Report : Asia Pacific Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (PCR, Sequencing, Microarray, Gel Electrophoresis, Mass Spectrometry, and Others), Application (Drug Discovery, Oncology, Neurology and Psychiatry, Pain Management, Cardiovascular Diseases, and Others), and End User (Hospitals and Clinics, Biopharmaceutical Companies, CROs and CDMOs, and Others)
The drug discovery segment by application is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Technology, Application, End User and Country.” The Asia Pacific pharmacogenomics market is expected to reach US$ 2,679.64 million by 2028 from US$ 1,148.36 million in 2021. It is estimated to grow at a CAGR of 11.2% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific pharmacogenomics market and the factors driving market along with those that act as hindrances.
The development of newer and better DNA sequencing technologies has led to over a thousand-fold decrease in the cost of sequencing genomes since the launch of the Human Genome Project. The third generation of sequencing underwent development after the next-generation sequencing reached the market. Genomic sequencing technologies have revolutionized mutation detection of genetic diseases in the past few years. The third-generation sequencing (TGS) has gained insight into more genetic disorders due to the single molecular and real-time sequencing technology.
Pacific Biosciences developed new technologies called Single-Molecule Sequencing in Real-Time (SMRT). SMRT is quite efficient and uses fewer expensive chemicals. Its high sensitivity enables scientists to effectively observe DNA polymerase and watch it make a strand of DNA.
A rise in the demand for third-generation sequencing (TGS) technologies is attributed to the lucrative growth rate of the radiation dose management segment. With the emergence of TGS, genome sequencing has become a faster and more reliable method to study genomic variations. SMRT technology has allowed scientists to initiate re-sequencing of the sequenced genome to obtain higher accuracy. Escherichia coli is sequenced to an accuracy of 99.99% by using the SMRT technique.
Third-generation long-range DNA sequencing and mapping technologies are resulting in high-quality genome sequencing. Unlike second-generation sequencing, which produces short reads over a few hundred base pairs, third-generation single-molecule technologies generate over 10,000 bp reads or map over 100,000 bp molecules.
Pharmacogenomics is rapidly transitioning into clinical practice and implementation in healthcare systems supported by government investment totaling over US$ 4 billion in at least 14 countries. These national genomic-medicine initiatives drive transformative change under real-life conditions while simultaneously addressing barriers against implementation and gathering evidence for broader adoption.
In April 2020, MedGenome—a Bengaluru-based genetic diagnostics, research, and data company—announced it had raised US$ 55 million (about INR 419 crore) in a new round of funding led by LeapFrog Investments, a global impact investment firm. Also, MedGenome claims to have built the largest database of South Asian genetic variants in genetic diagnostics in India and research partnerships. It has completed over 200,000 genomic tests to date and obtained samples from more than 550 hospitals and 6,000 clinicians across India. Thus, the continuous funding by manufacturers and governments in the genomics field is driving the pharmacogenomics market.
The Asia Pacific pharmacogenomics market, based on technology is segmented into sequencing, PCR, gel electrophoresis, mass spectrometry, microarray, and others. The Asia Pacific pharmacogenomics market, based on application is segmented into drug discovery, oncology, neurology & psychiatry, pain management, cardiovascular disease and others. The Asia Pacific pharmacogenomics market, based on end user is segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others. Geographically, the Asia Pacific pharmacogenomics market is sub-segmented into Australia, China, India, Japan, South Korea and Rest of APAC.
Abbott, F. HOFFMANN-LA ROCHE LTD., Oxford Nanopore Technologies, THERMO FISHER SCIENTIFIC INC., Illumina, Inc., QIAGEN, Agilent Technologies, Inc., and Myriad Genetics, Inc. are among the leading companies operating in the Asia Pacific pharmacogenomics market.
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