drug reactions, and increased use of pharmacogenomics for drug discovery and development. In addition, the companies are focusing on the development of pharmacogenomic assays based on advanced molecular analysis technologies, which should further help physicians deliver more informed clinical decisions.
The development of advanced pharmacogenomic assays also enables the research community to establish effective strategies to discover new biomarkers associated with various diseases, which could be exploited to develop targeted therapies.
In the research report, the market is segmented on the basis of service, technology, application, end-user, and region. Each of these segments covers the market snapshot over the projected years, market revenue tilt, underlying patterns and trends using analyzes on the obtained primary and secondary data.
The exponential increase in the prevalence associated with cancer, infectious diseases and cardiovascular diseases around the world has created a buzz among biotech companies to invest more in the development of new pharmacogenomic tests based on molecular technologies to help physicians to provide precision care. Due to its broad portfolio of services and massive global presence, Laboratory Corporation of America Holdings is the leading player in the pharmacogenomics services ecosystem.
On the basis of region, North America holds the largest share of pharmacogenomics services market due to the presence of market leaders such as Laboratory Corporation of America Holdings, Illumina, Inc., Thermo Fisher Scientific Inc. and Quest Diagnostics Incorporated in the United States. , coupled with the significant adoption of high fidelity pharmacogenomic assays for drug discovery and biomarker research. In addition, the increase in fund injections by federal organizations coupled with the increase in investments for the development of pharmacogenomics are some of the major underlying factors supporting the growth of the pharmacogenomics services market in North America. . Apart from this, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period 2021-2031. This is mainly attributed to underlying factors such as increased awareness of healthcare, stable economy leading to greater focus on research and growth in adoption of pharmacogenomic testing, among others.
• North America
• The rest of Europe
• Asia Pacific
• Rest of Asia-Pacific
• Latin America
• Rest of Latin America (RoLA)
• Rest of the world
Read the full report: https://www.reportlinker.com/p06219255/?utm_source=GNW
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