Pharmacogenomics Market is Estimated to Witness High Growth Owing to Increasing Personalized Medicines
Pharmacogenomics involves studying how genes affect individual's response to drugs. It enables doctors to select appropriate medications and dosage for patients based on their genetic makeup. Pharmacogenomic testing helps determine genetic variations that influence drug metabolism and response in each patient. This allows doctors to optimize drug therapy to maximize effectiveness and minimize adverse effects. For instance, genetic testing helps determine which cancer drug and dosage would work best for a patient's specific type and stage of cancer. The global pharmacogenomics market is estimated to be valued at US$ 33079.39 Mn or Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling the growth of the pharmacogenomics market is the increasing adoption of personalized medicines. Pharmacogenomics plays a key role in advancing personalized medicine by considering individual variability in genes for selecting optimal treatments. It enables practitioners to tailor prescription drugs, dosages, and treatment plans based on patients' genetic makeup. This minimizes toxicity and adverse reactions while improving therapeutic efficacy. According to the report by Personalized Medicine Coalition, personalized medicines approved by FDA have grown from 10 in 2011 to over 60 in 2021.
The increasing focus on precision medicine is propelling the growth of pharmacogenomics market. Precision medicine involves treatment of diseases based on the patient's individual biological and genetic characteristics. Pharmacogenomics enables precision medicine by incorporating patients' genetic information in selection of therapies. It enhances treatment outcomes by optimizing medication selection and dosage based on individual's genetic predisposition and metabolism of drugs. This prevents unnecessary drug dosage adjustment trials and provides targeted treatment plans.
SWOT Analysis
Strength: Pharmacogenomics allows personalized medicine by considering individual genetic makeup which results in improved outcomes and reduced adverse drug reactions. It helps in targeted drug development by identifying genetic markers for specific diseases. Rapid advancement in genetic testing and analysis techniques has enhanced the application of pharmacogenomics.
Weakness: High costs associated with genetic testing limits widespread adoption of pharmacogenomic approaches. Ethical concerns over genetic data privacy and potential for discrimination based on genetic profile poses regulatory challenges. Limited clinical evidence and expertise restricts insights from pharmacogenomic research into clinical practice.
Opportunity: Growth in emphasis on precision medicine by pharmaceutical industry and regulatory bodies is driving investments in pharmacogenomics research. Increasing volumes of genetic data and development of artificial intelligence capabilities will accelerate the discovery of genetic biomarkers. Emerging markets like Asia-Pacific and Latin America offer growth opportunities due to rising healthcare investments.
Threats: Stringent regulations for genetic data usage delays new test approvals and market access. Limited reimbursements for pharmacogenomic tests hampers their adoption in developing nations. Intense competition from alternative diagnostic approaches threatens market share of pharmacogenomic tests. Technical issues in genetic analysis and data interpretation pose reliability threats.
Key Takeaways
The global Pharmacogenomics Market Growth is expected to witness high growth driven by increasing focus on precision medicine. North America currently dominates the market due to favourable regulatory guidelines and availability of advanced healthcare facilities. However, Asia-Pacific region is poised to grow at the fastest pace during the forecast period supported by rising medical expenditures in China and India.
Regional analysis comprises: The North America region currently has the largest share in the global pharmacogenomics market mainly due to supportive initiatives by the US government focusing on precision medicine. However, stringent regulations delay approvals of new genetic tests. Asia Pacific region offers high growth opportunities with China and India emerging as major markets propelled by economic development and increasing healthcare access.
Key players related content comprises: Key players operating in the pharmacogenomics market are Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV. These companies are focusing on launching new tests and expanding geographical presence especially in Asia-Pacific region to leverage growth opportunities.
For more insights, read- https://www.pressreleasebulletin.com/pharmacogenomics-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.shayaricenter.com/artificial-kidney-a-solution-to-end-stage-kidney-disease
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