Pharmacogenomics Market Growth Data 2024 - 2031 Trends, Forecasts |Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG

Market Overview:

Pharmacogenomics is the study of how genes affect an individual's response to drugs. It helps determine the right medication and dosage for each patient.

Market Dynamics:

The rising demand for personalized medicine is driving the growth of the pharmacogenomics market. Personalized medicine takes into account individual lifestyle factors and genetic variations. It helps doctors prescribe drugs and treatment plans tailored to each patient. Additionally, the increasing focus on pharmacogenomics to develop targeted therapies is also fueling market growth. Pharmacogenomics helps develop drugs targeted at specific genetic mutations and molecular pathways. This facilitates faster clinical trials and development of more effective treatments for various cancers and other diseases.

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Market Drivers

Increasing Incidences of Adverse Drug Reactions due to Patient's Genetic Makeup:

Adverse drug reactions occur when patients react abnormally to medications owing to their unique genetic makeup which affects how their body processes and responds to certain drugs. According to some estimates, adverse drug reactions account for around 5% of hospitalizations annually in developed countries.

Factors such as age, ethnicity, body weight, lifestyle habits can also influence one's genetic predisposition towards drug reactions. Pharmacogenomics helps identify genetic markers that predict drug response variations across patients. This enables precision in drug selection, dosing and frequency suitable for individual patients thereby reducing incidences of adverse drug reactions.

Growing Need for Targeted Therapies based on Genetic Testing:

Inherited genetic variations have a significant role to play in disease development, progression and drug metabolism for various chronic and life-threatening illnesses like cancer. Pharmacogenomic testing helps doctors and researchers to develop targeted therapies customized for individual patient's genetic profiles.

By examining how genes regulate the body's response to specific medications, pharmacogenomics aids the development of precision medicines that work more effectively for genetically defined patient subgroups. This drives the need for pharmacogenomic screening prior to administering targeted therapies.

Market Restrain

High Costs of Pharmacogenomic Tests:

Genetic testing requires specialized equipment, trained personnel and involves complex scientific techniques like DNA sequencing and analysis which makes pharmacogenomic tests expensive. This remains one of the key challenges hindering widespread adoption and accessibility of pharmacogenomic testing especially in developing nations with budget constraints in healthcare. Also, lack of sufficient insurance coverage for such tests in many countries adds to the affordability issue. This acts as a major restrain for the pharmacogenomics market growth.

Market Opportunity

Potential for Pharmacogenomic Diagnostics in Personalized Treatment of Cancer:

Cancer is one of the leading causes of mortality worldwide. While targeted cancer therapies have improved treatment outcomes, significant portion of patients still show resistance or adverse reactions to such medicines.

Pharmacogenomic profiling of cancer patients can enable selection of drugs having higher response rates and lesser side effects based on one's genetic profile. This presents a huge opportunity for pharmacogenomic diagnostics companies to develop advanced cancer diagnostic tests incorporating pharmacogenomic biomarkers.

As cancer treatments gradually shift towards precision and personalized medicine guided by a patient's genomic information, the market potential for pharmacogenomic cancer diagnostics is expected to witness exponential growth in the coming years.

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Market Trend

Increasing Integration of Pharmacogenomics in Clinical Practice:

Regulatory bodies like FDA have published various drug labels and clinical guidelines emphasizing the role of pharmacogenomic testing for certain drugs. This is driving increased prescribing of genetic tests prior to administration of pharmacogenomically-guided medications.

Several pharmaceutical companies and health systems are also collaborating with diagnostic labs to incorporate pharmacogenomic markers in electronic health records (EHRs) for improved genetic screening and therapeutic monitoring.

Researchers are undertaking initiatives to establish clinical validity and utility of pharmacogenomic biomarkers through large scale studies. This growing body of evidence is supporting wider clinical adoption and integration of pharmacogenomics supported personalized medication management framework.

Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, a detailed analysis of the competitive landscape, and product services of key players. Analysis of Pharmacogenomics companies, key tactics followed by Leading Key Players:

◘ Admera Health
◘ Abbott Laboratories
◘ Agilent Technologies
◘ Novartis AG
◘ Dynamic DNA Laboratories
◘ Empire Genomics LLC.
◘ F. Hoffmann-La Roche Ltd.
◘ Illumina Inc.
◘ OneOme LLC
◘ Myriad Genetics Inc.
◘ OPKO Health Inc. (GeneDx.)
◘ Thermo Fisher Scientific Inc.
◘ AltheaDx

Note: Major Players are sorted in no particular order.

By Technology: DNA Sequencing, Microarray, Polymerase Chain Reaction, Electrophoresis, Mass Spectrometry, Other Technologies

By Application: Cardiovascular Diseases, Infectious Diseases, Oncology, Neurological Diseases, Psychiatry, Pain Management, Others

By End User: Hospitals & Clinics, Research Institutions and Academic Institutes, Others

The Study Objectives are:

A comprehensive insight into key players operating in the Pharmacogenomics Market and their corresponding data.
It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
Regional analysis, which includes insight into the dominant market and corresponding market share.
It also includes various socio-economic factors affecting the evolution of the market in the region.
The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Contents:

Market scenario 2023

Chapter 1: Introduction, Market Driving Force Product Objective of Study and Research Scope the Pharmacogenomics market
Chapter 2: Exclusive Summary - the basic information of the Pharmacogenomics Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends, and Challenges & Opportunities of the Pharmacogenomics
Chapter 4: Presenting the Pharmacogenomics Market Factor Analysis, Supply/Value Chain, PESTEL analysis, Market Entry, and Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User, and Region/Country 2023 - 2030
Chapter 6: Evaluating the leading manufacturers of the Pharmacogenomics market which consists of its Competitive Landscape, Peer Group Analysis, Market positioning & Company Profile
Chapter 7: To evaluate the market by segments, by countries, and by Manufacturers/Companies with revenue share and sales by key countries in these various regions (2023-2030)
Chapters 8 & 9: Displaying the Appendix, Methodology, and Data Source

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Key Questions Answered:

What is the market size and CAGR of the Pharmacogenomics Market during the forecast period?
How is the growing demand impacting the growth of Pharmacogenomics Market shares?
What is the growing demand of the Market during the forecast period?
Who are the leading vendors in the market and what are their market shares?
What is the impact of the COVID-19 pandemic on the APAC Pharmacogenomics Market?

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