Adverse Drug Reactions (ADRs) are unexpected or unintended effects of drugs on individuals. ADRs can be serious, affecting patient health or even proving fatal. The incidences of ADRs vary and depend on factors such as age, sex, ethnicity, existing disorders, genetic and environmental factors, administration route, treatment duration, dosage, and drug type. Moreover, increased age and polypharmacy also lead to ADRs. Pharmacogenomics helps in the development of medicines tailored to individuals’ distinctive genetic factors. The data obtained from pharmacogenomic testing can be used to initiate personalized treatment regimens for individuals, drastically reduce the probability of ADRs, and improve treatment outcomes.
Reducing the Burden of Chronic Diseases Using Pharmacogenomics
According to the WHO, chronic or Non-communicable Diseases (NCDs) cause around 41 million deaths each year, accounting for 74% of total deaths worldwide. Cardiovascular diseases account for most NCD deaths (17.9 million) annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million, including kidney disease deaths caused by diabetes).
Pharmacogenomics enables the development of personalized medicines for patients with cancer and other chronic diseases. The rising incidence of chronic diseases and the associated mortalities have increased the relative expenditure on diagnosis, treatment, and therapy development. Hence, there is a growing focus on improving knowledge and understanding of personalized mutations, which is expected to increase the demand for precision medicine for chronic diseases, leading to the demand for pharmacogenomics.
Adoption of Personalized Medicine – A Roadmap to Pharmacogenomics Market Growth
Precision medicine is an emerging approach to patient care. Physicians choose a treatment method based on the patient’s genetic makeup, also considering genetic changes resulting from a disease and lifestyle habits. It is an emerging disease treatment and prevention approach that considers variability in genes, environments, and lifestyles among individuals. Precision medicine can reduce the need for guesswork (trial and error in medication depending on how the medication affects the patient’s symptoms), help physicians overcome challenges related to variable diagnostic ability, and aid the development of treatment strategies based on generalized demographics. Moreover, precision medicine provides a more holistic view of an individual’s health. In clinical workflows, precision medicine facilitates more predictive and preventive care through targeted therapies.
With the help of precision medicine, chances of patient readmission can be reduced, and preventive measures can be taken against a disease. These advantages have boosted the adoption of precision medicines among patients, leading to increased approvals. For instance, in 2021, approvals for personalized medicines increased to 35% of total new molecular and cell-based therapies compared to 25% in 2019. As pharmacogenomics is a crucial aspect of personalized medicine, the increasing number of FDA approvals and the availability of new personalized medicines are driving the global pharmacogenomics market.
Insights from Pharmacogenomics Market Analysis
Recent insights from Meticulous Research® provide valuable perspectives on the future trajectory of the Pharmacogenomics Market. Projections suggest a potential worth of $19.5 billion by 2031, driven by a remarkable Compound Annual Growth Rate (CAGR) of 8.9% from 2024 to 2031. At the heart of this transformation is the growing demand for personalized medicine. The burden of chronic diseases, along with the high mortality rate due to these diseases, coupled with poor quality of life after treatments in diseases such as cancer due to unsuitability of medicine or adverse drug reactions, created the need for precision medicine and drove the adoption of pharmacogenomics.
As the global landscape takes shape, the North American region is expected to hold a substantial market share in 2024. Notably, influential industry players, including F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), QIAGEN N.V. (Netherlands), and Pacific Biosciences of California, Inc. (U.S.) have established a broad presence across various regions, leading to the widespread adoption of their pharmacogenomic offerings. In essence, this comprehensive overview from Meticulous Research serves as a gateway into the pharmacogenomics market.
Conclusion
The growing adoption of precision medicine coupled with the rising prevalence of chronic diseases has propelled the demand for pharmacogenomics through various applications. Furthermore, the growing application of pharmacogenomics for neurological disorders and adverse drug events will offer lucrative opportunities for the players operating in this market.
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