May 29, 2024
Pharmacogenomics Market

Pharmacogenomics Is Expected To Be Flourished By Personalized Medicine

Pharmacogenomics is the study of how an individual’s genetic inheritance affects the body’s response to drugs. It works by analyzing a patient’s DNA and genes to determine which medications will work best for that individual based on their genetic makeup. This helps doctors customize treatment according to individual genetics to maximize treatment effectiveness and minimize adverse drug reactions. Pharmacogenomic testing helps in identifying DNA variations, or polymorphisms, in genes that code for drug-metabolizing enzymes and other proteins involved in drug responses so that doctors can better select the safest and most effective drugs and doses for patients. For example, pharmacogenomic testing is used to determine patients’ warfarin dosing and to guide the selection of antidepressant medications.

The global Pharmacogenomics Market is estimated to be valued at US$ 6.5 billion 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 Dynamics

Adoption of personalized medicine is expected to drive substantial growth of the global pharmacogenomics market during the forecast period. Due to advancements in genomic technologies and analytical tools, it is now possible to tailor drug therapies based on an individual’s genes. Developing personalized treatment and medication options for different diseases will significantly improve patient outcomes and safety. This is encouraging more clinicians and healthcare facilities to integrate pharmacogenomic testing into practice. Further, increasing incidences of adverse drug reactions and rising healthcare costs burdened by treatment failures and long hospital stays are compelling healthcare payers and providers to adopt pharmacogenomic strategies that can potentially enhance medication safety and reduce trial-and-error prescription practices. As pharmacogenomics testing becomes more affordable due to technological advancements and growing test volumes, this technology is expected to become mainstream in clinical settings for various therapeutic areas including oncology, cardiology, psychiatry and pain management. This will propel significant demand for pharmacogenomic products and services during the forecast period.

Segment Analysis

The global Pharmacogenomics Market Demand is dominated by the oncology segment which holds more than 35% share of the total market. Pharmacogenomics help in developing customized treatment for cancer patients based on their genetic profile. It analyses how a person’s genetic makeup affects their body’s response to drugs. This has significantly helped oncologists in selecting appropriate drugs and their dosages for cancer patients.

The cardiology segment is another major segment in the pharmacogenomics market. Genetic testing helps in identifying patients who are at high risk of adverse reactions to certain cardiac drugs. It allows doctors to tailor a patient’s treatment according to their genetic profile to optimize drug efficacy and reduce chances of adverse reactions.

PEST Analysis

Political: Governments across major countries are supporting R&D in pharmacogenomics through funding. They are also formulating regulations to ensure patient safety and efficacy of precision medicine.
Economic: The rising healthcare expenditure on chronic diseases and growing demand for personalized healthcare is driving the market growth. However, high costs of pharmacogenomic tests might restrict broader adoption.
Social: Increasing awareness about significance of genetic factors in drug responses has boosted demand for pharmacogenomic services. However, social biases and confidentiality issues need to be addressed.
Technological: Continuous advancements in sequencing technologies, bioinformatics and systems biology have enhanced capabilities to study gene-drug interactions. Whole genome sequencing is further expanding opportunities.

Key Takeaways

The global pharmacogenomics market is expected to witness high growth at a CAGR of 8.1%  during the forecast period of 2023 to 2030.

Regional analysis: North America currently dominates the market due to strong research support and favorable regulatory environment for precision medicine in the US. However, Asia Pacific is emerging as the fastest growing region supported by rising healthcare spending, expanding biotech sectors and increasing focus on personalized therapies in countries like China and India.

Key players: The major players operating in the pharmacogenomics market are Abbott Laboratories, Affymetrix, Assurex Health, AstraZeneca, Bio-Rad Laboratories, F. Hoffmann-La Roche, Illuminia, OPKO Health, Thermo Fisher Scientific and Transgenomic. Through collaborative R&D programs, these players are focusing on developing innovative genomic profiling tests and pharmacogenomic-based treatment protocols for diseases like cancer and cardiovascular disorders.

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