The human genome project has been one of the most successful projects in the history of medical sciences and has led to significant advancements in the fields of genetic and genome testing. Further, the project has also propelled the growth of the precision medicine industry. Precision medicine has challenged the age-old one-fit-for-all approach and given birth to a precise, targeted, and more effective form of diagnosis and treatment of diseases.
Additionally, precision medicine has also given rise to applications such as pharmacogenomics, companion and molecular diagnostics, and liquid biopsy. Pharmacogenomics is an integration of the two fields of science, pharmacology and genomics. The technology aims at improving the efficiency of drugs and reducing the adverse effects of drugs, consequently lowering the healthcare economic burden across the globe.
Pharmacogenomics technology holds great potential and is projected to play a crucial role in the medical industry in the coming years. Ongoing research studies on genome testing, an influx of technologies in the precision medicine industry such as advanced bioinformatics tools to address the needs for big data, and the development of more refined platforms to tackle emerging diseases are some of the factors which have helped the pharmacogenomics industry to grow and expand.
BIS Research, a leading market intelligence company recently published a report titled “Global Pharmacogenomics Market – Analysis and Forecast (2019-2028),” providing a holistic view of the emerging pharmacogenomics market at the global level.
The published pharmacogenomics report provides users with key market insights and helps them make informed and strategic decisions. Based on the analysis of the market by BIS Research, the global pharmacogenomics market is anticipated to witness a compound annual growth rate of 6.98% during the forecast period, 2019-2028 and reach $8,983.1 million by 2028.
This high growth of the pharmacogenomics market can be primarily attributed to the transition of the medical sector toward precision medicine and the growing cases of cancer and other infectious diseases along with the increasing incidences of adverse reaction of drugs.
However, there are certain factors that pose as restraints in the market. These include limited use of the available data for developing drugs, lack of testing centers, and challenges associated with detecting the gene variations affecting drug response.
The published report analyzes the pharmacogenomics market under different segments namely service, application, technology, region, and end-user. Further, the report also provides statistics for the expected growth of these segments during the forecast period, 2019-2028.
Some of the key services in the market include SNP identification, genotyping and pharmacogenetic testing. Pharmacogenomics finds its applications across several fields of medicine such as oncology, infectious diseases, neurology, psychiatry, and cardiovascular. Amongst these, oncology application is expected to acquire the principal part of the market share by 2028, followed by infectious diseases.
Several unexplored opportunities lie in the pharmacogenomics domain. Some of these opportunities include the growth of direct-to-consumer (DTC) testing services and developments in the next-generation sequencing (NGS) technology. Moreover, opportunities in the field of companion diagnostics such as the development of multiple biomarker-based companion diagnostics and commercialization of the technology for non-oncology disease areas are also anticipated to leverage the growth of the pharmacogenomics market. These opportunities along with many upcoming ones are expected to drive the growth of pharmacogenomics in the future and thus make it a profitable market.