Report : Europe 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 “Europe Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Technology, Application, End User and Country.” The Europe pharmacogenomics market is expected to reach US$ 3,874.31 million by 2028 from US$ 1,962.48 million in 2021. It is estimated to grow at a CAGR of 10.2% from 2021 to 2028. The report highlights trends prevailing in the Europe pharmacogenomics market and the factors driving market along with those that act as hindrances.
The key factors driving the growth of this market are the increasing prevalence of chronic diseases, the surge in demand for precision medicines, and the rise in funding for pharmacogenomic research activities. However, the shortage of skilled professionals is expected to restrict the market growth during the forecast period.
Genomic sequencing is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients are expected to be generated within the healthcare system. Pharmacogenomics is rapidly transitioning into clinical practice, and implementation into healthcare systems supported by government investment is 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.
The UK has announced the world’s largest genome project as a part of the EURO200 million public-private collaboration between charities and pharma. The country has already developed the largest genome database in the world through the 100,000 genome projects led by Innovate UK as a part of the UK Research and Innovation. It will fund researchers and industries to combine data and real-world evidence from the UK healthcare services and create new products and services that diagnose diseases more efficiently.
In November 2018, Stilla Technologies announced it had completed an US$ 18.3 million (EUR 16 million) Series A financing round led by Illumina Ventures. The company plans to use the funds to commercialize its Naica digital PCR system and develop clinical applications.
The continuous funding by manufacturers and governments in the genomics field is driving the Europe pharmacogenomics market.
The Europe pharmacogenomics market, based on technology is segmented into sequencing, PCR, gel electrophoresis, mass spectrometry, microarray, and others. The Europe pharmacogenomics market, based on application is segmented into drug discovery, oncology, neurology & psychiatry, pain management, cardiovascular disease and others. The Europe pharmacogenomics market, based on end user is segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others. Geographically, the Europe pharmacogenomics market is sub-segmented into Germany, UK, France, Italy, Spain and Rest of Europe.
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 Europe pharmacogenomics market.
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