Pharmacogenomics Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities
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What is the Projected Growth Rate of the Pharmacogenomics Market from 2024 to 2033?
In recent times, there has been a significant expansion in the pharmacogenomics market. Projected growth rates suggest an increase from $8.14 billion in 2023, to $9.04 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.1%. This growth, during the historical period, can be traced back to robust economic development in emerging markets, a bolstered focus on personalized treatment, the emergence of more advanced healthcare infrastructures and an overall increase in health-related expenditures.
There’s anticipated to be a significant escalation in the pharmacogenomics market in the coming years, with predictions indicating a growth to $13.48 billion by 2028, at a compound annual growth rate (CAGR) of 10.5%. Several factors like an increasing elderly population, escalating chronic diseases, a burgeoning overall population, and an increase in the demand for cancer therapies can be cited as reasons for this projected growth in the forecast period. Key trends for the same period include the introduction of genome editing solutions for advanced therapeutics analysis, the integration of artificial intelligence (AI) into genomics for genetic data evaluation, advancements in metagenomics, strategic alliances, and collaborations among participants in the market. The forecast period will also see the emergence of three-dimensional (3d) genomics to explore impacts on gene expression and operations, novel product innovations centered on infectious diseases and gene modification, and the development of psychotropic pharmacogenomics tests for making informed decisions.
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What Are the Key Drivers of Growth in the pharmacogenomics Market?
The pharmacogenomics market is experiencing increased demand due to the surge in interest for precision medicine. Precision medicine offers a healthcare customization method wherein medical treatments and practices are tailored towards a specific group of patients as opposed to a generic model. The increasing demand for precision medicine, particularly advanced in oncology and spanning beyond it to include other complex diseases such as rare and genetic disorders, is triggering growth in the market. The principal goal of precision medicine is to incorporate genetic and environmental data on specific diseases and their responses to targeted therapies. A prime example has been highlighted in a Linchpinseo article published in March 2022, which documents the escalating investment in precision medicine by key pharmaceutical companies, expected to rise by a third in the next five years. Additionally, in the United States, precision medicine’s potential shines brightly as it offers personalized treatment and helps re-adjust current treatment protocols for the 30 million people diagnosed and treated for type 2 diabetes. This growing demand for precision medicine effectively propels expansion in the pharmacogenomics market.
What Are the Notable Segments in the Pharmacogenomics Market?
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
Which Emerging Trends Are Altering the Pharmacogenomics Market?
The increasing advancements in technology is emerging as a significant trend in the pharmacogenomics market. Companies producing medicines are now concentrating on several pharmacogenomics analysis methods to offer solutions that are affordable for screening recognised polymorphisms and uncovering new variants. One such example can be seen in May 2021, when Integrated Prescription Management (IPM), a PBM firm in the USA, collaborated with Myriad Genetics Inc., a genetic testing and precision medical company, to launch the GeneSight test, designed to conduct pharmacogenomics testing for patients dealing with depression or anxiety.
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Which Regions Are Most Influential in Expanding the Pharmacogenomics Market?
North America was the largest region in the pharmacogenomics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacogenomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Pharmacogenomics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pharmacogenomics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Pharmacogenomics Market Include
1. Pharmacogenomics Market Executive Summary
2. Pharmacogenomics Market Segments
3. Pharmacogenomics Market Size And Template Market Growth Rate
4. Key Pharmacogenomics Market Trends
5. Major Pharmacogenomics Market Drivers
……
25. Key Mergers And Acquisitions In The Pharmacogenomics Market
26. Top Pharmacogenomics Companies
27. Pharmacogenomics Market Opportunities And Strategies
28. Pharmacogenomics Market, Conclusions And Recommendations
29. Appendix
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