Pharmacogenomics Technology Market Product Driving Factors, Capacity and Growth Rate Analysis to 2025
The scope of the global Pharmacogenomics Technology Market was appreciated by US$ 5.62 billion in 2016 and it is likely to reach US$ 18.3 billion during the forecast period. This could be attributed to growth in geriatric population, prevalence of chronic diseases like HIV, tuberculosis, and cancer, increase in awareness amongst the patients regarding personalized therapy, and adoption of pharmacogenomics by loads of healthcare professionals.
The pharmacogenomics
technology market is also likely to get bolstered technological advancements
related to molecular diagnostics. At the same time, there is a dearth on the
part of highly skilled and trained healthcare professionals in conducting
pharmacogenomics diagnostics tests. Besides, emerging economies need to think
twice before affirming pharmacogenomics tests as initial as well as operating
costs are high. Governments herein do struggle with funding on this count.
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Therapeutic
Area Outlook (Revenue, USD Million; 2014 - 2025)
•
Oncology
• Lung Cancer
• Breast Cancer
• Colorectal Cancer
• Cervical Cancer
• Others
•
Neurological Disorders
•
Cardiovascular Disease
•
Immunological Disorders
• Others
Technology
Outlook (Revenue, USD Million; 2014 - 2025)
•
PCR
•
In-situ Hybridization
•
Immunohistochemistry
•
Sequencing
• Others
The players contributing to the pharmacogenomics technology market include OPKO Health, Inc., Thermo Fisher Scientific, Inc., Teva Pharmaceutical Industries Ltd., Dynamic DNA Laboratories, Abbott Laboratories, F. Hoffmann-La Roche Ltd., One Ome LLC, Empire Genomics, LLC, and Illumina, Inc.
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North America rules the
roost; thanks to extensive investment in healthcare by the U.S. Europe comes in
second due to Belgium and Denmark being on the top pedestal with respect to
healthcare. Asia Pacific is expected to grow at the fastest pace owing to
increase in awareness among the economies like India and China regarding
healthcare. LATAM will also catch up due to presence of Brazil; followed by
MEA. In fact, MEA would be more vigilant on this count; due to the figures
released by WHO. It says that over 50% of the diseases mentioned above occur in
sub-Saharan Africa.
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