Global Pharmacogenomics Market Analysed By Top Leading Key Players Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG

Pharmacogenomics deals with the influence of genetic variation on drug response in patients by correlating gene expression changes and Single-Nucleotide Polymorphisms (SNPs) with a drug's efficacy or toxicity. Growing concerns for the early identification of drug advertises, drug safety, and growing need for prompt compliance to regulatory guidelines have led the introduction of new technologies and methods by pharmaceutical manufacturers and other intermediaries. These advancements are expected to fuel adoption of pharmacogenomics technology during the forecast period. Pharmacogenomics has different restorative applications such as cardiology, oncology, neurological disorder, and pain management. In this manner, through further headways in this field, by enhancing drug safety, optimizing drug therapy with increasing patient compliance and further reducing healthcare costs is expected to result in the meteoric growth of the pharmacogenomics market over the forecast period.

The detailed report on market intelligence in the Pharmacogenomics Market applies the best of primary and secondary research to weigh on the competitive landscape and the main market players expected to dominate the Pharmacogenomics market for the forecast period, 2020-2027. The study not only analyses the business profile of key suppliers, but also analyses their winning strategies to give business owners, stakeholders and field marketing staff a competitive advantage over others operating in the same space.

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The main key players in the industry are Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, Qiagen N.V., Pacific Biosciences of California, Inc., Diatech Pharmacogenetics Srl and Assurex Health Inc.

Pharmacogenomics is an essential research area for development of medication for pain, cancer, psychotropic, and cardiovascular disease. The success of this medication is possible through the use of innovative technologies that help define the dosage setting for subsets of the population and an individual's response to a specific drug. The success of the precision medicine is possible through the application of pharmacogenomics that uses information about a person's genes, enzyme activities, cellular environment, and proteins to diagnose and treat diseases. Rapid advancements in groups of specialized molecular diagnostic tests is contributing to the improvement for assessment of real-time treatment of diseases.

Market Dynamics

Major factors that propel the market are increasing demand for personalized drugs, increasing prevalence of several non-infectious and infectious diseases, rising utilization of these technology for effective treatment therapeutics, and growing awareness about benefits associated with pharmacogenomics. Continuous collaboration among pharmacogenomics manufacturers for various applications in clinical and translational research is also expected to drive growth of the market across regions.

In 2016, Merck & Co. Inc., collaborated with Biocartis, an innovative molecular diagnostic company to develop and commercialize a new liquid biopsy technology for RAS biomarker testing. This can enable more access to the test for number of metastatic colorectal cancer patients. Furthermore, use of pharmacogenomics to perform diagnostic assays in the field of determining individual's susceptibility to certain diseases, toxicology, biochemical genetics, and drug safety are also expected to lead to rapid growth of the market for pharmacogenomics over the forecast period.

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Global Pharmacogenomics Market Size (Volume and Value) Forecast 2020-2027

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