Global Pharmacogenomics Market Analysis and Forecast, 2019-2028

Market Introduction

The global pharmacogenomics market is expected to grow significantly over the forecast period due to the increasing demand for personalized medicine, advancements in genetic research, and the growing incidence of chronic diseases. The rise in the number of genetic tests and growing awareness about pharmacogenomics among healthcare professionals and patients are also contributing to the growth of the market. In addition, the increasing investment by key players and government organizations in the field of pharmacogenomics is also driving the growth of the market.

However, the high cost of genetic tests, lack of standardization and regulatory approval, and the limited availability of pharmacogenomics-based products are some of the factors that are expected to hamper the growth of the market. Overall, the global pharmacogenomics market is expected to show significant growth over the forecast period due to the increasing demand for personalized medicine, advancements in genetic research, and the growing incidence of chronic diseases.

Segmental Analysis

The global pharmacogenomics market is segmented into technology, application, and geography. Based on technology, the market is divided into DNA sequencing, microarray technology, and others. The DNA sequencing segment is expected to hold a significant share of the market due to the increasing use of next-generation sequencing techniques in pharmacogenomics. Based on application, the market is segmented into personalized medicine, drug discovery, and others. The personalized medicine segment is expected to hold a significant share of the market due to the increasing demand for individualized treatment options.

Regional Analysis

Geographically, the market is divided into North America, Western Europe, Eastern Europe, Asia Pacific, and the Rest of the World. North America is expected to hold a significant share of the market due to the presence of a large number of key players and the increasing use of pharmacogenomics in personalized medicine. Europe and Asia-Pacific are also expected to show significant growth in the market due to the increasing investment in the field of pharmacogenomics and the growing incidence of chronic diseases in these regions.

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others.
• Whitepapers, research papers, and industry blogs.