Delving Deep into the Pharmacogenomics Market: An Extensive Analysis of Growth Opportunities

The pharmacogenomics market size has grown rapidly in recent years. It will grow from $8.14 billion in 2023 to $9.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increasing focus on personalized medicine, the rising advanced healthcare infrastructure and increased healthcare expenditure.

The pharmacogenomics market size is expected to see rapid growth in the next few years. It will grow to $13.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to the increasing aging population, the increasing chronic diseases, the rising population and the increasing demand for cancer treatment. Major trends in the forecast period include launch of genome editing solution for deeper analysis of advanced therapies, focus on integration of artificial intelligence (ai) in genomics to analyze genetic data, growing advancements in metagenomics, strategic partnerships and collaborations among market players, introduction of three-dimensional (3d) genomics to study influences on gene expression and function, new product innovations with focus on infectious diseases and gene editing and development of psychotropic pharmacogenomics test for informed decisions.

Market Overview -
Pharmacogenomics is a field of research that studies how a patient's genes affect and how they respond to medications. The long-term aim of pharmacogenomics is to help doctors select the drugs and doses best suited for each person. Pharmacogenomics is used to create customized drugs to treat a variety of health issues, including cardiovascular disease, Alzheimer's disease, cancer, and asthma. The pharmacogenomics marker refers to precise medical treatment for each person or a group of people.

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Precision Medicine's Surge And Its Impact On The Growing Pharmacogenomics Market
The rising demand for precision medicine is driving the demand for the pharmacogenomics market. Precision medicine is a medical model that proposes healthcare customization, with medical decisions, treatments, practices, or products tailored to a subset of patients rather than a one-drug-fits-all-all model. There is a rising demand for precision medicine as it is the most advanced in oncology, having wider, exciting applications beyond oncology and late-stage diseases such as rare and genetic diseases. The main aim of precision medicine is to integrate genetic and environmental information about particular diseases and/or their responses to particular treatments. For instance, according to the article published on Linchpinseo in March 2022, the increasing demand for precision medicine investment from leading pharmaceutical companies is experiencing a 1/3 increase in the next five years. Furthermore, in the USA, 30 million people with type 2 diabetes get diagnosed and treated where precision medicine provides individualized treatment and will re-calibrate current treatment practices. Hence, the increasing demand for precision medicine will drive the pharmacogenomics market.

Competitive Landscape -
Major companies operating in the pharmacogenomics market report are Illumina Inc, Eurofins Scientific, Myriad Genetics Inc, PerkinElmer Inc, Centogene N.V, Invitae Corporation, Genomind, Pacific Biosciences of California Inc, Oneome LLC, Admera Health, MapMyGenome, Positive Bioscience, Xcode Life Sciences, Xcelris Labs, Takeda Pharmaceutical Company Limited, Garvan Institute of Medical Research, 3D Medicines Inc, Berry Genomics, BGI, GenomiCare Biotechnology, Biotecan Pharmaceuticals, Bayer AG, GlaxoSmithKline plc (GSK), F Hoffmann-La Roche AG, Merck KGaA, Future Science Group, QIAGEN N.V, Institute of Biomedical Chemistry, Centro de Genoma e Biologia de Sistemas (CGBS), Dasa Group, Datar Cancer Genetics Limited, MedGenome Labs, AnorMed, 23andMe, Myriad Genetics, Color Genomics, Pathway Genomics, Laboratório Richet, Laboratório Exame, Genomika Diagnósticos, Gulf Pharmaceutical Industries JULPHA, Neopharm, NewBridge Pharmaceuticals Limited, EIPICO (Egyptian International Pharmaceutical Industries Company), Aspen Pharmacare Holdings Limited, Pharma-Q (Pty) Ltd

Technological Advancements Transforming The Pharmacogenomics Market
Technological advancement is a key trend gaining the popularity in pharmacogenomics market. Medicine manufacturers are focusing on various approaches to pharmacogenomics analysis to provide cost-effective solutions for screening known polymorphisms and the discovery of novel variants. For instance, in May 2021, Integrated Prescription Management (IPM), a USA-based pharmacy benefits management (PBM) company, and Myriad Genetics Inc., a genetic testing and precision medicine, launched GeneSight test, a pharmacogenomics testing for patients suffering from depression or anxiety.

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Key Segments -

The pharmacogenomics market covered in this report is segmented -

1) By Technology: Next Generation Sequencing, Polymerase Chain Reaction, Gel Electrophoresis, Mass Spectrometry, Microarray, Other Technologies
2) By Application: Neurological Diseases, Infectious Diseases, Oncology, Cardiovascular Diseases, Pain Management, Other Applications
3) By End User: Hospitals and Clinics, Research Institutions, Academic Institutes, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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