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Pharmacogenomics Market is Dominated by North America
The size of the pharmacogenomics market was approximately $5,527.2 million in the year 2021, and it will advance at a 7.4% growth rate in the years to come.
By: P&S Intelligence
The industry growth is because of the growing incidence of infectious diseases and various cancers, increasing acceptance of personalized medicine, a shift from reaction to prevention globally, increasing rate of opposing drug reactions, and growing use of pharmacogenomics in medicine discovery and development.
Genotyping services had the largest share , of about 45%. This has a lot to do with the recommendations of health providers globally obtaining individual genomic profiles, for catering to the continuously developing healthcare requirements.
The PCR technology accounted for above 45% share. This has a lot to do with the fact that PCR makes use of a small sample for analysis, for detecting microbial agents, and the procedure takes approximately 4–8 hours, which is about three times faster than further methods.
Moreover, multiplex PCR is a kind of PCR that might amplify numerous DNA sequences in a single reaction. It has been routinely used for identification of a number of antibiotic genes.
Moreover, PCR has established higher sensitivity and positivity rates than culture and stains for bacteria and fungi.
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The acceptance of sequencing will grow the fastest with a rate of approximately, 8% by the end of this decade. This will chiefly be because of the growing emphasis on sequencing analysis for diverse genomic patterns.
North America pharmacogenomics market was the leader, and it will continue to grow at a rate of over 7%, in the years to come. The surge in the acceptance of pharmacogenomic practices is powered by the initiatives taken by the government for including targeted medicine methods in the healthcare system.
Furthermore, the U.S. FDA and the CLIA have led the development of effective and apt guidelines and policies for propelling the acceptance of pharmacogenomic tests by users.
Because of the increasing cases of infectious diseases around the world, the demand for pharmacogenomics will continue to grow by the end of this decade.