by It analyzes how genes affect a person’s response to drugs in terms of efficacy and safety. Pharmacogenomic testing helps identify which medications will work effectively and which may cause severe adverse effects for a particular individual. This enables doctors to offer tailored treatment plans based on a patient’s DNA. The rising prevalence of cancer and other chronic diseases has increased demand for precision medicine. Pharmacogenomic tools aid in selecting optimum drug regimens and dosages for each patient’s unique genetic profile.
The 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 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. Key players are focusing on partnerships and strategic collaborations to develop an extensive portfolio of pharmacogenomic diagnostic tests.
The rising prevalence of cancer and other chronic diseases has increased demand for precision medicine globally. Pharmacogenomic Market Size testing helps determine drug efficacy and safety at an individual level, which is boosting demand. It can reduce trial and error for drug selection thereby improving patient outcomes.
Advancements in genomics and bioinformatics have enabled pharmacogenomic profiling of clinical samples on a large scale. Key market players are expanding their operations globally through partnerships and distribution agreements to cater to the growing demand. The market is witnessing high growth in Asia, Latin America and Africa.
Market Key Trends
The increasing applications of pharmacogenomics in oncology is a key market trend. It is aiding in development of targeted cancer therapies and improving chemotherapy outcomes by helping identify appropriate drug regimens for individual patients. Next-generation sequencing technologies are enabling comprehensive genome analysis at reduced costs. This is supporting large-scale population studies to understand genetic influences on drug responses.
Porter’s Analysis
Threat of new entrants: High investment costs in R&D and regulatory procedures act as significant entry barriers.
Bargaining power of buyers: Moderate bargaining power due to availability of alternative treatment options. However, pharmacogenomic testing helps improve treatment outcomes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated technology and varied expertise required.
Threat of new substitutes: Threat of new substitutes is low as pharmacogenomics provide personalized therapy based on individual’s genetic makeup.
Competitive rivalry: Intense competition exists between major players to gain higher market share through new product launches and geographic expansion.
Geographical Regions
North America accounts for the largest share of the pharmacogenomics market due to high adoption of precision medicine, supportive regulatory guidelines, and growing awareness.
Asia Pacific is poised to grow at the fastest pace during the forecast period. This is attributed to rising healthcare expenditure, increasing instances of complex diseases, developing research infrastructure and growing focus on personalized therapy in countries such as China and India.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
