Global Pharmacogenomics Market Is Estimated To Witness High Growth Owing To Rising R&D Activities And Growing Incidence Of Cancer

 

Pharmacogenomics Market

Overview:

Pharmacogenomics is part of the larger effort to tailor medical treatment to individual patients, called precision medicine. The field of pharmacogenomics may be able to help doctors choose and dose medications that are more likely to work well for each patient. This would reduce the number of adverse drug reactions, improve health outcomes, and lower costs. The information derived from pharmacogenetics can also be useful in developing new drugs and in repurposing existing medications for different conditions. However, many tests are still being developed and need to be proven effective in clinical trials before they can be used in patient care. As these technologies are adopted, their use will have a major impact on the way doctors prescribe medications.

Market Dynamics:

Rising product launches are estimated to augment growth of the global Pharmacogenomics Market during the forecast period. For instance, a genetic testing and precision medicine GeneSight® test and a USA-based pharmacy benefits management (PBM) company, launched GeneSight® test, in May 2021. This pharmacogenomics testing will be done for patients suffering from anxiety or depression. Moreover, growing demand for precision medicine is anticipated to restrain growth of the global pharmacogenomics market during the forecast period.

Impact of COVID-19:

The pandemic had a significant impact on the healthcare sector globally. This outbreak led to imposition of strict lockdowns in many regions. COVID-19 had a demeaning effect on the growth of the global Pharmacogenomics Market. As majority of healthcare resources were being utilized for meeting the demands of COVID-19 patients. This had a negative impact on other treatments that were going on. Thus, the growth of the global pharmacogenomics market was hindered during the pandemic. However, in the post-pandemic era, several restriction have been relaxed and new growth opportunities have emerged. So, the market is estimated to witness robust growth.

Key Takeaways:

The global Pharmacogenomics Market is expected to witness robust growth, exhibiting CAGR of 11.1 % over the forecast period, due to rising acquisitions by key players. For instance a US-based company Castle Biosciences, Inc., acquired AltheaDx in April 2020, for an undisclosed amount. This acquisition is aiming to create a mental health franchise.

North America is anticipated to witness robust growth in the global pharmacogenomics market during the forecast period, due to rising presence of healthcare infrastructure and growing prevalence of chronic diseases.

Key players active in the global Pharmacogenomics Market are F. Hoffman-La Roche Ltd, Abbott Laboratories Inc, Thermo Fisher Scientific, Biomerieux SA​, Bio-Rad Laboratories Inc.​, Illumina Inc., Admera Health, Novartis AG, Becton, Dickinson and Company​, OneOme LLC, OPKO Health Inc., Dynamic DNA Laboratories, Empire Genomics LLC., Agilent Technologies, AltheaDx, Abbott Laboratories., and OPKO Health Inc.

Read the Press Release of Pharmacogenomics Market

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