Pharmacogenomics is the study of how an individual’s genetic makeup affects their response to drugs. It involves analyzing a person’s genetic information to predict how they may respond to a particular medication, including how effective it may be and any potential side effects they may experience. This field combines the principles of pharmacology (the study of drugs and their effects) and genomics (the study of genes and their functions) to develop personalized approaches to drug therapy.
U.S. Pharmacogenomics Market Size was valued at USD 2,463.9 Million in 2021, and is Anticipated to reach USD 5,676.1 Million by 2031, registering a CAGR of 8.7% from 2022 to 2031.
What is the future of pharmacogenomics?
The future of pharmacogenomics is promising, as the field is rapidly advancing and has the potential to revolutionize personalized medicine. With advancements in technology, the cost of genetic testing is becoming more affordable, making it more accessible for patients. This allows for more accurate and effective prescription of medication, leading to improved patient outcomes and decreased risk of adverse drug reactions. The integration of pharmacogenomics into clinical practice has the potential to greatly improve drug safety and efficacy, leading to more precise and personalized healthcare. As research continues in this field, new discoveries and applications of pharmacogenomics are likely to emerge, leading to even more breakthroughs in personalized medicine.
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What Are the Market Drivers for US Pharmacogenomics Market?
The market drivers for the US pharmacogenomics market include:
- Growing prevalence of chronic diseases: Chronic diseases such as cancer, cardiovascular diseases, and neurological disorders are on the rise, and pharmacogenomics has the potential to improve patient outcomes and reduce healthcare costs.
- Increasing awareness of personalized medicine: With the increasing awareness of personalized medicine, there is a growing demand for pharmacogenomic testing that can help identify patients who are most likely to benefit from a particular medication and avoid adverse reactions.
- Advances in technology: Recent advances in genomics, proteomics, and bioinformatics have made it possible to sequence the human genome quickly and at a lower cost, allowing for more efficient and cost-effective pharmacogenomic testing.
- Favorable government initiatives: The US government has been supporting pharmacogenomics research and development through initiatives such as the Precision Medicine Initiative, which has allocated funding to support research into personalized medicine and genomics.
- Growing demand for companion diagnostics: Companion diagnostics have become an integral part of personalized medicine, and the demand for these tests is expected to increase with the growing use of pharmacogenomics.
- Increasing use of pharmacogenomic testing in drug development: Pharmacogenomics is increasingly being used in drug development to identify biomarkers and genetic variations that can help predict drug efficacy and safety, which is expected to drive the market growth.
- Rising geriatric population: The geriatric population is more prone to chronic diseases, and the use of pharmacogenomics to personalize treatments is expected to increase as the number of elderly patients grows.
Top Key Players of US Pharmacogenomics Market
- Thermo Fisher Scientific Inc.
- Illumina, Inc.
- F. Hoffmann-La Roche Ltd.
- QIAGEN
- Agilent Technologies, Inc.
- Eurofins Scientific
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Becton, Dickinson and Company
- Myriad Genetics, Inc.
US Pharmacogenomics Market Segments:
The pharmacogenomics market can be segmented based on technology, application, end-user, and region. Here’s a brief overview:
By Technology:
- Polymerase Chain Reaction (PCR)
- Gene Sequencing
- Microarray
- Mass Spectrometry
By Application:
- Oncology
- Neurology
- Pain Management
- Cardiovascular
- Psychiatry
By End-user:
- Hospitals
- Research Institutes
- Diagnostic Centers
- Others
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By Region Outlook
• North America
(U.S., Canada, Mexico)
Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are main factors responsible for new product launch?
- How big is the global & regional market in terms of revenue, sales and production?
- How far will the market grow in forecast period in terms of revenue, sales and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
- Which region has more opportunities?
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