The Pharmacogenomics market is estimated to be valued at US$ 33079.39 Mn 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 response to drugs. It analyzes how genetic factors influence drug metabolism and response. Through pharmacogenomic testing, physicians can determine which medications and doses may work best for a patient depending on their genetic makeup. This allows for a safer, more effective personalized prescription of drugs for patients.
Market Dynamics:
Growing adoption of personalized medicine is expected to drive the growth of the pharmacogenomics market. According to the National Cancer Institute, personalized medicine considers individual differences in people’s genes, environments, and lifestyles to prevent, diagnose, and treat disease. It helps clinicians determine which medical treatments will work best for each patient. Pharmacogenomics plays a major role in enabling the practice of personalized medicine by using people’s genetic makeup to guide decisions about which medications to prescribe, as well as proper dosing.
Furthermore, the increasing demand for pharmacogenomic-based diagnostics and testing kits is also anticipated to fuel the market growth. Pharmacogenomics-based diagnostics help streamline drug development and optimize drug efficacy and safety for individual patients. Growing awareness about the importance of genetic testing prior to drug treatment is increasing demand for pharmacogenomic testing kits, thereby boosting the overall market.
SWOT Analysis
Strength: Pharmacogenomics aims to provide personalized medicines tailored to the individual patient’s genetics. This may potentially improve treatment outcomes and reduce adverse drug reactions. It also allows doctors to identify which medicines will work best based on a person’s genetic profile.
Weakness: Pharmacogenomics testing is still not widely available and affordable. The implementation of pharmacogenomics into clinical practice also faces barriers such as the lack of clinical guidelines and physician education. Interpretation of genetic variants can also be complicated.
Opportunity: As the cost of genomic sequencing continues to fall, pharmacogenomics testing is expected to become more accessible. This represents an opportunity for drug developers to develop personalized medicines targeted at genetically defined patient subgroups. There is also potential for Pharmacogenomics to be applied to new therapeutic areas like oncology.
Threats: Ethical and legal issues surrounding the use of genetic data needs to be addressed to gain public trust. There are also concerns that genetic testing may possibly lead to stigma and discrimination from insurance companies. Regulatory and reimbursement policies need to clearly define the clinical utility and guidelines for use of Pharmacogenomics.
Key Takeaways
Global Pharmacogenomics Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing focus on developing personalized medicines. Growth in the market is supported by reduced costs of genomic sequencing and rising investments in Pharmacogenomics research by pharmaceutical companies.
Regional analysis
North America dominates the global Pharmacogenomics market, owing to the presence of major market players and availability of advanced healthcare facilities that allow early adoption of Pharmacogenomics in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising healthcare expenditures, increasing awareness about personalized medicines, and growing geriatric population.
Key players
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it