Pharmacogenomics is a branch of pharmacology that deals with the influence of genetic variation on drug response in patients by correlating gene expression or single-nucleotide polymorphisms with drug disposition and other information. Pharmacogenomic testing can help doctors understand why patients respond differently to certain medications. It can provide information on how a patient's genetic makeup influences their body's response to specific drugs. This, in turn, allows doctors to personalize drug therapies based on a patient's genetic profile, maximizing effectiveness and minimizing adverse reactions.
The global Pharmacogenomics Market is estimated to be valued at US$ 33079.39 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the pharmacogenomics market is accelerated by the rising adoption of digital health technologies. There has been an increase in the adoption of digital platforms for genetic testing and reporting of pharmacogenomic test results to physicians by leading market players. For instance, in 2020, Thermo Fisher Scientific launched its Pharmacogenomics Center of Excellence, which provides pharmacogenomic test reports and consultations to physicians and patients through a digital platform. Similarly, in 2021, genetic testing company 23andMe launched its pharmacogenomics service in which users can access their genetic health risks and medication insights through an online account. The growing integration of pharmacogenomic testing with digital healthcare is expected to drive significant growth in the market over the coming years.
Segment Analysis
The global pharmacogenomics market is dominated by genotyping segment which accounts for more than 50% share. The high adoption of genotyping technologies in pharmacogenomics clinical testing is a major factor contributing to its dominance. Genotyping helps in identification of genetic variations that affect individual responses to drugs which enables better drug dosage as per patient's genetic makeup. The technology also experiences increasing demand from pharmaceutical and biotechnology companies for genomic screening during drug development.
Key Takeaways
The global Pharmacogenomics Market Demand is expected to witness high growth over the forecast period 2023 to 2030. The global Pharmacogenomics Market is estimated to be valued at US$ 33079.39 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030.
Regional analysis: The North American region dominated the global market with over 40% share in 2023 primarily driven by growing application of pharmacogenomics diagnostics tests and early adoption of precision medicine approach in the US healthcare system. Asia Pacific region is expected to be the fastest growing regional market over the forecast period owing to rising pharmaceutical industry, increasing healthcare spending and growing focus on personalized medicine in countries like China and India.
Key players: Key players operating in the pharmacogenomics market are Daimler AG, Ford Motor Company, Renault SA, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV. Major players are focusing on partnerships with research institutions and pharmaceutical companies for drug development and clinical trials integration of pharmacogenomics. They are also investing in development of advanced technologies and platforms for genomic profiling and analysis.
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