The global Pharmacogenomics Market is estimated to be valued at US$ 33079.39 Mn in 2023 and is expected to exhibit a CAGR of 11.1% 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’s response to drugs. It helps determine which medical treatments will work best depending on a person’s genetic code. This allows doctors to provide customized treatments based on each patient’s DNA.
Market key trends:
One of the major trend in the Pharmacogenomics market is the rising implementation of pharmacogenomics in the drug development process. Inclusion of pharmacogenomics can accelerate drug approvals, reduce expensive late stage clinical trial failures, improve drug safety and efficacy. For example, Thermo Fisher Scientific provides pharmacogenomic solutions to support clinical trials and precision medicine programmes which helps pharmaceutical and biotechnology companies to develop safer and more effective medicines. Another key trend is the increasing application of pharmacogenomics in cancer treatment. Based on an individual’s genetic information, doctors are able to select the most effective anti-cancer drug and dosages for that patient to maximize the response and reduce side effects.
SWOT Analysis
Strength: Pharmacogenomics helps in personalized drug treatment by analyzing genetic biomarkers. This reduces drug toxicity risks and improves treatment efficacy.
Weakness: High infrastructure and technology costs are required to implement pharmacogenomics in clinical practices. Lack of clinical guidelines and regulatory policies also hinders widespread adoption.
Opportunity: Increasing R&D in pharmacogenomics for chronic diseases like cancer provides new opportunities. Growing geriatric population susceptible to chronic diseases fuels market growth.
Threats: Privacy and security concerns related to genetic data can hamper market prospects. Lack of skilled professionals limits pharmacogenomics applications.
Key Takeaways
The Global Pharmacogenomics Market Size is expected to witness high growth, exhibiting a CAGR of 11.1% over the forecast period, due to increasing prevalence of chronic diseases.
Market size:
The global Pharmacogenomics market size for 2023 is US$ 33079.39 Mn. Rapid advances in genomics and widespread adoption of personalized medicine are driving double digit market growth.
Regional analysis:
North America dominates the global Pharmacogenomics market and is estimated to continue its dominance during the forecast period. This is attributed to favorable regulatory environment, rising healthcare expenditure, and growing collaborations between research institutes and pharmaceutical companies in the US and Canada. Asia Pacific is expected to exhibit the fastest growth rate owing to rising healthcare standards, growing geriatric population, and increasing investments in healthcare research.
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. Major players are focusing on new product launches, collaborations, and geographic expansions to strengthen their market presence.
