Pharmacogenomics Market Growth Accelerated By Molecular Diagnostics And Personalized Medicine

The pharmacogenomics market involves the use of genomic information to guide prescription drug therapies. Pharmacogenomics is playing a key role in improving patient outcomes for treatment of various diseases like cancer, infectious diseases, neurological disorders and cardiovascular diseases. Molecular diagnostics are increasingly being adopted for genetic testing prior to prescribing drugs in order to avoid adverse drug reactions and determine optimal dosages based on a person's genetic makeup.

The global Pharmacogenomics Market is estimated to be valued at US$ 6.5 billion 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 growing adoption of personalized medicine driven by advancements in molecular diagnostics is a key trend boosting the pharmacogenomics market. Molecular diagnostic tests analyze genetic variations to tailor treatments based on an individual's genetic profile, reducing trial-and-error methods and improving drug efficacy. With the reduction in genotyping costs, pharmacogenomic testing is increasingly being integrated into clinical care to maximize drug response rates and minimize safety issues. Major companies are developing molecular diagnostic kits and microarray-based tests for pharmacogenomic applications in therapeutic areas like oncology. The customized therapeutic approach enabled by pharmacogenomics promises to revolutionize healthcare by unlocking the potential of precision medicine.

Segment Analysis
The global pharmacogenomics market is dominated by the oncology segment, which accounts for over 35% of the total market share. This is primarily due to the increasing use of pharmacogenomic tests to identify suitable drug therapies and dosage for cancer patients. Within oncology, the breast cancer sub-segment holds the largest share owing to the significant improvement in individualized treatment approaches and targeted therapies enabled by pharmacogenomic tests.

Key Takeaways

The global Pharmacogenomics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America currently holds the major share of over 40% of the global pharmacogenomics market and is expected to maintain its dominance during the forecast period. This is mainly attributed to the increasing R&D funding and government initiatives to promote precision and personalized medicine in the region. Asia Pacific is anticipated to witness the highest growth rate owing to growing healthcare infrastructure, rising awareness regarding personalized medicine, and increasing geriatric population.

Key players: Key players operating in the pharmacogenomics market are Abbott Laboratories, Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., QIAGEN N.V., Thermo Fisher Scientific Inc., Illumina, Inc. Abbott Laboratories holds the largest market share attributed to its broad portfolio of pharmacogenomic tests for various therapeutic areas like oncology and cardiology. Thermo Fisher Scientific also has a significant share due to its focus on expanding pharmacogenomic testing kits and services portfolio through acquisitions.

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