The Pharmacogenomics Market is being driven by Rising prevalence of genetic diseases and disorders
The Pharmacogenomics Market is expected to grow at a CAGR of 6.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2196.7 million. The pharmacogenomics market is experiencing significant growth due to the increasing demand for personalized healthcare and preventive approaches to disease risks. Vendors such as Quest Diagnostics, Myriad Genetics Inc., and 23andMe Inc. are providing direct-to-consumer pharmacogenomic testing products, including non-invasive DNA tests, which assess the genetic risk of developing various health conditions, such as migraine, autoimmune disorders, and cancer. These tests utilize biomarkers and genetic variation testing procedures to identify potential disease risks, enabling timely intervention and personalized treatment plans. The market's expansion is driven by the growing recognition of the importance of early disease detection and prevention.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Hospitals and clinics, Research organizations, Academic) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Pharmacogenomics Market Research Report
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Pharmacogenomics, a rapidly growing field, focuses on the role of genetics in drug response and discovery. This includes analyzing genetic profiles for drug response variability in cancer, genetic diseases, and chronic disorders such as neurology and oncology. Genetic elements and next-generation sequencing technology are used to identify genetic markers, while bioinformatics and molecular diagnostics aid in interpreting the data. Healthcare institutions and biotech firms employ personalized medicine and tailored treatments based on these findings, utilizing mass spectrometry, electrophoresis, and health care technologies for drug therapy and molecular diagnostics. Diseases like tuberculosis, HIV, and cardiovascular diseases are also targeted for advancements in this area.
The global life sciences tools and services market encompasses organizations involved in the research and development (R&D) of a range of product offerings, including capital equipment, instruments, accessories, and consumables. These products are utilized in the pharmaceutical and biotechnology industries for R&D purposes, as well as in laboratory diagnosis of various diseases. Additionally, life sciences-related services, such as contract research, contract manufacturing, and contract sales, fall under this market category. According to Technavio, the expansion of the global healthcare market is attributed to several key factors, including the increasing elderly population, the growing prevalence of genetic diseases and chronic conditions, and the rising demand for personalized medicine and tailored treatments. The implementation of genomic projects, particularly in the field of cancer research, and the subsequent development of drugs with improved genetic profiles and drug response variability, are also significant drivers for market growth. Metabolism variations and the genetic elements associated with these conditions further fuel market demand for advanced life sciences tools and services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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