The key factors that are driving growth of the market are increasing demand for third generation sequencing along with growing funding for pharmacogenomic research activities. However, the dearth of skilled professionals is expected to restrict the market growth during the forecast period.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,148.36 Million |
| Market Size by 2028 | US$ 2,679.64 Million |
| CAGR (2021 - 2028) | 11.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Pharmacogenomics Market is valued at US$ 1,148.36 Million in 2021, it is projected to reach US$ 2,679.64 Million by 2028.
As per our report Asia Pacific Pharmacogenomics Market, the market size is valued at US$ 1,148.36 Million in 2021, projecting it to reach US$ 2,679.64 Million by 2028. This translates to a CAGR of approximately 11.2% during the forecast period.
The Asia Pacific Pharmacogenomics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Pharmacogenomics Market report:
The Asia Pacific Pharmacogenomics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Pharmacogenomics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Pharmacogenomics Market value chain can benefit from the information contained in a comprehensive market report.
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