Pharmacogenomics Market is Anticipated to Witness High Growth Owing to Increasing Personalized Medication
Pharmacogenomics refers to the systematic study of how an individual’s genetic makeup affects their body’s response to medications. It seeks to discover genetic causes for variations in medication pharmacological effects, aiming to develop rational means to optimize drug therapy, with respect to the patients' genetics, to ensure maximum efficacy with minimum adverse effects. The rising prevalence of various chronic diseases along with increasing demand for personalized medication are expected to drive the growth of global pharmacogenomics market. The rapid development and adoption of precision medicine has enabled healthcare professionals to make informed decisions about prevention and treatment of various diseases based on the genetic profile of each patient. This approach aims to provide "right drug, right dose, right time" for the individual.
The Global Pharmacogenomics Market is estimated to be valued at US$ 1.9 Mn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2030.
Pharmacogenomics testing helps identify genetic markers associated with drug absorption, distribution, metabolism, and elimination which guides doctors in determining the safest and most effective medication for each patient. The technology offers benefits such as reduced adverse drug reactions, appropriate dosing based on genetic information, treatment efficacy and efficiency.
Key Takeaways
Key players operating in the Pharmacogenomics 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 players are focused on developing novel pharmacogenomics-based precision therapeutics and increasing their presence across various regions through partnerships and collaborations.
The rising prevalence of cancer, cardiovascular diseases and other chronic disorders present significant growth opportunities for Pharmacogenomic Market Size players. Personalized medicine diagnostics is a lucrative avenue expected to grow extensively with increasing adoption of PGx testing to optimize treatment outcomes.
North America dominated the global market in 2021 led by advanced healthcare infrastructure and high patient awareness levels in the US and Canada. However, Asia Pacific is anticipated to exhibit fastest growth over the forecast period supported by improving healthcare facilities, rising per capita incomes and focus of key players towards regional expansion plans in India, China and Japan.
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