The rising prevalence of chronic diseases all over the world is boosting the global pyrosequencing market, says Fortune Business Insights in their new study. The study is titled, “Pyrosequencing Market Size, Share and Global Trend By Application (Diagnostics, Drug discovery, Biomarker discovery, Personalized medicine, Agriculture and animal research), End-User (Research centers & academic/government institutes, Hospitals, Clinics, Pharmaceutical & biotechnology companies) and Geography Forecast till 2026.”
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According to the study, the increase in investments made on personalized medicine has helped the personalized medicine sub-segment to dominate the global market, with respect to application segment. This is likely to remain the same during the forecast period as well.
Increasing Number of Chronic Diseases among Geriatric Population to Boost Market
The rising number of geriatric population is among a major driver for the growth of the pyrosequencing market. This is because aged people are more vulnerable towards their health and are prone to fall prey to chronic diseases of the heart, kidney, or acquire diabetes, cancer, and others. The rise in prevalence of chronic diseases is among the major drivers for the market for pyrosequencing.
Additionally, with the advancement in medical technology and up gradation of healthcare equipment, the market is anticipated to witness robust speed in growth. Both the government and private sectors of the healthcare and medical industry are increasing their investments in pyrosequencing market in order to develop a better cure. Such initiatives are likely to bode well for the global market in the long run.
On the flipside, the high cost of equipment and high cost associated with the maintenance of such equipment may hinder the market in the future. Again, unfavorable reimbursement policies by the government in some under developed or developing regions may restrict the market from growing further during the forecast period.
Some of the Main Key Players Covered in the Report
- Eurofins Genomics
- Macrogen Inc.
- Source BioScience
- Biotage AB, Sweden
- EpigenDx, Inc
- Macrogen, Inc.
- SEQOMICS Ltd.
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The Asia Pacific to Witness Fastest Growth with Increasing Demand for Personalized Medicines
Fortune Business Insights foresees the global pyrosequencing market to be dominated by North America. This is owing to the higher adoption of advanced diagnostic and analytical tool, combined with rising awareness about personalized medicines among the patient population. Personalized medicines are gaining popularity due to the increasing incidences of a new type of cancer every year, in developed nations such as the U.S.
The American Society of Cancer states an estimate of 1.6 million new cancer cases in the year 2017 in America, followed by Europe. However, the market in the Asia Pacific is anticipated to show faster growth rates on account of riding disposable incomes and the willingness of people to spend more on healthcare and medical expenses. Again, the increasing number of geriatric population and their susceptibility towards acquiring various chronic diseases is also expected to boost the market in the region during the forecast period.
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