Precision Medicine Is The Fastest Growing Segment Fueling The Growth Of Pharmacogenomics Market

 

Pharmacogenomics Market

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 refers to the use of genome analysis to determine individual patient's genetic predispositions to specific drugs and drug doses. It helps optimize drug therapies for patients based on their DNA. This avoids adverse effects and improves treatment effectiveness.

 

Market key trends:

One of the key trends in the pharmacogenomics market is the increasing adoption of precision medicine approaches. Precision medicine is a medical model using genetic, biomarker, lifestyle and environmental information to classify individuals into specific diseases and treatment protocols. In pharmacogenomics, precision medicine helps doctors to select specific drugs and doses based on a person's genes. For instance, patients who are CYP2C19 poor metabolizers may experience adverse drug reactions when prescribed clopidogrel. Precision pharmacogenomics enables optimization of treatment regimen based on individual patient's genetic profile. This significantly improves treatment outcomes and safety.

Segment Analysis

The pharmacogenomics market is segmented by technology into microarray, polymerase chain reaction (PCR), sequencing, and mass spectrometry. Among these, the sequencing segment holds the largest market share as it helps in whole-genome sequencing and has become a widely adopted technique. Moreover, next generation sequencing has enabled high-throughput analysis of genomic data, making it an advanced and dominant technology in the pharmacogenomics market.

 

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 adoption of personalized medicine and companion diagnostics.

 

Regional analysis

North America presently dominates the global pharmacogenomics market and is predicted to continue its dominance over the forecast period. This is attributed to the increasing adoption of personalized medicine, growing awareness regarding pharmacogenomics, and rising government funding for research in the US and Canada. Asia Pacific is expected to grow at the fastest rate due to rising healthcare expenditure, increasing research & development investments, and emergence of several local players in the region.

 

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. Companies are focusing on new product launches and enhancements, investments in R&D, and geographical expansions to strengthen their position in the market. For instance, in April 2022, Dynamic DNA Laboratories launched a pharmacogenomics sequencing service to enable precision medication decisions.

Get More Insights Here

https://www.newsstatix.com/pharmacogenomics-market-size-share-growth-outlook-2023/

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