The Global PGx Market Estimated to Grow Over $14.85 Billion by 2022

According to the meticulous report Global Pharmacogenomics (PGx) Market Analysis: Focus on Ecosystem Players (Diagnostic Test, Pharmaceutical & Others), Therapeutic Applications (Oncology, Cardiovascular & Others), and Geography - Estimation & Forecast 2016-2022 released by BIS Research, the global PGx market is expected to grow over $14.85 billion by 2022.

An analyst at BIS Research states, “Rapid advancement and innovation of new healthcare technologies such as next generation sequencing, High Throughput Screening (HTS), and Digital Polymerase Chain Reaction (PCR) are developing a strong base for the growth of Pharmacogenomics (PGx) market.”

Since the announcement of ‘Precision Medicine Initiative’ by the President Barack Obama in January 2015, a large number of Research and Development (R&D) programs has been taken up for the developing precise drugs, targeted therapeutics, and laboratory tests which required Pharmacogenomics analysis. At present, government initiatives are focused towards launching a large number of PGx test & drugs, controlling the increasing level of genetic disorders, and integrating advanced technologies to fulfill the unmet needs of the patients. Most of the developments taking place in the present scenario are mainly related to oncology & cardiovascular diseases, but it is anticipated that it may target almost all therapeutic areas affected by genetic mutations.

By BIS Research, the global PGx market is expected to grow over $14.85 billion by 2022.

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The market growth is propelled due to factors such as: rising usage in drug discovery processes, increasing demand for pharmacogenomics & precise drugs, technological innovation and advancement, increasing genetic disorder/abnormalities, and government support and regulations.

This study includes an overview and analysis of the PGx market, by type of ecosystem players ,type of therapeutics application, technology type, and geographical regions; allowing the researcher to develop a comprehensive outlook of the market. The PGx market report presents a detailed analysis of the key market dynamics and provides an extensive insight into various forms of developments, trends and key participants. All of the above mentioned report coverage parameters are discussed across different regions like North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).

While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section of the prominent consortiums, compliances, and regulatory bodies, and their involvement in the PGx market. The research incorporates Porter’s Five Forces Model for in-depth analysis of the PGx market and an assessment of the factors governing it.

The answers to the following key questions can be found in the report:

·         What are the major market drivers, challenges and opportunities of the PGx market and their use cases?

·         What are the key trends and developments in the PGx market for genetic disease management?

·         What are the key developmental strategies in different therapeutics across all regions?

·         What are different types of PGx drugs and tests which are available in the market?

·         How will the key market players leverage on key developments such as Mergers and Acquisitions, Partnerships, and Product Launch among others?

·         Which geographical region will lead the global PGx market by the end of the forecast period?

·         Which different technologies are used to develop PGx solutions?

·         Who are the key players in the PGx market?

·         What are the government regulations for different PGx solutions?

·         What are different types of therapeutics in PGx market and which type of PGx product used in their treatment?

·         What is the different used case scenarios considered under different therapeutic applications?

·         What are the PGx market trends and key developments in different geographical regions?

The research deals with various aspects of the PGx market such as factors driving the market, its threats that can possibly slow down the market growth and the current growth opportunities that are going to shape the market expansion of PGx solutions. The research incorporates Porter’s Five Forces Model for in-depth analysis of the PGx market and an assessment of the factors governing it. The report builds itself upon a comprehensive value chain giving a clear understanding of ecosystem of PGx market penetration.

Towards the end of the report, the readers will have a clear understanding of the market dynamics, major drivers and the underlying threats and challenges that the global PGx market is subjected to, including the estimation of the industry’s growth in terms of production and revenue. The report includes the profiles of major players in the PGx market, like, Abbott Laboratories, Affymetrix INC., Myriad Genetics, Pfizer INC. allowing the readers to gain an insight into the various industry trends.

Source: BIS Research