Pharmacogenomics Market Growth Accelerated By Increasing Demand For Personalized Medicines

Pharmacogenomics is the study of how genetics affect individual responses to drugs. Using pharmacogenomics, doctors can match drugs and their dosages to each patient's specific genetic makeup to maximize the effectiveness of treatment while minimizing side effects. This benefits patients by avoiding adverse reactions and improving therapeutic outcomes. 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:
The increasing demand for personalized medicines is accelerating growth of the pharmacogenomics market. Pharmacogenomics aids in developing personalized treatment protocols based on an individual's genetic composition. This helps determine which medication regimes and dosages suit a particular patient, increasing efficacy and safety. It ensures patients receive optimal prescriptions tailored to their genetic profiles to address medical conditions effectively. Such targeted therapies boost clinical outcomes and quality of life. The personalized approach is gaining significance in therapeutic areas like oncology and cardiology.
Segment Analysis
The global pharmacogenomics market is dominated by oncology segment accounting for over 35% of market share in 2024. This is owing to increased incidence of cancer globally coupled with rising demand for targeted cancer therapeutics. The oncology segment is likely to witness high growth during the forecast period owing to ongoing advancements in cancer treatment such as personalized medicine.

Key Takeaways
The global Pharmacogenomics Market Growth  is expected to witness high growth during the forecast period. The market is projected to grow at a CAGR of 8.1% during 2023-2030 to reach a value of US$ 33079.39 Mn by 2024.

Regional analysis
North America currently dominates the global pharmacogenomics market with over 45% market share in 2024. This is attributed to continuous investments in research activities related to pharmacogenomics by pharmaceutical and biotechnology companies in the US. Additionally, favorable government support and initiatives for precision medicine are fueling market growth in the region. Asia Pacific is expected to witness fastest growth during the forecast period driven by expanding pharmaceutical industry and adoption of advanced technologies in countries such as 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 AG holds the leading market share owing to its strong product portfolio and global distribution network.However, other players are focusing on new product launches and enhancing their presence in emerging markets to gain market share.

For more insights, read- https://www.newsanalyticspro.com/pharmacogenomics-market-trends-size-and-share-analysis/

For more details on the report,  Read- https://www.shayaricenter.com/artificial-kidney-a-solution-to-end-stage-kidney-disease