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The global pharmacogenomics market is estimated to be valued at US$ 14,028.01 million in 2023 and is expected to exhibit a CAGR of 11.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The pharmacogenomics market refers to the study of how an individual’s genetic makeup influences their reaction to drugs. It involves the analysis of an individual’s genetic profile to determine the most effective medication and dosage for personalized treatment. Pharmacogenomics can help reduce adverse drug reactions, increase treatment efficacy, and optimize drug therapy. This market has gained significant traction due to the growing importance of personalized medicine and the increasing focus on improving patient outcomes.
Market Key Trends:
One key trend in the Pharmacogenomics Market Size is the increasing adoption of companion diagnostics. Companion diagnostics are tests that help identify patients who are likely to benefit from a specific treatment by analyzing their genetic or molecular profile. These tests aid in the selection of the most appropriate medication and dosage for individual patients, resulting in improved treatment outcomes. The rising prevalence of chronic diseases and the need for targeted therapies are driving the demand for companion diagnostics in the pharmacogenomics market.
PEST Analysis:
Political: The political landscape plays a crucial role in shaping the pharmacogenomics market. Government regulations and policies regarding drug development, clinical trials, and genetic testing can significantly impact the growth of the market. For example, stringent regulations for drug approvals may delay the commercialization of pharmacogenomic products.
Economic: The economic factors influencing the pharmacogenomics market include healthcare expenditure, reimbursement policies, and the cost-effectiveness of genetic testing. Increasing healthcare spending and favorable reimbursement policies are expected to drive market growth. Additionally, advancements in technology and automation are likely to reduce the overall cost of genetic testing, making it more accessible.
Social: Social factors such as increasing awareness and acceptance of personalized medicine and the importance of precision healthcare are driving the adoption of pharmacogenomics. The recognition of the potential benefits of genetic testing, such as better treatment outcomes and reduced adverse drug reactions, is leading to increased patient demand.
Technological: Technological advancements in genomics, such as next-generation sequencing, have revolutionized the field of pharmacogenomics. These advancements have made genetic testing faster, more accurate, and cost-effective. The integration of genomics with other emerging technologies like artificial intelligence and big data analytics is expected to further enhance the potential of pharmacogenomics.
Key Takeaways:
The global pharmacogenomics market is expected to witness high growth, exhibiting a CAGR of 11.1% over the forecast period of 2023-2030. This growth can be attributed to several factors. Firstly, the increasing focus on personalized medicine and precision healthcare is driving the demand for pharmacogenomic testing. This approach aims to optimize drug selection and dosage based on an individual’s genetic makeup, leading to better treatment outcomes.
Regionally, North America is anticipated to be the fastest-growing and dominating region in the pharmacogenomics market. Factors such as the presence of advanced healthcare infrastructure, significant investments in research and development, and favorable government initiatives are driving the market growth in this region.
Key players operating in the pharmacogenomics market include 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. These companies are actively involved in research and development, collaborations, acquisitions, and product launches to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
