(MENAFN- Straits Research) Pharmacogenomics is a subspecialty of personalized medicine that focuses on using genetic data to better inform medication decisions based on the person's "pharmacy" genes that determine how they will process a medication. This aids in precisely assessing a person's response to the medication and identifying potential side effects. The paradigm is changing from reaction to prevention as personalized medicine is widely adopted. Additionally, businesses are focusing on creating pharmacogenomic testing based on cutting-edge molecular assay technologies, which is expected to help doctors make better therapeutic decisions.
Market Dynamics
Constant Need for Treatments ofFatal Diseases and Growing Concerns about Adverse Drug Reactions (ADRs) Are Growing
The market need is fueled by the increasing prevalence of diseases like cancer, for which there is currently no effective treatment. As a result, during the forecast period, genomics and precision medicine have gained significance in the treatment of cancer patients. Cancer treatment must consider both acquired (somatic) and inherited (germline) variations, improving a drug's efficacy and safety. Physicians' adverse pharmaceutical responses remain a concern in today's global healthcare system. This is primarily because one patient may have side effects while another obtains no benefit.
Consequently, the diversity of society results in unanticipated reactions, which hinders the current healthcare market scenario. Numerous pharmaceutical substances cause people to have life-threatening side effects. Pharmacogenomics aims to improve treatment outcomes by elucidating the underlying biological mechanisms and utilizing genetic contributions for customized medication.
Huge Pharmacogenomics Adoption Potential in Emerging Nations Creates Tremendous Opportunities
The growth of the global pharmacogenomics market has been propelled by the increased prevalence of adverse drug responses and the extensive research and development expenditures connected with this sector. In clinical practice, pharmacogenomics is gaining significance and is regarded as one of the critical foundations of personalized medicine. The marketing theories and technologies used to personalize medicine interventions would hasten the adoption of pharmacogenomic testing services in clinical practice.
Regional Analysis
The North American regional market is the largest market for pharmacogenomics services market. The prevalence of chronic diseases, such as cancer and increased end-user awareness of the use and advantages of pharmacogenomics are two of the main drivers of the market. For example, the U.S. Pharmacogenomics Research Network developed the Translational Pharmacogenomics Program to integrate pre-emptive testing in numerous clinical settings. These activities and programs substantially affected the market, particularly in North America, fostering its upward pace. In addition, the industry is supported by increased healthcare expenditures and end-user spending, which balance the regional market's characteristics.
Key Highlights
The global pharmacogenomics services market was valued at USD 5.10 billion in 2021. It is projected to reach USD 8.84 billion by 2030, growing at a CAGR of 5.65% during the forecast period (2022–2030).
Based onproducts and services, the market is segmented into instruments, consumables, services, and software. The instruments segment accounts for the largest revenue share in the market.
Based on technology, the market is segmented into next-generation sequencing, polymerase chain reaction, gel electrophoresis, mass spectrometry, microarray, and hybridization. The polymerase chain reaction has the most significant market share in the global pharmacogenomics market's technology segment.
Based onend-user, the market is segmented into biopharmaceutical companies, academic and research institutes, contract research organizations, and molecular diagnostics laboratories biopharmaceutical firms' market segment is the largest and one of the fastest-growing due to the increasing adoption of PGx solutions.
The North American regional market is the largest pharmacogenomics services market.
Competitive Analysis
The global pharmacogenomics servicesmarket's major key players are Thermo Fisher Scientific, Admera Health, Agena Biosciences, Inc., Illunima, Inc, OneOme, LLC, Myriad Genetics, Inc., Quest Diagnostics, Dynamic DNA Laboratories, Personalis Inc., Coriell Life Sciences, Phamatech, Inc, BiogeniQ Inc., CENTOGENE N.V., Empire Genomics, and ViennaLab Diagnostics GmbH.
Market News
June 2022- Thermo Fisher Scientific Updates Applied Biosystems QuantStudio 5 Dx Real-Time PCR System to Comply with IVDR Regulations.
June 2022- Illumina to showcase the transformational impact of comprehensive genomic profiling in unlocking precision medicine for cancer patients at ASCO.
March 2022- Myriad Genetics Advances Precision Oncology with New Precise Solutions, Combines Genetic Insights from Multiple Tests to Guide Treatment Decisions and Improve Patient Care.
June 2022- New Quest Diagnostics Health Trends® Study, in Collaboration with CDC, Shows Less Than Half of Pregnant People Screened for Hepatitis C.
Global Pharmacogenomics Services Market: Segmentation
By Product and Services
Instruments
Consumables
Services
Software
By Technology
Next-Generation Sequencing
Polymerase Chain Reaction
Gel electrophoresis
Mass Spectrometry
Microarray
Hybridization
By Applications
Cardiovascular disease
Infectious diseases
Oncology
Neurological diseases
Psychiatry
Pain Management and Trauma
By End-User
Bio-Pharmaceutical Companies
Research and Academic institutes
Contract Research Organization and Molecular Diagnostics Labs
By Regions
North America
Europe
Asia-Pacific
LAMEA
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