February 15, 2025
Pharmacogenomics Market

Pharmacogenomics Is Expected To Be Flourished By The Expanding Application Of Pharmacogenomics Tools In Clinical Trials

Pharmacogenomics is the study of how genes affect an individual’s response to drugs. It deals with the influence of genetic variation on drug response in patients by correlating gene expression or single-nucleotide polymorphisms with drug efficacy or toxicity. Pharmacogenomics tools help tailor medicines to a patient’s genetic profile to maximize efficacy and safety. Pharmacogenomic tests are increasingly used during clinical trials to identify potential adverse drug reactions and guide dosing based on a person’s genetic makeup. This enables developing safer and more effective precision medicine approaches.

The global pharmacogenomics market encompasses various products and services used to develop personalized drugs. Some key offerings include DNA sequencing equipment, polymerase chain reaction instruments, mass spectrometers, genetic testing services, and bioinformatics software. Pharmacogenomic tests are commonly used for cancer, cardiovascular diseases, psychiatric conditions, and other chronic ailments requiring long-term treatment. The expanding application of pharmacogenomics tools in clinical trials to improve drug development success rates is a major market opportunity.

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 Dynamics

The growing adoption of pharmacogenomics in clinical drug development is one of the key drivers propelling the market’s growth. Pharmacogenomic testing helps pharmaceutical companies optimize their clinical trial designs and evaluate drug candidates’ safety and efficacy profiles early on diverse patient populations. This has resulted in higher drug approval success rates and reduced costs associated with late-stage trial failures. Furthermore, emerging technologies like next-generation sequencing and bioinformatics are enabling more comprehensive genetic analysis and biomarker discovery from a smaller amount of clinical samples. This is supporting the development of personalized medicine approaches and new targeted therapies. Combined with expanding applications in oncology and investments in precision medicine research, these developments are expected to significantly drive pharmacogenomics market expansion over the coming years.

Segment Analysis

The pharmacogenomics market is dominated by oncology segment, accounting for over 35% share of the total market. Genetic testing helps to determine the risk of developing cancer as well as how a person’s genes may affect the way their body responds to certain cancer treatments. It has applications in selection of right drug and dosage for cancer patients. The cardiovascular segment is the second largest segment owing to increased genetic testing for diagnosis of heart diseases and selection of drugs with reduced side-effects.

PEST Analysis

Political: Government initiatives towards development of precision medicine and implementation of healthcare reforms boost the adoption of pharmacogenomics. However, strict regulations can increase compliance requirements.
Economic: Rising healthcare expenditure, availability of reimbursement for genetic testing, and growing demand for personalized healthcare are fueling the market growth. At the same time, high cost of tests limits the use of pharmacogenomics.
Social: Increasing awareness about advantages of pharmacogenomic testing, prevalence of chronic diseases, and focus on early detection and prevention practices support the market expansion.
Technological: Significant improvements in genotyping and sequencing technologies, bioinformatics tools for data analysis, and development of affordable point-of-care testing solutions are expanding the reach of pharmacogenomics.

Key Takeaways

The global Pharmacogenomics Market Demand t is expected to witness high growth on account of rising incidence of chronic and genetic diseases, advancing technologies, and growing focus on precision medicine. North America dominated the market and is expected to maintain its lead, supported by advanced healthcare infrastructure, favorable reimbursement policies, and presence of key industry players in the region.

Some key players operating in the pharmacogenomics market are Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV. Daimler and Toyota are focusing on development of novel sequencing platforms and kits for large scale testing to enhance their product portfolios.

Regional analysis
North America is expected to maintain its dominance in the global pharmacogenomics market during the forecast period. This can be attributed to the growing adoption of personalized medicine approach for treatment of chronic diseases like cancer. In addition, advancements in genetic research, rising healthcare expenditure, and favorable reimbursement policies are contributing to the leading position of the region. Asia Pacific is projected to witness fastest growth owing to increasing healthcare awareness, growing geriatric population, and improving diagnostic infrastructure in major countries like China and India.

Key players
Key players operating in the pharmacogenomics market are Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV. Daimler and Toyota are focusing on development of novel sequencing platforms and kits for large scale testing to enhance their product portfolios in pharmacogenomics.

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

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

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