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SEATTLE, Nov. 23, 2017 -- According to Coherent Market Insights, the global pharmacogenomics market was valued at US$ 7,623.9 Million in 2016 and is projected to witness a CAGR of 7.6% over the forecast period (2017-2025). Many government agencies are actively supporting pharmacogenomics in drug development and surveillance, so that patients can benefit from advances in genomic science and technology.
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https://www.coherentmarketinsights.com/market-insight/pharmacogenomics-market-1053
Key Trends and Analysis of the Pharmacogenomics Market:
Among technology types, in 2016, the sequencing segment held the largest revenue share in the global pharmacogenomics market. This is majorly attributed to the increasing adoption of sequencing among researchers and clinicians, as it allows for accurate sequencing of complete human genomes. Among therapeutic applications, the oncology sub-segment holds a dominant position in the market. Precision oncology focuses on matching the most accurate and effective treatments that could benefit the patients based on the genetic profile of the cancer, as every cancer patient exhibits a different genetic profile to avoid the idea of one-size-fits-all in terms of cancer treatment. In 2014, National Cancer Institute (NCI) has also launched couple of precision medicine trials, which include Adjuvant Lung Cancer Enrichment Marker Identification and Sequencing Trials (ALCHEMIST), which are expected to boost the demand for precision medicines in the field of oncology.
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Key Market Takeaways:
- North America accounted for the largest revenue share in the global pharmacogenomics market. The prime driver for pharmacogenomics in North America is continuous advancement in pharmacogenomics research and genotyping technology to optimize medication therapy. In January 2015, in the U.S. President announced the Precision Medicine Initiative, which focuses on prevention and treatment approaches that account for inter-individual variability in drug response.
- Leading players in pharmacogenomics market are strategically involved in developing theranostics that can target one or two drugs most effective drugs for an individual. For instance, in 2001, Bayer and CuraGen Corporation stated two landmark biotechnology agreements. The first agreement was a comprehensive alliance to discover, develop, and jointly commercialize small molecule drugs to treat obesity and adult onset diabetes, whereas the second agreement was a broad collaboration to apply CuraGen’s functional genomic technologies.
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