Global Pharmacogenomics Market Size By Technology (DNA Sequencing, Mass Spectrometry, Microarray), By Application (Drug Discovery, Oncology, Pain Management), By Geographic Scope And Forecast
Report ID: 298018|No. of Pages: 202
Global Pharmacogenomics Market Size By Technology (DNA Sequencing, Mass Spectrometry, Microarray), By Application (Drug Discovery, Oncology, Pain Management), By Geographic Scope And Forecast
Pharmacogenomics Market Size And Forecast
Pharmacogenomics Market size was valued at USD 3,500 Million in 2022 and is projected to reach USD 6,680 Million by 2030, growing at a CAGR of 8.52% from 2023 to 2030.
The study of genetics and pharmacology is combined in the rapidly expanding discipline of pharmacogenomics. It entails analyzing genetic variants that may impact drug metabolism, transport, and target interactions and using this knowledge to modify a patient’s medication regimen in accordance with their genetic profile. The need for customized treatment, the rising incidence of chronic illnesses, and the expanding use of genetic data in drug research and development are just a few of the factors driving the anticipated considerable rise in the worldwide Pharmacogenomics Market in the coming years.
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Global Pharmacogenomics Market Definition
Pharmacogenomics is a field of study that combines pharmacology (the science of drugs) with genomics (the study of genes and their functions) to understand how an individual’s genetic makeup affects their response to drugs. The development of customized medicine, which involves adjusting medication therapy to a person’s genetic composition, is the aim of pharmacogenomics. Pharmacogenomics can assist healthcare professionals in making better-educated judgments about the medications they provide to their patients by revealing how heredity affects drug response. Better results, fewer side effects, and low-priced medical expenses may result from this.
Pharmacogenomics research examines genetic differences, or polymorphisms, that impact medication metabolism, transport, and target interactions. These genetic variants can be used to forecast a person’s response to a certain treatment, enabling medical professionals to select the most suitable and secure medication for that person. Several medical specialties, including cancer, cardiology, psychiatry, and infectious diseases, are utilizing pharmacogenomics. Also, it is being utilized to create new medications that are more precise and efficient, as well as to enhance clinical trials by locating individuals who are more likely to respond to a certain medication.
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Global Pharmacogenomics Market Overview
The growing demand for customized treatment is one of the key factors driving the pharmacogenomics industry. The practice of personalized medicine, which includes adapting medical care to a patient’s genetic profile, has the potential to enhance patient outcomes and lower healthcare costs. Pharmacogenomics is a crucial part of personalized medicine since it enables medical professionals to select the best and safest medication for each patient based on their genetic profile.
The rising incidence of chronic disorders is another factor driving the pharmacogenomics industry. A serious public health problem, chronic illnesses like cancer, diabetes, and cardiovascular disease frequently call for long-term pharmacological therapy. Pharmacogenomics can aid medical professionals in selecting the best medications for certain illnesses, improving outcomes, and lowering medical expenses.
However, lack of standardization and regulation is one of the major obstacles facing the pharmacogenomics sector. Pharmacogenomic testing is presently not governed by any set standards, and different labs may employ various techniques or interpret the data in other ways. This might cause testing to be inconsistent and make it challenging to compare results from various facilities. Also, there are worries regarding pharmacogenomics’ impact on privacy and morality. It is important to make sure that a patient’s genetic information is secured since it is extremely sensitive and may be utilized for discriminatory purposes.
Nevertheless, the market for pharmacogenomics offers many potential prospects, including the formation of new medications that are more precise and efficient as well as the use of pharmacogenomics in clinical trials to identify patients who are more likely to react to a certain medication. The Pharmacogenomics Market is anticipated to increase as a result of the rising usage of electronic health records (EHRs) and the development of new technologies like next-generation sequencing (NGS).
The pharmacogenomics industry has a lot of prospects, but there are also a lot of obstacles that need to be overcome. The need for additional research and education is one of the major issues. Further study is required to fully comprehend how genetic variants impact medication response since pharmacogenomics is a difficult topic that calls for specific training and understanding. To employ this knowledge in clinical practice, healthcare professionals also need to be trained in pharmacogenomics. The high expense of testing and analysis is another problem as costs related to data processing and interpretation as well as pharmacogenomic testing might be high. These expenses may make pharmacogenomic testing less accessible, especially for people without insurance or those from developing nations.
Global Pharmacogenomics Market Segmentation Analysis
The Global Pharmacogenomics Market is segmented on the basis of Technology, Application, And Geography.
Pharmacogenomics Market, By Technology
- DNA Sequencing
- Mass Spectrometry
- Microarray
- Electrophoresis
- Polymerase Chain Reaction
- Others
Based on Technology, the market is segmented into DNA Sequencing, Mass Spectrometry, Microarray, Electrophoresis, Polymerase Chain Reaction (PCR), and Others. The segment of polymerase chain reaction (PCR) is expected to account for the highest market share in the coming years. PCR is a technique that amplifies a specific DNA sequence, allowing for the detection of genetic variations that can affect drug response. PCR is commonly used in pharmacogenomics research and clinical practice, particularly in the detection of SNPs. One of the advantages of PCR is its high sensitivity and specificity, allowing for the detection of very low levels of DNA. This makes it useful in the diagnosis of genetic disorders and the detection of minimal residual disease in cancer patients. In addition, PCR can be used to analyze small amounts of DNA, such as those obtained from a tissue biopsy or circulating tumor cells.
