Physicians worldwide have treated patients by prescribing medical treatments based on what medical knowledge and therapy has produced the best overall results. As a result, many healthcare systems have been unable to offer adequate care to broad sectors of the patient population. It is because, in medical care, there is no such thing as a one-size-fits-all solution. Some treatments and prevention strategies help some people, but not others and the same medicine may cause side effects or undesired reactions in some patients but not others. As a result, the clinical treatment paradigm has moved from "the right medicine, for the right patient, at the right time" to "the right drug, for the right patient, at the right time."
Pharmacogenomic (PGx) investigations are used to examine and comprehend a person's disease vulnerability based on their genetic composition. It also aids clinicians in identifying patients who are more likely to have a detrimental reaction to a medicine.
Further, Growth in the personalized medicine sector is expected to provide a slew of opportunities for pharmacogenomics firms. It has enabled the production of PGX data used in treatment drug discovery. Personalized medicine research is becoming more popular among pharmaceutical corporations. Personalized medicine allows doctors to pinpoint a patient's specific needs and then prescribe medications and treatments to meet those needs. This method ensures improved care outcomes.
Apart from the fact that PGx products and services stand to reduce adverse drug reactions, they have the potential to:
The global pharmacogenomics market was valued at USD 5,250.08 million in 2020 and is expected to reach a market valuation of USD 10,859.91 million in 2029 due to an 8.45% CAGR during the forecast period.
From extensive drug discovery research and increased awareness among stakeholders in the healthcare industry. In Europe and the United States, clinical guidelines and drug labels with PGx information are available, expanding pharmacogenomics in clinical practice. It is utilized in medical facilities to customize fluoropyrimidine dosages for the treatment of specific cancers.
Furthermore, the global market has benefited from large-scale pharmacogenomics implementation programs. The PREDICT program at Vanderbilt University Medical Center, for example, intended to provide a framework and infrastructure for early integration of pharmacogenomics data into the electronic health record in the United States. In March 2016, Europe started the first large-scale, global pharmacogenomics implementation initiative, termed "Ubiquitous Pharmacogenomics" (U-PGx).
Further, the population belonging to the 65-years and older category is growing, putting them at a higher risk of several diseases such as cancer, cardiovascular diseases, Psychiatric conditions Neurological disorders. The rise in geriatric populations and associated risk of various disorders is also expected to drive the overall market growth during the forecast period.
Nonetheless, pharmacogenomics is a young and evolving science, with a lack of understanding of the genetic influence on medicine response demanding further research. However, there are some key sectors where market opportunities shall expand soon.
NGS is the fastest-growing segment in the market among all technologies. It is primarily due to technological advancements, and the decreasing cost of genetic tests are big drivers. From USDA3 billion in 2001 to less than USD 1000 in 2016, the cost of sequencing the human genome has decreased tremendously. Thus, commercial genotyping microarrays and sequencing methods that can query almost a million genetic variants in pharmacogenomic therapy are available at low cost. As the technology landscape evolves, the market segment is expected to witness a stiff rise during the forecast period.
In cancer, pharmacogenomics tests are performed to investigate how the medication affects a person's genetic profile. The oncology sector has the highest market share in the application category for the worldwide pharmacogenomics market, with total sales of USD 1,765.42 million in 2020. It's because of a rise in cancer cases worldwide, a surge in interest for personalized treatment, and the use of pharmacogenomics in drug research and development. For example, cancer therapy is one of the most well-funded research sectors worldwide, with enormous research initiatives and R&D activities resulting in a sizable revenue share.
Several factors are driving the market, including the incidence of chronic diseases, particularly cancer, and increased end-user awareness of the use and benefits of pharmacogenomics, among others. Furthermore, the region is home to a few startups and small-scale businesses, implying significant capital and revenue in the market-rich potential pockets. For example, most of the world's pharmaceutical and biopharmaceutical behemoths, such as Pfizer, J&J, Abbott, and Alkem, are headquartered in the region, providing a lucrative opportunity pocket for huge funding and long-term industry-research collaborations.
Further, the high growth and extensive adoption and utilization of genomic technologies and genomic testing in the APAC regions have paved the way for the pharmacogenomics market to expand and grow. The National Health Genomics Policy Framework (NHGPF) aims to facilitate individuals with longer and better lives with appropriate access to genetic knowledge and technology for illness prevention, diagnosis, treatment, and monitoring. Further, similar scenarios have been witnessed in China, where Genomic Testing is growing in leaps driven by Government and Private Investment and wide Consumer Acceptance.