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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. 

Read More- https://www.ukwebwire.com/pharmacogenomics-market-size-share-and-foercast/

Pooja salve
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