18/04/2024
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Pharmacogenomics Market Global Forecasts

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A new report by MarketsandMarkets predicts strong growth ahead for the global pharmacogenomics market. The market was valued at $3.5 billion in 2023 and is expected to reach $5.8 billion by 2028, reflecting a compound annual growth rate (CAGR) of 10.6% during this period.

Pharmacogenomics refers to the study of how genes affect a person’s response to drugs. This field combines pharmacology and genomics to develop more targeted and effective medications tailored to an individual’s genetic makeup.

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Several key factors are fueling the rapid expansion of the pharmacogenomics sector. These include a rise in genomic research projects, increased R&D investment, and a growing prevalence of chronic diseases like cancer. According to World Health Organization statistics, around 20 million new cancer cases and 10 million cancer deaths occurred globally in 2020.

The increasing adoption of personalized medicine approaches, enabled by pharmacogenomic testing, is a significant growth driver. As cancer and other diseases become more common, healthcare systems are embracing genetic testing to predict patient responses to drugs and optimize treatment plans.

However, variability in drug reactions poses challenges. Individual differences related to genetic and metabolic factors make accurate prediction complex. Still, the report highlights emerging opportunities for polygenic risk scores and machine learning to improve patient stratification precision.

North America currently leads the global pharmacogenomics market, followed by Europe. The robust research climate and expanding genomic research in countries such as the US and Canada propel North America’s strong market share.

Among product segments, kits and reagents make up the dominant share. Sequencing kits accounted for the largest portion in 2022, given sequencing’s ability to uncover in-depth genetic insights to guide personalized medicine approaches.

In terms of technology, sequencing also held the greatest market portion. High-throughput sequencing enables efficiency, cost savings, and precision medicine advancement. PCR and microarray technologies made up other key technology segments.

Based on applications, personalized medicine represented the largest and fastest-growing segment. Tailoring treatments to patients’ genetic profiles enhances outcomes while minimizing adverse events, explaining this segment’s popularity.

On the competitive front, key players in pharmacogenomics include Illumina, Thermo Fisher Scientific, Laboratory Corporation of America Holdings, Danaher Corporation, and Qiagen. Recent developments highlight a trend toward acquisitions, partnerships, and new product launches to drive innovation in genomic testing.

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In summary, pharmacogenomics represents an increasingly vital field helping to enable more precise, genetically guided treatment plans. With a robust 10.6% CAGR, this market is on track to top $5.8 billion by 2028. Key forces steering growth include rising investment in genomic research, an emphasis on personalized medicine, and growth in sequencing and PCR technologies. As healthcare systems seek to improve outcomes through precision-based approaches, pharmacogenomics is positioned to transform patient care through more targeted therapies.

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