Pharmacogenomics is the study of inherited variations in human genes that affect an individual’s reaction to a particular drug. It co-integrates genetic science with pharmaceutical science. Hence, it is the science of individualizing a drug based on an individual’s genetic makeup. Pharmacogenomics is also linked to personalized medicine, as environmental conditions, genetic variations, and changing lifestyle greatly influence the type and severity of diseases as well as therapeutic responses that vary from person to person. In pharmacogenomics, various genetic tests are performed to determine or assist in targeted drug therapies as well as treatment procedures to be adopted to minimize side effects and improve results. The genetic tests performed in pharmacogenomics also help to determine an individual’s susceptibility to certain diseases. Presently, pharmacogenomics is being considered to bring a new change in medicine and health care as it promises to offer better, safer, and affordable health care.
Major factors driving the market are increasing prevalence of several infectious and non-infectious diseases, rising usage in drug discovery processes, increasing demand for personalized drugs, and growing awareness about benefits associated with pharmacogenomics. Diseases require effective treatment therapeutics, which must be more reliable and safe at the same time. Pharmacogenomics can help achieve both. Hence, increasing awareness about its benefits is likely to drive demand across regions. Application of pharmacogenomics would greatly help physicians in the treatment of a particular segment of population by studying their responses to specific drugs. Moreover, the knowledge of effectiveness of a drug in a patient would make a drug more reliable, and limit the number of drugs to be withdrawn from the market due to different adverse reactions in few patients to whom they were administered. Several pharmacogenomics tests have been developed and some are under development. This represents tangible deliverables of the numerous genomic studies to correlate genetic variation with variable drug response. Certain drugs such as warfarin, thiopurines, clopidogrel, irinotecan, abacavir, carbamazepine, and phenytoin are used for pharmacogenomics tests. These tests are performed for diseases such as excessive clotting disorder, autoimmune/childhood leukemia, cardiovascular, cancer, HIV, epilepsy, and psychiatric and related diseases. Pharmacogenomics is also facing challenges such as predicting the association between a genetic marker and a phenotypic drug response, where other variables are also playing their role in drug response. However, recent technological advancements will overcome the challenges in future.
North America holds the leading position in the pharmacogenomics market, followed by Europe. Growth of the market in these regions is attributed to increasing usage of pharmacogenomics in the development of more potent as well as personalized medicines, which have significant demand in these regions. High awareness among physicians and drug developers about the benefits, such as increased reliability and reduced side effects, is likely to boost the growth of the market in these regions. Asia Pacific is the most lucrative market. Key factor responsible for the rapid growth of this market in the region is increasing demand for better, safer, and cost effective therapeutics for several infectious and non-infectious diseases prevalent in this region. Other factors include increasing health care awareness, improving health care investments, rising number of R&D centers, and demand for personalized drugs.
Major players operating in the pharmacogenomics market are Affymetrix, Inc., AstraZeneca plc, Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Bayer AG, Merck & Co., Inc., GlaxoSmithKline plc, Johnson & Johnson, Merck KGaA, Myriad Genetics, Inc., and Pathway Genomics Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.