March 1, 2024
Pharmacogenomics Market

Pharmacogenomics Is Revolutionizing Precision Medicine Driven By Advances In Genomics

Pharmacogenomics involves the study of how genes affect individual response to drugs. It analyzes how a person’s genetic makeup can affect the body’s response to drugs and help determine the best medication and dosage for that individual, thereby optimizing drug therapy and minimizing adverse drug reactions. Genetic factors that influence drug metabolism include polymorphisms affecting drug-metabolizing enzymes like cytochrome P450, transporters involved in absorption and distribution, and drug targets like receptors. With the rapid advancement of genomic technologies allowing high-throughput genotype analyses, pharmacogenomics holds promise to transform healthcare by enabling personalized medicine approaches. It enables clinicians to match treatments to genetic profiles so patients receive optimal drugs at the right dose from the start. This maximizes drug efficacy while reducing toxicity risks and healthcare costs, improving outcomes compared to traditional trial-and-error approaches of finding effective treatments.

The global Pharmacogenomics Market is estimated to be valued at US$ 3.6 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 key trends

One of the major trends driving the pharmacogenomics market growth is the rising adoption of precision medicine approaches. Precision medicine uses an individual’s genetic profile to customize disease prevention strategies and treatment. As understanding of the role of genetics in health and disease improves, pharmacogenomic testing is increasingly being incorporated into clinical practice to optimize drug therapies. For example, genetic testing helps identify breast cancer patients who will benefit most from specific chemotherapy drugs while avoiding toxicities for others unlikely to respond. This trend is expected to continue strengthening with ongoing Genome Wide Association Studies discovering new genetic markers affecting drug responses. Another key trend is the ongoing transition to pharmacogenomic-guided antidepressant therapy. Genetic screening can help select between different classes of antidepressants and reduce trial-and-error prescribing practices guiding patients to the right treatment faster and more effectively.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as players need to invest heavily in R&D. However, emerging companies are investing in advanced technologies.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many global players offering pharmacogenomics services. Buyers can opt for alternative providers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of many regional manufacturers in the market.

Threat of new substitutes: The threat from substitutes is low as there are limited product alternatives available for pharmacogenomics testing.

Competitive rivalry: The competitive rivalry is high among major players due to their global presence and focus on expanding their product portfolios through partnerships.

Key Takeaways

The global Pharmacogenomics Market Demand is expected to witness high growth over the forecast period.

Regional analysis: North America holds the major share of the global market due to technological advancements and increasing awareness of pharmacogenomics in the region. Europe is also witnessing growth due to growing number of clinical trials and government funding for R&D. Asia Pacific is projected to exhibit fastest growth over the forecast period due to rising healthcare expenditure.

Key players: Key players operating in the Pharmacogenomics Market include Abbott Laboratories, Bayer AG, F. Hoffmann-La Roche Ltd., Illumina, Inc., QIAGEN, Thermo Fisher Scientific Inc. , 23andMe , Myriad Genetics, and Danaher Corporation. These players are focusing on new product launches and collaborations 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