Pharmacogenomics Market is Estimated to Witness High Growth Owing to Rising Adoption of Personalized Medicine

Pharmacogenomics Market is Estimated to Witness High Growth Owing to Rising Adoption of Personalized Medicine

 It analyzes how genetic variations can impact drug metabolism and an individual's response to medicines. The main advantages of pharmacogenomics include improved efficacy and safety of drugs by tailoring treatments to an individual's genetic makeup. The growing need to develop targeted therapies, rising adoption of personalized medicine, and increasing applications of pharmacogenomics in cancer treatment and drug research & development are fueling demand in the pharmacogenomics market.

Global Pharmacogenomics Market is estimated to be valued at US$ 1.9 Mn in 2024 and is expected to exhibit a CAGR of 12. % over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Pharmacogenomics 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. North America dominates the global pharmacogenomics market due to rising R&D activities and growing awareness about personalized medicine in the region. Asia Pacific offers lucrative opportunities for market expansion owing to increasing healthcare expenditures and growing focus on genomic research in countries like China and India.

Key opportunities in the Pharmacogenomic Market Size include improving healthcare services globally through precision medicine, advancing drug discovery and development process, and reducing incidences of adverse drug reactions. The increasing applications of pharmacogenomics in fields like oncology for cancer prognosis and therapeutics is expected to drive greater adoption of pharmacogenomics globally over the forecast period.

Market Drivers

The rising prevalence of chronic diseases and growing need for targeted therapies present strong growth opportunities for the pharmacogenomics market. According to the estimates of WHO, chronic diseases accounted for approximately 60% of all reported deaths in the world in 2020. The increasing investments in genomics R&D from both public and private organizations is a key driver of market growth. The technological advancements in high-throughput sequencing and growing availability of affordable whole genome sequencing are further expected to support market expansion through 2030.

PEST Analysis
Political: The regulation of pharmacogenomics is increasing in many regions. Many governments are introducing regulations to ensure the safety and efficacy of pharmacogenomic tests.

Economic: Developed economies have higher adoption of pharmacogenomics as individuals have better access to healthcare and can afford advanced treatment options. Economic growth is supporting increased healthcare investments.

Social: With greater disease awareness and focus on personalized healthcare, social acceptance of pharmacogenomics is increasing. However, some social and ethical concerns around genetic testing still remain.

Technological: Rapid advancements in fields of genetics, molecular biology and computing are driving the technological development of pharmacogenomics. Sophisticated testing techniques along with big data analytics are helping deliver more precise medication choices.

Geographical Concentration
North America currently holds the largest share of the global pharmacogenomics market, supported by developed healthcare infrastructure and increasing drug customization practices in the region. Presence of major market players and favorable regulations have boosted the adoption of pharmacogenomic services.

Fastest Growing Region
Asia Pacific is poised to be the fastest growing regional market during the forecast period. This can be attributed to rising healthcare spending, growing geriatric population, increasing incidence of cancers and improving access to sophisticated treatments in countries such as China and India. Initiatives to encourage pharmacogenomic R&D will further support the market growth.

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