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Polaris Market Research has broadcasted a recent study report titled "Pharmacogenomics Technologies Market Share, Size, Trends, Industry Analysis Report, By Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, Others); By Therapeutic Area; By Region; And Segment Forecasts, 2023 - 2032" in its research database.

In accordance with Polaris Market Research, the global pharmacogenomics technologies market size and share worth was estimated at USD 5.90 billion in 2022 and is anticipated to expand to USD USD 14.10 billion at a CAGR of 9.1% during the forecast period of 2032. The market for pharmacogenomics technologies is seeing substantial growth, driven by numerous key factors. One of the important factors driving the growth is the increasing incidences of chronic diseases.

What Pharmacogenomics Technologies Actually Mean?

Pharmacogenomics, also referred to as pharmacogenetics, is the study of the role of the genome in a person’s response to drugs. It combines the fields of pharmacology (the study of drugs) and genomics (the science of genes and their functions). Pharmacogenomics aims to develop safe, effective medications that offer maximum efficiency with minimal adverse effects. Also, it strives to remove trial-and-error in prescribing, allowing healthcare professionals to consider the patient’s genes and their functionality and their effect on the efficacy of the patient’s current and future treatments.

Pharmacogenomics has applications in various therapeutic areas, including oncology, neurological disorders, cardiovascular disease, immunological disorders, and infectious disorders. Advances in genomics have increased our understanding of genetic variations and their effect on drug response. Additionally, the advent of novel sequencing technologies has accelerated the analysis of DNA and RNA sequencing, making it easy to analyze vast amounts of genomic data and impacting the pharmacogenomics technologies market sales favorably.

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Essential Takeaways from the Report

·??????? Ongoing technological improvements and decreasing costs associated with genomic sequencing are the fundamental market drivers contributing to the market growth.

·??????? The market is expanding as a result of theragnostic by pharmaceutical companies.

·??????? The pharmacogenomics technologies market segmentation is primarily based on technology, therapeutic area, and region.

·??????? Asia Pacific is anticipated to grow at the fastest rate over the forecast period.

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Leading Players Appeared in the Report

·??????? Agilent Technologies, Inc.

·??????? F. Hoffmann-La Roche Ltd

·??????? Foundation Medicine, Inc.

·??????? GE HealthCare

·??????? Illumina, Inc

·??????? Leica Biosystems Nussloch GmBH,

·??????? MDPI

·??????? Pfizer Inc.

·??????? QIAGEN

·??????? Thermo Fisher Scientific Inc.

Important Growth Aspects of the Market

Rising adoption of personalized healthcare: An increase in the adoption of personalized healthcare has made a significant contribution to the expansion of the pharmacogenomics technologies market. Growing emphasis on customizing treatment plans has led to the rise of personalized care and increased awareness about the interrelation between genetic factors and drug responses.?

Ability to enhance treatment effectiveness: Pharmacogenomics technologies can enhance treatment effectiveness. Also, they can reduce adverse drug reactions and improve patient outcomes. These factors are significant drivers for the adoption of pharmacogenomics technologies.

Growing awareness about genetic variations impact: More and more healthcare providers and patients are becoming increasingly aware of the impact of genetic variations on drug responses. This, in turn, has promoted the use of pharmacogenomics to optimize treatments and is having a favorable impact on the pharmacogenomics technologies market growth.

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Industry’s Latest Key Trends

Emphasis on creating new tests: Industry prospects are encouraging small players in the market to focus on creating new tests for already licensed drugs. Some companies in the pharmacogenomics industry are actively working on developing sophisticated tests that can capture a vast amount of pertinent content.

Increasing collaborations: Increasing collaborations and upcoming product pipelines are major drivers of the industry. These collaborations primarily aim to improve understanding of mutations linked to faulty DNA repair to spot specific tumor targets.

Segmental Overview

The PCR Segment Accounted for the Largest Market Share

The PCR segment held the largest share of the pharmacogenomics technologies market in 2022. This can primarily be attributed to its crucial role in genetic analysis and diagnostics. PCR allows for the amplification of precise DNA sequences. This makes it a crucial tool for genotyping and spotting genetic variations that are linked to drug response. The effective use of PCR involves detecting single nucleotide polymorphisms (SNPs) and genetic mutations that can affect drug metabolism and effectiveness.

The Oncology Segment is Anticipated to Witness the Fastest Growth

Oncology is associated with the growing number of therapies designed using molecular diagnostics to treat cancer. The key to the effective implementation of companion diagnostics in cancer is carefully selecting predictive biomarkers, which are specific genetic characteristics that can be spotted using diagnostic tests. They help identify what patients will likely benefit from which treatment option. The growing prevalence of precision medicine in oncology is made possible through the use of pharmacogenomics technologies.?

Geographic Outlook

North America: The pharmacogenomics technologies market in North America accounted for the largest revenue share. This is likely because of the presence of various key players in the region. These industry leaders are actively focusing on business strategies like collaborations to gain a strong foothold in the market. Also, there has been a significant surge in integrated medicine R&D activities in the US, which is being facilitated by government initiatives and the active involvement of regulatory bodies.

Asia Pacific: The Asia Pacific region is anticipated to grow at the fastest rate. The region’s growth can be attributed to numerous factors, including the rising prevalence of chronic diseases, increasing focus on precision medicine, and major investments in R&D initiatives. All of these factors collectively contribute to the increased demand for pharmacogenomics solutions and drive the region’s growth in the market.

Competitive Landscape

The market for pharmacogenomics technologies is characterized by intense competition. Several firms are striving for dominance in this competitive industry. A strong foothold is maintained by industry leaders such as GE HealthCare, Pfizer Inc., and Thermo Fisher Scientific Inc. The pharmacogenomics technologies market key players and other companies are focusing on strategies like new product launches and strategic acquisitions to improve their market presence.

Market’s Common Questions Answered in the Report

·??????? What is the forecasted pharmacogenomics technologies market size?

·??????? Who are the key players operating in the industry?

·??????? What are the top factors driving the growth of the industry?

·??????? What are the key segments in the market?

·??????? At what CAGR is the market anticipated to grow?

·??????? What are the opportunities and challenges faced by players operating in the market?

·??????? Which region will contribute notably towards the pharmacogenomics technologies market demand?