Pharmacogenomics Global Market Report 2022

NEW YORK, September 21, 2022 (GLOBE NEWSWIRE) — announces the release of the Pharmacogenomics Global Market Report 2022 –

The global pharmacogenomics market is expected to grow from US$6.64 billion in 2021 to US$7.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.93%. The pharmacogenomics market is expected to reach US$10.51 billion in 2026 at a compound annual growth rate (CAGR) of 9.80%.

The pharmacogenomics marker consists of the sale by entities (organizations, sole proprietorships and partnerships) of pharmacogenomics tests related to an accurate medical treatment for each individual or group of individuals. Pharmacogenomics is a field of research that studies how a patient’s genes affect and how they respond to drugs.

The long-term goal of pharmacogenomics is to help physicians choose the most appropriate drugs and dosages for each individual. Pharmacogenomics is used to design tailored medicines to treat a variety of health conditions, including cardiovascular disease, Alzheimer’s, cancer and asthma.

The main technologies used in the pharmacogenomics market are next-generation sequencing (NGS), polymerase chain reaction, gel electrophoresis, mass spectrometry, microarray and other technologies. NGS is a massively parallel sequencing technology that offers ultra-high throughput, scalability, and speed.

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The technology is used to determine nucleotide order in entire genomes or specific regions of DNA or RNA. Pharmacogenomics applications include neurology, drug discovery, oncology, cardiology, pain management, and other applications.

End users included hospitals and clinics, research institutions and academic institutes.

North America was the largest region in the Pharmacogenomics Market in 2021. Asia Pacific is projected to be the fastest growing region during the forecast period.

The regions covered in Pharmacogenomics market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The 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 a Pharmacogenomics market share, detailed Pharmacogenomics market segments, market trends and opportunities, and other data you may need you to succeed in the pharmacogenomics industry. This Pharmacogenomics market research report provides a complete overview of 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 the demand for the pharmacogenomics market. Precision medicine is a medical model that proposes an individual customization of healthcare, with medical decisions, treatments, practices, or products tailored to a subset of patients rather than a model that fits all.

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The demand for precision medicine is increasing as it is the most advanced in oncology and has broader, exciting applications beyond oncology and late-stage diseases such as: B. Rare and genetic diseases. The main goal of precision medicine is the integration of genetic and environmental information about specific diseases and/or their responses to specific treatments.

For example, according to the article published on Linchpinseo in March 2022, the rising demand for investment in precision medicine by leading pharmaceutical companies will see an increase of 1/3 in the next five years. Additionally, there are 30 million people in the US with type 2 diabetes being diagnosed and treated, where precision medicine is providing individualized treatment and recalibrating current treatment practices.

Therefore, the increasing demand for precision medicine will drive the pharmacogenomics market.

Technological advancement is a major trend gaining popularity in the pharmacogenomics market. Drug manufacturers are focusing on different approaches to pharmacogenomics analysis to provide cost-effective solutions for screening known polymorphisms and discovering new variants.

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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 pharmacogenomic test for patients who suffer from depression or anxiety.

In April 2020, US-based Castle Biosciences, Inc., which provides diagnostic tests and tumor-specific information, acquired AltheaDx for an undisclosed amount.

With this acquisition, AltheaDx may be able to build a mental health franchise, starting with a test now covered by Medicare for depression. AltheaDx is a US-based commercial-stage molecular diagnostics company specializing in pharmacogenomic (PGx) testing services with a focus on mental health.

The countries covered in Pharmacogenomics Market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the US.
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