May 22, 2024
Pharmacogenomics Market

Precision Medications Accelerated by Pharmacogenomics Market

Pharmacogenomics is the study of how genes affect individual responses to drugs and is driven by increasing demand for personalized medicine. Pharmacogenomics analyzes genetic variations that impact drug metabolism and response and aids in developing targeted drug therapies. It helps determine the best medication at the right dose for each person based on their DNA. This precision approach saves costs by enabling doctors to select the most effective treatment upfront, reducing adverse drug reactions and hospitalizations. The global Pharmacogenomics Market comprises genetic testing services to guide clinicians in medication selection and dosing. It assists in developing safer and more effective precision therapies for complex diseases like cancer. 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 key Trends:

Growing geriatric population is one of the key drivers of the pharmacogenomics market. Older adults are more likely to have medical conditions that require multiple medications and are also more vulnerable to adverse drug reactions. Pharmacogenomic testing helps customize medication regimens for the elderly based on their individual genetic makeup, lowering healthcare costs and improving outcomes. Another trend is the increasing number of collaborations between research institutes and pharmaceutical companies to develop pharmacogenomic-guided therapies. Massive Genetics, Anthropic and Genentech recently partnered to leverage AI and big data analytics to advance precision medicine based on a person’s genetic profile. Such partnerships are expected to accelerate the discovery and availability of new targeted drugs.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the pharmacogenomics market is moderate. Establishing manufacturing facilities and conducting extensive R&D requires significant capital investments.

Bargaining power of buyers: The bargaining power of buyers is moderate. There are many players in the market offering substitute products. However, high development costs of tailored drugs make it difficult for buyers to substitute.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. There are many raw material suppliers for devices, equipment, and services used in pharmacogenomics. Suppliers cannot influence prices significantly.

Threat of new substitutes: The threat of new substitutes is low to moderate. While personalized medicines can provide substitutes, developing new drugs requires high costs and time.

Competitive rivalry: The competitive rivalry is high owing to the presence of many global and regional players competing on product innovation, pricing, and portfolios.

Key Takeaways

The global Pharmacogenomics Market Growth is expected to witness high growth over the forecast period supported by increasing adoption of personalized medicinal practices.

North America is expected to dominate the global pharmacogenomics market over the forecast period owing to high awareness, well-established healthcare infrastructure, and growing support from research institutes and government initiatives in the region. The Asia Pacific market is anticipated to witness the fastest growth supported by increasing healthcare spending, improving research facilities, and growing focus on precision medicine in countries like China and India.

Key players operating in the pharmacogenomics market are Daimler AG, Ford Motor Company, Renault SA, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV. These companies majorly focus on new product launches and partnerships to strengthen their presence and gain a competitive edge in the market. For instance, in 2023, Daimler AG launched new variants of EQS and EQE luxury electric vehicles with enhanced technology and features.

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