February 25, 2024
Pharmacogenomics Market

Personalized Medicine To Boost 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 11.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pharmacogenomics is the study of how genes affect an individual’s response to drugs. By examining a patient’s genetic makeup, doctors can determine which medical treatments will work best for that individual. This allows doctors to customize drug type and dosage based on a person’s genetic information. Pharmacogenomic testing helps reduce incidences of adverse drug reactions by identifying genetic patterns that affect drug metabolism and response. It can help doctors and patients make better informed decisions regarding treatment options and improve health outcomes.

Market key trends:

One of the major trends in the Pharmacogenomics market is the increasing adoption of personalized medicine. With advancements in genetic testing and decline in testing costs, pharmacogenomics is being increasingly adopted for pre-treatment selection of medicines based on a person’s genetic makeup. This ensures maximum efficacy of treatment and minimizes trial and error approach. Another key trend is the growing demand for companion diagnostics. Many new drugs now have a companion diagnostic test that is used along with the drug to test for the presence of a genetic marker that predicts response or safety risk. This allows targeting of drugs to only responders and improving treatment outcomes. Growing awareness about benefits of pharmacogenomic testing and rapid influx of funding for R&D from government and private sectors are expected to further accelerate growth of this market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established brand loyalty in the pharmacogenomics market makes it difficult for new players to enter the market and gain scale.

Bargaining power of buyers: Individual consumers have low bargaining power in the pharmacogenomics market due to availability of a wide range of products from major players and lack of transparency in pricing.

Bargaining power of suppliers: Major diagnostic kit manufacturers and research organizations have significant influence over pharmacogenomics market players due to proprietary technologies and expertise.

Threat of new substitutes: No close substitutes exist for the personalized medication management potential offered by pharmacogenomic tests.

Competitive rivalry: The pharmacogenomics market has few large players with global presence resulting in high competition on the basis of product differentiation, pricing and service offerings.

Key Takeaways

The Global Pharmacogenomics Market Size is expected to witness high growth, exhibiting CAGR of 11.1% over the forecast period, due to increasing prevalence of chronic diseases and growing need for tailored drug therapies.

North America currently dominates the global pharmacogenomics market owing to favourable regulatory environment, high healthcare spending and increasing incidence of chronic conditions in the US and Canada. Europe is projected to exhibit a substantial growth rate during the forecast period driven by rising R&D investments and government support for precision medicine in the UK and Germany.

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. Major players are focusing on partnerships, mergers, acquisitions and new product launches to expand their service and solutions portfolio as well as geographic presence worldwide.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it