Pharmacogenomics Technology Theranostics and Companion Diagnostics Market

Pharmacogenomics Technology Theranostics and Companion Diagnostics Market by Therapeutic Areas (Oncology [Lung Cancer, Breast Cancer, Colorectal Cancer, Cervical Cancer, and Others], Neurological Disorders, Cardiovascular Disease, Immunological Disorders, and Others), Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, and Others), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: HC-962
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 198
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The global pharmacogenomics technology (theranostics and companion diagnostics) market size was valued at USD 5.82 billion in 2019 and expected to expand at a substantial CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the growing different initiatives from governments towards encouraging pharmacogenomics diagnostics. Moreover, gradual development of new pharmacogenomics tests in emerging economies are playing major roles for the market expansion.
Pharmacogenomics technology is widely adopted to innovate and modify drugs development so that these drugs can increase efficacy and safety for individual healthcare.
 

Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Key Takeaways


One of the key aspects for the implementation of the technology for the drugs development is to meet the needs of several drugs or medications from the population especially in developing regions. With the extensive study by researchers and scientists, several new diagnostics methods have been introduced that ensure high accuracy and effective in using various testing devices. Additionally, factors such as the rapid development of advanced technology, the capacity to answer local requirements, effective implementation with a reasonable time span and cost-effective, the ability to decrease knowledge gap, and the capacity for secondary aids are key factors pushing the market expansion.

Several pharmacogenomics studies are widely conducted by various players to increase the interaction and effects of drug development with respect to genes. The study aims to understand how the inherited genes influence the way medications and treatments work on every individual. In general, the genetic study is extensively held as key steps to address several treatment methods but some major side-effects after the use of genetic treatment drugs pose challenges to the overall market expansion. The COVID-19 pandemic has increased the importance of pharmacogenomics and several key pharmaceutical players have started focusing on the development of vaccine to curb the pandemic. Majority of researchers and scientists widely consider to use pharmacogenomic technology to learn about the coronavirus and develop vaccines, thereby increasing the market growth.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing cost in healthcare budgets combined with latest opportunities for modified treatments are projected to boost the global pharmacogenomics technology market growth during the forecast period.
  • Rapid growth of the pharmaceutical industry and rising demand for several diagnostics methods are major factors driving the market expansion in the coming years.
  • Strict governments’ regulations in the approval of pharmacogenomics technology and complex reimbursement process for combined diagnostic testing are estimated to hinder the market growth.
  • Lack of skilled labor present as a main challenge that can restrict the market expansion in the coming years.
  • R&D investment and technological advancement are expected to offer significant opportunities for the market players. The application of theranostic nanoparticles used in imaging and therapy has received lucrative attention in disease management. The usage of magnetic-based theranostic nanoparticles in the disease management because of the advantages related is also expected to fuel the revenue share of the market.

Scope of the Report

The report on the global pharmacogenomics technology (theranostics and companion diagnostics) market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Pharmacogenomics Technology Theranostics and Companion Diagnostics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Therapeutic Areas (Oncology [Lung Cancer, Breast Cancer, Colorectal Cancer, Cervical Cancer, and Others], Neurological Disorders, Cardiovascular Disease, Immunological Disorders, and Others), and Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast

Key Players Covered in the Report

Qiagen NV; GE Healthcare; Agilent Technologies Inc; F.Hoffmann-La Roche AG; Foundation Medicine; Thermo Fisher Scientific Inc; Leica Biosystems Nussloch GmBH; and Pfizer

 

Global Pharmacogenomics Technology Market Segment Insights

Oncology segment is projected to represent a large market share
Based on therapeutic areas, the global pharmacogenomics technology (theranostics and companion diagnostics) market is segmented into oncology, neurological disorders, cardiovascular disease, immunological disorders, and others. The oncology segment is further divided into lung cancer, breast cancer, colorectal cancer, cervical cancer, and others. The oncology segment is expected to constitute a major share of the market during the forecast period owing to the possession of innovative technology that makes precision treatment, care effective, and affordable. On the other hand, the immunological disorders segment is anticipated to grow at a rapid pace during the forecast period due to the rise in armamentarium therapies, which work on the basis of immunological diagnostics and treatments. These methods have been found in various medical applications including the treatment for tumors and cancer.

