NEW YORK, Sep 21, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of “Global Pharmacogenomics Market Report 2022” – https://www.reportlinker.com/p06320107/?utm_source=GNW
The global pharmacogenomics market is expected to grow from $6.64 billion in 2021 to $7.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.93%. The pharmacogenomics market is expected to reach $10.51 billion in 2026 with a compound annual growth rate (CAGR) of 9.80%.
The pharmacogenomics determinant consists of the sale of pharmacogenomics tests by entities (organizations, individual dealers, partnerships) that refer to the exact medical treatment of each person or group of persons. How do they respond to medications?
The long-term goal of pharmacogenomics is to help clinicians choose the most appropriate drugs and doses for each person. Pharmacogenomics will be used to create personalized drugs to treat a variety of health problems, including cardiovascular disease, Alzheimer’s disease, cancer and asthma.
The main technologies used in the pharmaceutical genome market are next generation sequencing (NGS), polymerase chain reaction, gel electrophoresis, mass spectrometry, microarrays and other technologies. .
This technology is used to determine the order of nucleotides in the entire genome or specific regions of DNA or RNA, and pharmaceutical genomics applications include neuroscience, drug discovery, oncology, cardiology, pain management, and other applications.
The end user included hospitals, clinics, research institutions, and academic institutes.
North America was the largest region in the pharmacogenomics market in 2021, and Asia Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the Pharmacogenomics market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
Pharmacogenomics Market Research Report is one of a series of new reports that provide Pharmacogenomics market statistics, including global Pharmacogenomics industry market size, regional shares, competitors with Pharmacogenomics market share, Detailed Pharmacogenomics market segments, And market trends, opportunities, and any other data that you may need to thrive in the Biopharmaceutical industry. Pharmaceutical Genetics Market Research Report offers a complete perspective on everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing demand for precision medicine is driving up the demand for the pharmacogenomics market, and precision medicine is a medical model that suggests personalizing healthcare, with medical decisions, treatments, practices, or products designed for a subset of patients rather than a one-size-fits-all model.
There is a growing demand for precision medicine because it is the most advanced in oncology, and has broad and exciting applications beyond oncology and late stage diseases such as rare and genetic diseases. Diseases and/or their responses to specific treatments.
For example, according to the article published on Linchpinseo in March 2022, the growing demand for investment in precision medicine from leading pharmaceutical companies is seeing a 1/3 increase in the next five years, moreover, in the United States, 30 million people with type 2 Diabetes is diagnosed and treated as precision medicine provides individualized treatment and recalibrates current treatment practices.
Hence, the increasing demand for precision medicine will drive the pharmacogenomics market.
Technological advancement is a major trend that is gaining popularity in the pharmaceutical genomics market. Pharmaceutical manufacturers focus on different approaches to pharmacogenomics analysis to provide cost-effective solutions for screening known polymorphisms and discovering new variants.
For example, in May 2021, Integrated Prescription Management (IPM), a US-based pharmacy benefits management (PBM) company, and Myriad Genetics Inc, a genetic testing and precision medicine company, launched the GeneSight® test, a genomics test Pharmacotherapy for patients with depression or anxiety.
In April 2020, US-based Castle Biosciences, which provides diagnostic tests and tumor-specific information, acquired AltheaDx for an undisclosed amount.
With this acquisition, AltheaDx may create a mental health franchise starting with a test now covered by Medicare for Depression. AltheaDx is a US-based commercial-grade molecular diagnostics company that specializes in pharmacogenomics (PGx) testing services focused on mental health.
The countries covered in the Pharmacogenomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06320107/?utm_source=GNW
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