, Dec. 3, 2019
/PRNewswire/ -- The scope of the global Pharmacogenomics Technology (Theranostics and Companion Diagnostics) Market
was appreciated by US$ 5.62 billion
in 2016 and it is likely to reach US$ 18.3 billion
during the forecast period. This could be attributed to growth in geriatric population, prevalence of chronic diseases like HIV, tuberculosis, and cancer, increase in awareness amongst the patients regarding personalized therapy, and adoption of pharmacogenomics by loads of healthcare professionals.
The pharmacogenomics technology market is also likely to get bolstered technological advancements related to molecular diagnostics. At the same time, there is a dearth on the part of highly skilled and trained healthcare professionals in conducting pharmacogenomics diagnostics tests. Besides, emerging economies need to think twice before affirming pharmacogenomics tests as initial as well as operating costs are high. Governments herein do struggle with funding on this count.
The pharmacogenomics theranostics market is segmented by application, technology, end-user, and geography. By application, the segmentation goes like cardiovascular disease, pain management, psychiatry, infectious diseases, oncology, and neurological disease. By technology, the pharmacogenomics technology industry spans sequencing, polymerase chain reaction, mass spectrometry, microarray, and electrophoresis. By end-user, the pharmacogenomics companion diagnostics (CDx) market states research organizations & academic institutes and hospitals and clinics. By geography, it comprises North America
, Asia Pacific
, LATAM, Europe
, and MEA.
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rules the roost; thanks to extensive investment in healthcare by the U.S. Europe
comes in second due to Belgium
being on the top pedestal with respect to healthcare. Asia Pacific
is expected to grow at the fastest pace owing to increase in awareness among the economies like India
regarding healthcare. LATAM will also catch up due to presence of Brazil
; followed by MEA. In fact, MEA would be more vigilant on this count; due to the figures released by WHO. It says that over 50% of the diseases mentioned above occur in sub-Saharan Africa.
The players contributing to the pharmacogenomics technology market include OPKO Health, Inc., Thermo Fisher Scientific, Inc., Teva Pharmaceutical Industries Ltd., Dynamic DNA Laboratories, Abbott Laboratories, F. Hoffmann-La Roche Ltd., One Ome LLC, Empire Genomics, LLC, and Illumina, Inc.
Browse 150 page research report with TOC on "Global Pharmacogenomics Technology Market" at: https://www.millioninsights.com/industry-reports/pharmacogenomics-technology-market
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