Report : South and Central America 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 “South and Central America Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Technology, Application, End User and Country.” The South and Central America pharmacogenomics market is expected to reach US$ 591.35 million by 2028 from US$ 294.80 million in 2021. It is estimated to grow at a CAGR of 10.5% from 2021 to 2028. The report highlights trends prevailing in the South and Central America pharmacogenomics market and the factors driving market along with those that act as hindrances.
Many older adults (>60%) suffer from two or more chronic conditions. Twin studies have established that genes cause chronic conditions, such as cardiovascular disease (CVDs), diabetes, obesity, RA, Alzheimer's disease (AD), and depression. Using molecular genetic data from genome-wide association studies (GWAS), it is now possible to measure individual-level risks for these chronic diseases.
CVDs, such as atherosclerosis, angina pectoris, and acute myocardial infarction, due to a hectic lifestyle result in high mortality rates. As per the data provided by the World Health Organization (WHO), CVDs are the leading cause of death, taking ~17.9 million lives each year. Diabetes is one of the life-threatening diseases with no functional cure. Diabetes of all types can lead to various complications in different parts of the body and increase the risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications associated with diabetes. The significant increase in diabetes cases leads to life-changing complications among people. According to the International Diabetes Federation (IDF), in 2017, 46 million diabetic patients were reported in North America, which is expected to reach 62 million by 2045.
The data also reported that ~425 million people had diabetes in 2017, which is expected to reach 629 million by 2045. The disease prevalence will account for a ~35% increase during the forecast period. According to the Alzheimer's Association, in 2020, 55 million people worldwide had Alzheimer's disease. As chronic diseases are increasing quickly, the research on genomics for treating life-threatening illnesses has progressed rapidly over the last five years, driving the market's growth.
The South and Central America pharmacogenomics market, based on technology is segmented into sequencing, PCR, gel electrophoresis, mass spectrometry, microarray, and others. The South and Central America pharmacogenomics market, based on application is segmented into drug discovery, oncology, neurology & psychiatry, pain management, cardiovascular disease and others. The South and Central America pharmacogenomics market, based on end user is segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others. Geographically, the South and Central America pharmacogenomics market is sub-segmented Brazil, Argentina and Rest of South and Central America.
Abbott, F. HOFFMANN-LA ROCHE LTD., Oxford Nanopore Technologies, THERMO FISHER SCIENTIFIC INC., Illumina, Inc., QIAGEN, and Agilent Technologies, Inc. are among the leading companies operating in the South and Central America pharmacogenomics market.
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