Pharmacogenomics is a branch
of pharmacology that deals with the influence of genetic variation on drug
response in patients by correlating gene expression or single-nucleotide
polymorphisms with drug disposition and other information. Pharmacogenomic
testing can help doctors understand why patients respond differently to certain
medications. It can provide information on how a patient's genetic makeup
influences their body's response to specific drugs. This, in turn, allows
doctors to personalize drug therapies based on a patient's genetic profile,
maximizing effectiveness and minimizing adverse reactions.
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 growth of the pharmacogenomics market is accelerated by the rising adoption
of digital health technologies. There has been an increase in the adoption of
digital platforms for genetic testing and reporting of pharmacogenomic test
results to physicians by leading market players. For instance, in 2020, Thermo
Fisher Scientific launched its Pharmacogenomics Center of Excellence, which
provides pharmacogenomic test reports and consultations to physicians and
patients through a digital platform. Similarly, in 2021, genetic testing
company 23andMe launched its pharmacogenomics service in which users can access
their genetic health risks and medication insights through an online account.
The growing integration of pharmacogenomic testing with digital healthcare is
expected to drive significant growth in the market over the coming years.
Segment Analysis
The global pharmacogenomics market is dominated by genotyping segment which
accounts for more than 50% share. The high adoption of genotyping technologies
in pharmacogenomics clinical testing is a major factor contributing to its
dominance. Genotyping helps in identification of genetic variations that affect
individual responses to drugs which enables better drug dosage as per patient's
genetic makeup. The technology also experiences increasing demand from
pharmaceutical and biotechnology companies for genomic screening during drug
development.
Key Takeaways
The global Pharmacogenomics
Market Demand is expected to witness high growth over the forecast
period 2023 to 2030. 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.
Regional analysis: The North American region dominated the global market with
over 40% share in 2023 primarily driven by growing application of
pharmacogenomics diagnostics tests and early adoption of precision medicine
approach in the US healthcare system. Asia Pacific region is expected to be the
fastest growing regional market over the forecast period owing to rising pharmaceutical
industry, increasing healthcare spending and growing focus on personalized
medicine in countries like China and India.
Key players: Key players operating in the pharmacogenomics market are Daimler
AG, Ford Motor Company, Renault SA, VE Commercial Vehicles Limited, Tata Motors
Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG,
Toyota Motor Corporation and Stellantis NV. Major players are focusing on
partnerships with research institutions and pharmaceutical companies for drug
development and clinical trials integration of pharmacogenomics. They are also
investing in development of advanced technologies and platforms for genomic
profiling and analysis.
Explore more
related article on this topic: https://www.pressreleasebulletin.com/automated-vehicle-technology-market-is-driven-by-advances-in-ai/
Comments
0 comment