Sequencing segment is expected to grow at a significant pace
On the basis of technology, the market is divided into PCR, In-situ Hybridization, immunohistochemistry, sequencing, and others. The sequencing segment is expected to constitute a major share of the market during the forecast years owing to the increase in the volume of proof-of-concept diagnostics, studies and research particularly in next-generation sequence. There has been a rapid progress in the development of NGS technology, data analysis, and the platform solutions that help propel rapidly with respect to this technique for research settings. This research is then carried out for the development of innovation for sequencing techniques giving rise to the new next-generation sequencing, thereby propelling the segment growth.
 

Pharmacogenomics Technology Theranostics and Companion Diagnostics Market By Technology


North America is anticipated to dominate the market
On the basis of regions, the global pharmacogenomics technology (theranostics and companion diagnostics) market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. The market in North America is expected to expand at an impressive CAGR during the forecast period, 2021-2028. This regional market growth can be attributed to the acceleration of research and development activities in various fields such as integrated medicine. There is also active participation of government and regulatory bodies encouraging the development of the pharmaceutical industry, which is projected to boost the market growth during the forecast period.
 

Pharmacogenomics Technology Theranostics and Companion Diagnostics Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market - Supply Chain
  4.5. Global Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Forecast
     4.5.1. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Absolute $ Opportunity
5. Global Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Pharmacogenomics Technology Theranostics and Companion Diagnostics Demand Share Forecast, 2019-2026
6. North America Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Pharmacogenomics Technology Theranostics and Companion Diagnostics Demand Share Forecast, 2019-2026
7. Latin America Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Pharmacogenomics Technology Theranostics and Companion Diagnostics Demand Share Forecast, 2019-2026
8. Europe Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Pharmacogenomics Technology Theranostics and Companion Diagnostics Demand Share Forecast, 2019-2026
9. Asia Pacific Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Pharmacogenomics Technology Theranostics and Companion Diagnostics Demand Share Forecast, 2019-2026
10. Middle East & Africa Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Pharmacogenomics Technology Theranostics and Companion Diagnostics Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Pharmacogenomics Technology Theranostics and Companion Diagnostics Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Pharmacogenomics Technology Theranostics and Companion Diagnostics Market: Market Share Analysis
  11.2. Pharmacogenomics Technology Theranostics and Companion Diagnostics Distributors and Customers
  11.3. Pharmacogenomics Technology Theranostics and Companion Diagnostics Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Qiagen NV
     11.4.2. GE Healthcare
     11.4.3. Agilent Technologies Inc
     11.4.4. F.Hoffmann-La Roche AG
     11.4.5. Foundation Medicine
     11.4.6. Thermo Fisher Scientific Inc
     11.4.7. Leica Biosystems Nussloch GmBH
     11.4.8. Pfizer

Segments Covered in the Report
The global pharmacogenomics technology (theranostics and companion diagnostics) market size has been segmented in terms of

Therapeutic Areas

  • Oncology
    • Lung Cancer
    • Breast Cancer
    • Colorectal Cancer
    • Cervical Cancer
    • Others
  • Neurological Disorders
  • Cardiovascular Disease
  • Immunological Disorders
  • Others

Technology

  • PCR
  • In-situ Hybridization
  • Immunohistochemistry
  • Sequencing
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Qiagen NV
  • GE Healthcare
  • Agilent Technologies Inc
  • F.Hoffmann-La Roche AG
  • Foundation Medicine
  • Thermo Fisher Scientific Inc
  • Leica Biosystems Nussloch GmBH
  • Pfizer

Major players competing in the global pharmacogenomics technology (theranostics and companion diagnostics) market are Qiagen NV; GE Healthcare; Agilent Technologies Inc; F.Hoffmann-La Roche AG; Foundation Medicine; Thermo Fisher Scientific Inc; Leica Biosystems Nussloch GmBH; and Pfizer.

Some of these players are engaging in proactive optimization be it in business mix or that of portfolios. These organizations are also involved in the development of theranostics which can target multiple effective drugs towards people. They are also involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance, on 23 April 2021, F.Hoffmann-La Roche AG received the US Food and Drug Administration (FDA) approval for the very first companion diagnostics used for the identification of endometrial cancer patients.
 

Pharmacogenomics Technology Theranostics and Companion Diagnostics Market By Key Players

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