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

Pharmacogenomics Market

Pharmacogenomics involves the study of how genes affect an individual's response to drugs. It analyzes how genetic variation can influence drug therapeutic effects and the risk of side effects. The growing importance of precision and personalized medicine has driven demand for pharmacogenomic testing. Pharmacogenomic analysis allows targeted therapies tailored specifically for each individual patient based on their genetic makeup. This helps optimize drug selection and dosing based on a patient's genetic code and prevents adverse drug reactions.

 The Global Pharmacogenomics Market is estimated to be valued at US$ 1.9 Bn 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 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. These companies have undertaken strategic initiatives like collaborations, partnerships, and new service launches to consolidate their market position. The growing need for personalized medicine and targeted therapies present lucrative opportunities for market players. Additionally, rising investments to expand pharmacogenomics applications will further augment the industry potential over the forecast period.

Key opportunities in the Pharmacogenomics Market Size include increased demand for pharmacogenetic testing along with the development of genomic applications in clinical practices and medicine. There is immense scope to deploy pharmacogenomic tools during drug development stages to design targeted drugs with minimal side effects. The rising prevalence of cancer and other chronic diseases will boost pharmacogenomic adoption in clinical trials and treatment decisions. Global expansion and clinical adoption of pharmacogenomics tests and services in developing regions offer high growth prospects.

Market Drivers
The primary market driver fueling the pharmacogenomics industry is increased personalized medicine adoption. Understanding an individual's genomic variations helps optimize drug efficacy and safety. This prevents adverse reactions and treatment failures. The rising need to curb healthcare costs associated with expensive drug trials and treatment unsuccessfulness is propelling the demand for pharmacogenomic profiling. Additionally, growing investments by pharmaceutical companies and research institutes to develop targeted drugs using pharmacogenomic insights will further catalyze market growth over the coming years.

PEST Analysis
Political: The regulations on genetic testing and data privacy differ across regions and keep evolving with advancing technology. Regulations need periodic scrutiny and amendments to enable the benefits while safeguarding patients.

Economic: Rising healthcare costs are driving demand for personalized medicine to improve clinical outcomes and reduce avoidable medication failures. Growing investments in R&D are supporting development of diagnostics with new capabilities.

Social: With increased awareness of genetic insights and their applications, people are open to accessing personalized care plans and options. Still, social aspects around equitable access, data security and insurance coverage warrant attention.

Technological: Advances in genomic sequencing, data analytics and AI are fueling new biomarker discovery and integration of multi-omic data for better predictions. Collaboration across biopharma, diagnostic and IT companies will drive further innovations to realize full potential.

In terms of value, North America holds the largest share of pharmacogenomics market currently owing to more supportive regulatory environment and healthcare reforms favoring personalized care. The Asia Pacific region is projected to grow at the fastest pace during the forecast period backed by rapid economic development, huge patient population, healthcare investments and widening insurance coverage in major countries.

Get more insights on – Pharmacogenomics Market

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

Comments

Post a Comment

Popular posts from this blog

Cellulose Films is the largest segment driving the growth of Cellulose Plastics Market

Image
  Cellulose Plastics Market The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Cellulose plastics are bioplastics made from cellulose, one of the most abundant organic polymer on Earth. They are produced from plant materials like wood and agricultural residues. Cellulose plastics offer advantages like biodegradability, recyclability and sustainability. They are widely used in agriculture films, food packaging and textiles. Market key trends: One of the key trend in the cellulose plastics market is growing demand for biodegradable and sustainable packaging solutions. Rising environmental concerns regarding widespread use of conventional plastics is driving the demand for eco-friendly cellulose plastics. Strict government regulations prohibiting use of single use p...
Read more

Electronic Warfare Market Poised to Witness High Growth Owing to Increasing Usage of EW Systems Across Military and Defense Sectors

Image
Electronic Warfare Market Electronic warfare (EW) systems are used for detecting, deceiving or damaging enemy’s communication and radar systems. It involves deliberate emission or suppression of electromagnetic energy to maintain information dominance. EW systems find wide applications across military, including land, sea, air and space operations for counteracting threats from armed forces of other nations. The need for situational awareness and gaining tactical advantage over opponents has catalyzed demand from armed forces globally. The global electronic warfare market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.  Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Co...
Read more

Poultry Keeping Machinery connected with market drivers for automation

Image
  Poultry Keeping Machinery Market The global Poultry Keeping Machinery Market is estimated to be valued at US$ 4,866.90 Mn in 2022 and is expected to exhibit a 3.4% CAGR over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Poultry keeping machinery are used for rearing poultry birds for commercial meat and egg production. Poultry keeping machinery includes equipment such as cage systems, feeders, waterers, egg collection systems, heating and cooling systems and ventilation systems. Poultry cages provide shelter to the birds and make the feeding and waste collection process efficient. Automatic feeders and waterers ensure the availability of nutritional feed and water to birds on a regular basis. Egg collection systems collect eggs from the cages to avoid breakage during collection. Heating, cooling and ventilation systems maintain optimum temperature and provide fresh air. The equipment allows large scale...
Read more