by 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 the study of how genes affect individual’s response to drugs. It allows physicians to select effective medications based on patient’s genetic makeup to avoid side effects or adverse drug reactions. Pharmacogenomics helps select right medication and dosage for right patient at the right time by analyzing genetic variations.
Market key trends:
One of the key trends in the pharmacogenomics market is the development of direct-to-consumer genetic testing kits. These kits provide genetic testing at low cost and enable customers to test their genetic traits and predispositions conveniently from their homes. The reports generated from genetic testing help understand genetic predisposition to certain diseases and how one may respond to specific medications. Companies like 23andMe, Anthropic, Genomind, and Xcode Life are offering direct-to-consumer genetic testing services using DNA samples collected via mail delivery, expanding access to pharmacogenomic testing. Furthermore, increasing collaborations between pharmacogenomic companies and pharmaceutical firms are helping develop personalized drugs and treatment regimens for better health outcomes.
Segment Analysis
The global pharmacogenomics market is segmented on the basis of technology, application and end user.
The technology segment is further categorized into DNA sequencing, microarray, polymerase chain reaction, electrophoresis and mass spectrometry. Among these, the DNA sequencing segment holds the largest market share owing to its wide usage for DNA, RNA analysis and molecular diagnostics.
Based on application, the market is segmented into drug discovery, neurology, oncology, pain management and others. The oncology application segment dominates the market due to rising prevalence of cancer globally and increasing usage of pharmacogenomics for cancer treatment.
Key Takeaways
Global Pharmacogenomics Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing adoption of personalized medicine and demand for targeted drug therapy.
On a regional level, North America is expected to dominate the global market during the forecast period. This is attributed to rising R&D investments by key players, increasing adoption of advanced genetic testing and presence of key market players in the region. However, Asia Pacific is anticipated to grow at the fastest rate owing to rising healthcare expenditure, growing awareness regarding personalized medicine and increasing government investments in the life science sector.
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 new product launches, collaborations and expansion of manufacturing facilities to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
