pharmacogenomics market size is flourishing owing to the increasing product acceptance, growing demand for precision medicine, trend of personalized medicines, and increasing number of R&D operations.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global pharmacogenomics market size to grow at a CAGR of 12.4% during the forecast period between 2022 and2028. An increasing demand for precision medicine is the primary factor driving the growth of global pharmacogenomics market. Precision medicine, as opposed to the one-drug-fits-all approach to healthcare, advocates for healthcare customization, with medical decisions, treatments, procedures, or products tailored to a specific group of patients. Precision medicine is in high demand because it is at the forefront of oncology and has exciting new applications outside of oncology and late-stage illnesses such as rare and genetic diseases. Precision medicine’s main goal is to integrate genetic and environmental data about specific diseases and their responses to specific treatments. Technological advancement is a key trend that is gaining traction in the pharmacogenomics market. To provide cost-effective options for screening known polymorphisms and discovering novel variants, pharmaceutical companies are concentrating on various pharmacogenomics analysis techniques.
Global Pharmacogenomics Market – Overview
The sale of pharmacogenomics testing by entities (organizations, sole proprietors, and partnerships) that refer to specific medical treatment for each individual or a group of individuals constitutes the pharmacogenomics marker. The study of how a patient’s genes impact how they react to medications is known as pharmacogenomics. Pharmacogenomics’ long-term goal is to assist doctors in choosing the medications and dosages that are most appropriate for each patient. Customized medications will be developed using pharmacogenomics to treat a range of medical conditions, such as cardiovascular disease, Alzheimer’s disease, cancer, and asthma.
Next-generation sequencing (NGS), polymerase chain reaction, gel electrophoresis, mass spectrometry, microarray, and other technologies are the main ones used in the pharmacogenomics market. Massively parallel sequencing (MPS) is a technique used in NGS, which offers extremely high throughput, scalability, and speed. The method is used to establish the nucleotide sequence in entire genomes or particular DNA or RNA sequences. Neurology, drug discovery, oncology, cardiology, pain management, and other fields are among the applications of pharmacogenomics. Hospitals and clinics, research facilities, and academic institutions were among the end users.
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Opportunity: Advancements in healthcare
Globally increasing rates of life-threatening disorders, advances in molecular methods for creating pharmacogenomics-based therapeutics, and rising advancements in methods of detection and treatment will all contribute to the creation of abundant market expansion opportunities. Global medical tourism is growing, and the untapped market has significant growth potential, so there will be ample room for market expansion. A strong pipeline of antiviral medications, a growing geriatric population, and an increase in the prevalence of congenital issues like down syndrome, vacterl syndrome, and digestive disorders are additional factors that will spur market expansion. The market’s growth rate will be accelerated by additional factors like the availability of inexpensive medications and rising personal disposable income.
Challenge: Lack of highly skilled and trained healthcare professionals
The primary factors that are anticipated to obstruct the growth of the global pharmacogenomics market include a lack of highly skilled and trained healthcare professionals to conduct the pharmacogenomics diagnostics test and a lack of pharmacogenomics information in the electronic systems used by healthcare professionals. For instance, according to a September 2021 article in Frontiers, a publisher of peer-reviewed open-access scientific journals, healthcare professionals lack adequate pharmacogenomics training and education and are gravely concerned about the lack of evidence-based clinical guidelines. The low level of pharmacogenomics integration is largely due to a lack of resources, including laboratory equipment, infrastructure requirements for pharmacogenomics, and skilled and highly trained healthcare professionals.
Impact of COVID-19 on Global Pharmacogenomics Market
Directly affecting supply and demand, upsetting distribution chains, and having an economic impact on companies and financial markets are the three main ways that COVID-19 pandemic affected the economy. Due to widespread lockdowns, many countries, including China, India, Saudi Arabia, the United Arab Emirates, and Egypt, are having trouble transporting drugs from one location to another. Additionally, players in the global pharmacogenomics market faced significant challenges on several fronts because of the COVID-19 pandemic. The lack of raw materials available to produce drug formulations due to the transportation irregularities is one of the biggest problems. Distributors witnessed erratic demand for their products from retailers due to an increase in patients with COVID-19 and other life-threatening illnesses.
Global Pharmacogenomics Market – By End User
The global pharmacogenomics market is segmented by end users into hospitals, research organizations, and others. The hospitals segment holds the highest market share due to increased demand and growing awareness among medical professionals because of advanced drug development and technologies with good output and increased therapeutic index, keeping the pharmacogenomics market at the top throughout the forecast period.
Competitive Landscape
Global pharmacogenomics market is fiercely competitive. Prominent players in Global Pharmacogenomics Market include Novartis AG, Mylan N.V., Ferndale Pharma Group, Inc., F. Hoffmann-La Roche Ltd, Pfizer Inc., Takeda Pharmaceutical Company Limited, AstraZeneca, GlaxoSmithKline plc, Bristol-Myers Squibb Company, Eli Lilly and Company, Boehringer Ingelheim International GmbH, AbbVie Inc, Allergan, Abbott, and Bayer AG. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global pharmacogenomics market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Pharmacogenomics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Pharmacogenomics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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