Increasing global healthcare expenditure is propelling the growth of the pharmacogenomics market

 

Pharmacogenomics is a field in which biological processes are studied in order to analyze how various organisms respond to external stimuli such as the environment and also how they evolve and interact with one another. It also studies how different sets of genes influence responses to common diseases, and how these influences can be manipulated by altering the sets of coding for those genes or even by directly manipulating the organism's protein-making enzymes. A major goal of pharmacogenomics is to provide personalized medicine, where a single pharmacogenetic response is determined for any individual patient based on the sequencing of their genome.

The rise in the adoption of pharmacogenomics procedures across the healthcare industry coupled with the increase in the geriatric population is driving the growth of the pharmacogenomics market. Growing demand for personalized therapy is another key factor augmenting the growth of the pharmacogenomics market. According to the American Association for Clinical Chemistry, the most common conditions using personalized medicine today, respondents reported, were diabetes (45%), common cancers (38%), and neurological diseases (33%). The growing prevalence of various chronic diseases around the globe is also expected to foster the growth of the pharmacogenomics market. According to the U.S. Department of Health & Human Services, Chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. They are also leading drivers of the nation’s $3.8 trillion in annual health care costs.

North America is projected to gain significant growth over the forecast period and this is attributed to the presence of a well-established healthcare infrastructure coupled with the high burden of chronic disease such as cardiovascular disease in the region. According to the latest estimates, In the US alone, the healthcare market size will increase by $808 billion by 2021. The thriving health insurance industry and rising healthcare expenses are the key contributing factors.

Key Developments:

1.      In August 2020, Revel Health partnered with Coriell Life Sciences (CLS) to help members of Medicare Advantage plans understand how prescription drugs impact them based on their DNA, through a collaboration whose value was not disclosed. Coriell Life Sciences helps in delivering precision medicine through pharmacogenetics.

2.      In February 2020, FDA Releases Table of Gene-Drug Interactions amid Ongoing Clash over Pharmacogenetics Tests

3.      In November 2018, Diagnomics Partners with translational software to launch pharmacogenetic testing services in the United States – Partnership offers PGx solutions on the advanced genotyping array to enable precision medicine