Pharmacogenomics Market, By Application
• Drug Discovery
• Oncology
• Pain Management
• Neurology
• Others
Based on Application, the market is segmented into segments Drug Discovery, Oncology, Pain Management, Neurology, and Others. The oncology segment is anticipated to account for the highest market share. Cancer is a complex disease with multiple genetic factors contributing to its development and progression, and pharmacogenomics can help to identify genetic variations that are associated with cancer risk, as well as predict an individual’s response to cancer therapy. Pharmacogenomics has been used in oncology to develop new targeted therapies that are more effective and have fewer side effects than traditional chemotherapy. In addition, pharmacogenomics has been used to identify patients who are more likely to respond to a particular therapy and to tailor treatment based on their genetic profile. This can help to improve the efficacy of treatment and reduce the risk of adverse effects.
Pharmacogenomics Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the global Pharmacogenomics Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America holds the largest market share owing to the existence of a strong healthcare infrastructure, intense levels of research and development, and a rising desire for individualized treatment. The desire for personalized medicine and pharmacogenomics-based therapeutics is also being driven by the rising prevalence of chronic illnesses including cancer and cardiovascular disease. Because of this, funding for pharmacogenomics research and development has expanded, especially in the fields of cancer and cardiovascular disease.
With a sizable number of businesses and research facilities devoted to the creation and use of pharmacogenomics, the United States is the region in North America with the greatest market. With the FDA offering guidelines on the use of pharmacogenomic data in medication development and labeling, the US also offers a supportive regulatory framework for pharmacogenomics. Furthermore, due to factors including the large and aging population, the rising incidence of chronic illnesses, and the rising investment in healthcare infrastructure and R&D, the Asia-Pacific region is also anticipated to show considerable growth in the Pharmacogenomics Market. A significant portion of the Asia-Pacific Pharmacogenomics Market is anticipated to come from nations like China and India because of their large population size and expanding healthcare sectors.
Key Players
The “Global Hybrid Devices Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Admera Health, AltheaDx, OneOme LLC, Thermo Fisher Scientific Inc., Agilent Technologies, OPKO Health Inc. (GeneDx.), Novartis AG, F. Hoffmann-La Roche Ltd., Dynamic DNA Laboratories, Myriad Genetics Inc., Empire Genomics LLC., Abbott Laboratories., and Illumina Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- The pharmacogenomics solution MedicaMap was released in December 2022 by MapMyGenome, one of India’s top preventative genomics companies. A pharmacogenomic technology from Mapmygenome, MedicaMapTM, analyses a person’s response to medications based on genetic composition. This pharmacogenomic solution examines more than 165 US FDA-approved medications from 12 different medical specialties, including psychiatry, cancer, cardiology, diabetology, and many more. A user-friendly, comprehensive report on the toxicity and effectiveness of medications is provided by MedicaMap. For the prevention, diagnosis, and treatment of any medical disease, it aids doctors in locating alternative medications or adjusting the dose in accordance with a patient’s genetic profile.
- In April 2022, Blue Care Network introduced Blue Cross Personalized Medicine, Michigan’s first comprehensive pharmacogenomics precision medicine program. Based on a study of the pharmaceuticals that had been prescribed for a variety of mental health, cardiology, and oncology diseases, this initiative used genetic testing to personalize pharmacological therapies to specific individuals. The staff at Blue Cross Customized Medicine has put a lot of effort into creating a unique end-to-end experience for the members. OneOme’s simple-to-use at-home kit was used by patients to obtain their own DNA samples. These samples were then shipped directly to the OneOme laboratory, where the findings were processed and shared solely with the patient, their doctor, and a supporting OneOme pharmacist. Others are not given access to the test findings at any point since they were not involved in the test collecting or analysis procedure.
- In February 2023, MyRx, a UF Health service created by pharmacists at the University of Florida Faculty of Pharmacy, was launched to give patients a simple approach to comprehending the findings of their pharmacogenetic tests and enhancing their medication regimen. The program debuted at a time when research indicated that nine out of ten people have genetic variants that might affect how they react to popular drugs. Pharmacogenetic testing aided physicians and patients in understanding why some people may not react to specific drugs or have unwanted side effects. To determine the kinds of drugs and amounts that may be suitable for a patient, the test examined particular genes.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Pharmacogenomics Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Pharmacogenomics Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2018-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Period | 2019-2021 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Admera Health, AltheaDx, OneOme LLC, Thermo Fisher Scientific Inc., Agilent Technologies, OPKO Health Inc. (GeneDx.), Novartis AG. |
| Segments Covered |
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| Customization Scope | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
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Industry Analysis Matrix
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