The Increasing Adoption Of Precision Medicine To Drive The Growth Of The Pharmacogenomics Market

Pooja salve

The Increasing Adoption Of Precision Medicine To Drive The Growth Of The 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. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pharmacogenomics is a technique that analyzes how genes affect an individual's response to drugs. It combines pharmacology with genomics to develop effective, safe medication and drug dosage tailored to an individual's genetic makeup. Pharmacogenomic testing can help predict drug safety and efficacy, thereby reducing adverse drug reactions and facilitating more effective therapeutic drug monitoring. It plays a vital role in improving drug development process, effectiveness and safety of medication for patients.

Market key trends:

One of the major trend in the pharmacogenomics market is increasing adoption of precision medicine. Precision medicine approach uses a person's genetic makeup, lifestyle and environment to prevent and treat diseases like cancer based on genomic and molecular profiling. It allows doctors and researchers to predict more accurately which treatment and prevention strategies will work best. Growing adoption of precision medicine is expected to drive the demand for pharmacogenomics testing as it helps healthcare professionals select appropriate medication and drug dosage based on a person's genetic information. Other key trends include increase in R&D funding for pharmacogenomics, growing awareness about its clinical benefits and integration with EHR systems.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to heavy capital requirements for R&D and need for scale economies in production and marketing.

Bargaining power of buyers: The bargaining power of buyers is high as the market has large number of pharmaceutical companies. Buyers can negotiate on price and quality due to availability of substitutes.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the market has large number of diagnostic laboratories and research institutes supplying inputs like genetic testing services, analytical tools etc.

Threat of new substitutes: The threat of new substitutes is high due to continuous innovation in personalized medicine and introduction of alternate diagnostic technologies.

Competitive rivalry: High due to presence of large number of global players offering varied pharmacogenomics products and services.

Key Takeaways

Global Pharmacogenomics Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period of 2023 to 2030, due to increasing prevalence of chronic diseases and rising demand for personalized medicines.

North America is expected to dominate the global pharmacogenomics market during the forecast period. High adoption of precision medicines, presence of advanced healthcare infrastructure, and initiatives by government and private players to promote genomic research. Asia Pacific is anticipated to exhibit fastest growth during the forecast period, owing to increasing healthcare expenditure, improving healthcare infrastructure and rising awareness regarding personalized medicine in emerging economies.

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.

Pooja salve

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

Sumedha 2023-12-13

The pharmacogenomics market is estimated to be valued at US$ 33079. Moreover, pharmacogenomic testing helps to identify genetic variations that can affect drug absorption, metabolism, effects and clearance from the body. The increasing investment by key players to develop pharmacogenomics-based tests and drugs is also fueling the market growth. However, stringent regulatory policies and reimbursement issues associated with pharmacogenomic tests limit the market growth. Regional analysis: North America dominates the global pharmacogenomics market currently, owing to favorable government initiatives and insurance coverage for genetic testing in the US and Canada.

Pharmacogenomics explores how the genome affects drug responses.

Shivani 2022-01-25

Pythagoras, circa 510 BC, was the first to recognise pharmacogenomics when he linked the hazards of fava bean consumption to hemolytic anaemia and oxidative stress. In the 1950s, this identification was confirmed and linked to a G6PD deficit, which was dubbed favism. Although the first official publication was in 1961, the unofficial origins of this science were in the 1950s. The inference of genetic involvement in drug metabolism was supported by twin studies in the late 1960s, with identical twins showing striking similarities in drug reaction when compared to fraternal twins. Around the 1990s, the term pharmacogenomics became popular.

Integrating Pharmacogenomics into Clinical Practice: Challenges and Successes

Anjali Pawar 2023-06-28

The integration of pharmacogenomics into clinical practice represents a significant advancement in personalized medicine. However, it also presents challenges that must be addressed for successful implementation. Despite these challenges, there have been notable successes in integrating pharmacogenomics into clinical practice, particularly in oncology and psychiatry. By integrating pharmacogenomic data into drug development pipelines, researchers can identify patient populations that are likely to respond favorably to a particular drug and exclude those who may experience adverse reactions. This accelerates the drug development process and improves patient outcomes by ensuring that medications are developed with specific genetic profiles in mind.

Global Pharmacogenomics Market Report 2024: Growth Rate, Major Segments And Regions

saikiran TBRC 2024-03-05

Learn More On The Pharmacogenomics Market:https://www. The pharmacogenomics market size is expected to see rapid growth in the next few years. The rising demand for precision medicine is driving the demand for the pharmacogenomics market. Hence, the increasing demand for precision medicine will drive the pharmacogenomics market. The pharmacogenomics market report table of contents includes:1.

Security Testing Market: Growing Concerns about Cybersecurity to Drive Market Growth

Pooja salve 2023-11-13

The global security testing market is estimated to be valued at US$4. Porter’s Analysis: Threat of new entrants: The threat of new entrants in the security testing market is relatively low. Key Takeaways:Global Security Testing Market Demand is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period (2023-2030). In terms of regional analysis, North America is currently the fastest-growing and dominating region in the security testing market. Key players operating in the security testing market include Synopsys, Micro Focus, IBM, Rapid7, TietoEVRY, Trustwave, SecureWorks, Cigniti, WhiteHat Security, and Veracode.

Metabolic Testing Market Is Estimated To Witness High Growth Owing To Increasing Incidence of Chronic Diseases

Pooja salve 2023-09-18

Factors such as technological advancements in metabolic testing devices, rising healthcare expenditure, and growing awareness regarding the benefits of metabolic testing are expected to propel market growth. In terms of product type, the market can be divided into stationary metabolic systems and portable metabolic systems. Key Takeaways:The Global Metabolic Testing Market Demand is expected to witness high growth, exhibiting a CAGR of 7. In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the metabolic testing market. specializes in metabolic testing and offers a wide range of metabolic testing devices for various applications.

WHO TO FOLLOW