New York, USA, June 09, 2023 (GLOBE NEWSWIRE) -- Pharmacogenomics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pharmacogenomics Market Information by Technology, Application, End User, and Region - Forecast till 2030”, the market is projected to register a CAGR of 8.52% from 2022 to 2030 to reach USD 6,670.3 Million by 2030
Market Scope
The market for pharmacogenomics is being propelled by the growing acceptance of precision medicine and increased research and development spending on pharmacogenomics technologies, which hastened the creation of novel medicines. Pharmacogenomics is a field that involves studying how genes impact a person's response to medication. It is an advanced branch of personalized medicine that enables physicians to prescribe drugs that are more effective for specific patients based on their genetic makeup. The field of pharmacogenomics has emerged as a valuable tool for reducing adverse drug reactions and optimizing treatment outcomes.
Pharmacogenomics has a wide range of applications in the field of medicine. By analyzing a patient's genetic makeup, doctors can determine how they will respond to specific drugs, which can help in the development of personalized treatment plans. Pharmacogenomics is particularly useful in the treatment of cancer, where it is essential to identify the most effective chemotherapy drugs for each patient. It can also be used to predict the likelihood of adverse drug reactions, helping to prevent adverse events and improve patient safety.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6670.3 Million |
| CAGR | 8.52% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Technology, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing acceptance of precision medicine |
| Increased research and development spending on pharmacogenomics technologies |
Pharmacogenomics Market Competitive Landscape:
The affluent companies in the Pharmacogenomics industry include
- Myriad Genetics, Inc.
- 23andMe, Inc.
- Pathway Genomics
- Genentech
- Future Science Group
- Teva Pharmaceutical Industries Ltd.
- Assurex Health, Inc.
- Bristol-Myers Squibb Company
- Hoffmann-La Roche Ltd
- Merck & Co., Inc
- Johnson & Johnson
- Abbott Laboratories, Inc.
August 2021
Thermo Fisher Scientific, a leading provider of scientific research products and services, announced the launch of its new pharmacogenomics assay, which enables the simultaneous detection of multiple genetic variants that impact drug metabolism. This new assay will help to improve the accuracy and speed of pharmacogenomic testing, enabling clinicians to make more informed decisions about drug selection and dosing.
Pharmacogenomics Market Trends:
Market Drivers
The pharmacogenomics market is driven by several factors, including the increasing prevalence of chronic diseases, rising demand for personalized medicine, and advancements in genomic technologies. The growing availability of affordable sequencing technologies and the increasing adoption of electronic health records are also contributing to the growth of the pharmacogenomics market. Additionally, the availability of pharmacogenomic tests for specific drugs and disease indications is expected to drive market growth in the coming years.
Market Restraints:
Despite the many benefits of pharmacogenomics, there are several market restraints to consider. The high cost of testing and the lack of reimbursement policies for pharmacogenomic testing are two significant factors that may limit the market growth. Additionally, there is a need for greater awareness and education among healthcare providers regarding the benefits of pharmacogenomics, which may impact adoption rates.
COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the pharmacogenomics market. The pandemic has highlighted the importance of personalized medicine and the need for rapid diagnostic testing. The pandemic has also accelerated the adoption of telemedicine, which has made it easier for patients to access pharmacogenomic testing services remotely. The post-COVID-19 scenario is expected to see an increased focus on personalized medicine and the adoption of pharmacogenomics in clinical practice.
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Pharmacogenomics Market Segmentation
By Technology
The technologies in the market include Microarray, Sequencing, and Polymerase Chain Reaction
By Application
By Application, the segment includes Oncology, Cardiology, and Neurological Disorders
By End User
By End User, the segment includes Hospitals, Research Organizations, and Academic Institutes.
Pharmacogenomics Market Regional Insights
North America has a dominant market share in pharmacogenomics due to the increasing adoption of personalized medicine and the presence of leading pharmaceutical companies in the region. Personalized medicine involves the customization of medical treatment based on an individual's genetics, and pharmacogenomics plays a crucial role in enabling this approach. Moreover, the presence of prominent pharmaceutical companies in the region also contributes to the growth of the pharmacogenomics market. Further, Europe is also a significant market for pharmacogenomics, primarily driven by advancements in genomics research and increasing healthcare expenditure. Genomics research is instrumental in understanding the genetic basis of diseases and developing personalized treatment approaches. As a result, the increasing focus on genomics research in Europe is expected to drive the growth of the pharmacogenomics market. Additionally, the increasing healthcare expenditure in the region is likely to support the adoption of pharmacogenomics in healthcare.
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Additionally, the Asia-Pacific region is expected to witness significant growth in the pharmacogenomics market due to increasing awareness of pharmacogenomics and rising demand for personalized medicine in countries such as China and India. The growing prevalence of chronic diseases and increasing investments in healthcare infrastructure in these countries are expected to drive the demand for personalized medicine and thereby, fuel the growth of the pharmacogenomics market. Furthermore, the rising focus of pharmaceutical companies in the region is also expected to contribute to the growth of the market.
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