Pharmacogenomics is the study of the interactions between drugs and genes, which focuses on how genetic factors impact an individual's response to medications. By determining a person's genetic make-up prior to a physician prescribing a medicine, pharmacogenomic testing can help determine the safest and most effective medications and doses for that individual. This type of personalized approach to medicine offers patients increased safety and optimizes clinical response to treatments.
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 Opportunity:
The opportunity of personalized medicine can drive significant growth in the pharmacogenomics market. By understanding how a person's specific genetic makeup influences their body's response to medications, pharmacogenomic testing enables a truly tailored treatment plan. This personalized approach considers individual genetic variations to determine the best drug and dosing for each patient. It allows practitioners to provide safer, more effective prescriptions from the start of treatment. As pharmacogenomic testing helps optimize patient outcomes, avoids adverse drug reactions, and reduces trial-and-error prescribing, its ability to enable personalized medicine is expected to boost its demand and contribute significantly to the market's expansion over the forecast period.
Porter's Analysis
Threat of new entrants: New players face high costs of R&D, regulatory approvals and building brand awareness in this industry.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many companies offering similar products and testing services.
Bargaining power of suppliers: Suppliers have low bargaining power as there are many component providers and raw material suppliers in the market.
Threat of new substitutes: Threat from new substitutes is low as pharmacogenomic testing offers unique benefits over traditional treatment methods.
Competitive rivalry: The market is highly competitive with companies focusing on new product launches, partnerships and geographical expansions.
SWOT Analysis
Strength: Growing demand for personalized medicine and cost savings. Presence of large patient pools for clinical trials.
Weakness: High infrastructure and R&D costs. Regulatory hurdles.
Opportunity: Scope for pharmacogenomic testing in new therapeutic areas. Growing demand in emerging economies.
Threats: Data privacy and security issues. Reimbursement challenges pertaining to pharmacogenomic tests.
Key Takeaways
The global Pharmacogenomics Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 33079.39 Mn in 2024 to over US$ 86000 Mn by 2030, registering a CAGR of around 8.1%. North America currently dominates the market and is expected to continue its dominance in the upcoming years. This can be attributed to favorable regulations, advanced healthcare infrastructure and increasing research activities in the region.
Key players: 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
Regional analysis: North America is currently the largest market for pharmacogenomics due to increasing demand for personalized medicine in the region. Asia Pacific is expected to witness the fastest growth during the forecast period supported by rising healthcare expenditure, improving research infrastructure and growing focus on precision medicine in emerging countries like India and China.
For more insights, read- https://www.ukwebwire.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
