Genomics-Guided Precision Medicine Is The Largest Segment Driving...

Genomics-Guided Precision Medicine Is The Largest Segment Driving The Growth Of Pharmacogenomics Market

Posted 2023-11-13 08:30:21

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The global Pharmacogenomics Market is estimated to be valued at US$ 33079.39 Mn or Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Pharmacogenomics is the study of how genes affect individual responses to drugs. It analyzes how genetic factors influence drug efficacy and safety. Pharmacogenomics aims to develop safe, effective, and personalized drug prescriptions based on an individual's genetic profile.

Market key trends:
The rising scope of personalized medicine has emerged as one of the prominent trends in the pharmacogenomics market. Pharmacogenomics helps practitioners in determining appropriate drug type and dosage based on a person's genetic make-up. This reduces the chances of adverse drug events and enhances treatment efficacy. As per studies, genetic screening prior to administration of certain medications can reduce serious adverse drug reactions by over 50%. Growing awareness about the benefits of pharmacogenomics is driving many healthcare providers and payers to adopt this approach.

SWOT Analysis
Strengths: Growing technological advancements in genomics and sequencing technologies. Increasing focus on development of personalized medicine.
Weaknesses: High cost of genetic tests limits widespread adoption. Ethical and legal concerns relating to use of genetic data.
Opportunities: Untapped potential in developing economies. Growing R&D investment from pharmaceutical companies.
Threats: Stringent regulatory framework. Data privacy and security issues. Intense competition.

Key Takeaways
Global Pharmacogenomics Market Size was valued at US$ 33079.39 Mn in 2023 and is expected to reach US$ 67624.62 Mn by 2030, expanding at a CAGR of 11% during the forecast period. The increasing incidence of chronic diseases and growing awareness about personalized medicine among patients and clinicians is driving the market.

Regional analysis: North America dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to supportive regulatory environment, rising R&D investments, technology advancements and early adoption of pharmacogenomics in the region. Asia Pacific is expected to be the fastest growing market during the forecast period attributed to rising healthcare expenditure, increasing incidences of chronic illness and improving diagnostic infrastructure in emerging economies.

Key players: The key players operating in the pharmacogenomics market are Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx.

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