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 an individual's genetic inheritance
affects the body's response to drugs. It involves the analysis of a patient's
DNA and RNA characteristics to optimize drug therapies, doses, and reduce
adverse drug reactions. Pharmacogenomics helps physicians determine which
medication options and dosages are most appropriate for a given individual.
This enables personalized or precision medicine, which considers one's genetic
makeup to guide treatment.
Market Dynamics:
The growth of the Pharmacogenomics Market is driven by two primary factors.
Firstly, the rising demand for personalized medicine has boosted research
related to pharmacogenomics. Traditional "one-size-fits-all"
treatment approach has limitations and pharmacogenomics helps develop
preventive and predictive interventions. Secondly, government investments in
pharmacogenomics research and testing is driving growth. For instance, the US
FDA has issued guidance for drug manufacturers to voluntarily submit pharmacogenomic
data for new drugs. This will help identify genetic reasons for differential
drug responses and toxicities in patients. Efforts are also ongoing to
incorporate pharmacogenomic testing and knowledge into clinical practice to
optimize therapeutic outcomes. With advancements in sequencing technologies and
reduced costs, pharmacogenomics is expected to transform healthcare in the
coming decade.
Segment
Analysis
The global pharmacogenomics market is dominated
by the solid tumors sub-segment. Pharmacogenomics aims to understand how
genetic makeup influences individual responses to drugs, offering insights into
optimal dosing as well as screening for adverse effects or lack of response. It
helps personalize treatment based on a patient's genetic profile. The solid
tumors sub-segment dominates as most cancers occur in solid tissues like breast
and lung, and understanding genetic factors is crucial for effective treatment
decisions in oncology.
PEST Analysis
Political: Governments worldwide are increasingly supporting precision medicine
and pharmacogenomics research through funding to encourage development of
safer, effective drugs. Economic: The rising healthcare spending to treat
diseases like cancer is driving the market as pharmacogenomics helps optimize treatment
costs through right dosage and avoiding adverse reactions. Social: Growing
awareness about personalized medicines is influencing individuals to undergo
pharmacogenomic tests to understand genetic predispositions for better
prognosis. Technological: Advancements in genomics, next-gen sequencing and
bioinformatics are improving testing capabilities and supporting discovery of
new genetic markers.
Key Takeaways
Global
Pharmacogenomics Market Size was valued at USD 33079.39 Mn in 2023 and
is expected to reach USD 68512.34 Mn by 2030, expanding at a CAGR of 11% over the forecast period.
The market is witnessing high growth due to the increasing prevalence of cancer
worldwide. Regionally, North America dominated the market in 2023 owing to
rapid adoption of advanced testing technologies and availability of funding for
research activities in the US and Canada.
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.
Comments
Post a Comment