Market Trends of Pharmacogenomics Industry
This section covers the major market trends shaping the Pharmacogenomics Market according to our research experts:
Drug Discovery Segment is Expected to Occupy a Significant Share in the Pharmacogenomics market Over the Forecast Period
Drug discovery is a process that aims at identifying a compound that helps in treating and curing diseases therapeutically. Typically, a drug discovery effort addresses a biological target that plays a role in developing the disease or starts from a molecule with interesting biological activities. In clinical studies, pharmacogenetic testing can be used to group people according to their genotype, reflecting how well they can metabolize drugs. The clinical trials that result in adverse drug reactions are avoided. This can also reduce the attrition of drug compounds.
Factors such as the rising incidence of cancer and other chronic diseases, increasing R&D activities for developing potential new drugs for these diseases, and an increase in demand for precision medicine are expected to enhance the segment's growth during the forecast period. Additionally, pharmacogenomics improves the drug's efficacy and reduces the chances of adverse effects. Hence this factor is expected to play a significant role in the growth of the studied segment. For instance, according to a research study published by Drug Metabolism Reviews in April 2021, pharmacogenomics can assist drug researchers in identifying drug responders and non-responders as well as people at risk of ADRs, with the main objective of accelerating medication development and preventing drug failures. This can be accomplished by incorporating genomic data into various stages of drug discovery and development, starting with the identification and validation of biological targets and moving on to patient recruitment for clinical trials.
The increasing investment in drug discovery processes and development activities will further increase the adoption of pharmacogenomics technology which is anticipated to have a significant and positive impact on the drug discovery segment in the pharmacogenomics market. According to the 2022 annual report of Eli Lilly and Company, their research and development expenditure increased to USD 7,025.9 million in 2021 and it has increased over the years owing to the high investment in the new drug discovery and development activities.
Therefore, owing to factors such as increasing investment in drug discovery processes and development activities and rising incidence of cancer and other chronic diseases, the drug discovery segment is expected to hold a significant share in the pharmacogenomics market during the forecast period.
North America is Anticipated to Hold a Significant Market Share in the Pharmacogenomics Market Over the Forecast Period
The North American region is expected to have a significant share in the pharmacogenomics market over the forecast period owing to the factors such as high investment in personalized medicine and drug discovery and development activities, the presence of robust healthcare infrastructure, and the high prevalence of several chronic diseases. For instance, according to the American Cancer Society 2022 report, an estimated 1.9 million new cancer cases will be diagnosed in the United States in 2022, which includes 290,560 cases of breast cancer. Furthermore, according to the data published by the Public Health Agency of Canada in November 2021, an estimated 229,200 Canadians are expected to be diagnosed with cancer during 2021. These factors are expected to drive demand for advanced and effective therapeutics where pharmacogenomics can play a crucial role and thus, the studied market is expected to grow in the North American region.
In the North American region, the United States is expected to have a major market share as several pharmaceutical and biopharmaceutical companies are headquartered in the United States and are highly invested in the development of new therapeutics and also, and there is huge funding from government bodies like NIH for the research activities in the area and coupled with high disease prevalence, the United States is expected to be a major market for the pharmacogenomics market. For instance, various government bodies, like NHGRI (National Human Genome Research Institute, United States), have been supporting research related to human genome sequencing, while funding research related to the genome's structure, function, and role in health and disease. For instance, according to the research study published by PubMed in October 2021, about half of the population (45.8%) of the United States in the last decade had used one or more prescription drugs in the last 30 days and there are about 1.5 million preventable adverse drug reaction (ADR) in the United States every year which led to the death of about 100,000 Americans and pharmacogenomics is a field of precision medicine that uses a genetic variation to predict response to medication which can not only reduce the rate of prevalence of ADR but also the high dependence of population of various drugs which may not be beneficial for them and due to these factors, the pharmacogenomics market is expected to grow over the forecast period in the United States.
Further, the launch of new products and services in the country is expected to fuel growth in the pharmacogenomics market as it will increase the adoption of pharmacogenomics products and services in the region. For instance, in May 2022, in Michigan, Blue Care Network introduced Blue Cross Personalized Medicine, the end-to-end pharmacogenomics precision medicine program which uses genetic testing to adapt prescription therapies to specific individuals after reviewing the list of pharmaceuticals recommended for various cardiovascular, oncological, and behavioral health disorders.
Therefore, owing to factors such as high investment in personalized medicine and drug discovery and development activities, and the high prevalence of several chronic diseases, the North American region is expected to have a significant market share in the pharmacogenomics market and the United States will be at forefront of it over the forecast period.
