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According to the latest report by IMARC Group, titled “Pharmacogenomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global pharmacogenomics market reached a value of US$ 6.6 Billion in 2021. Pharmacogenomics is a field of research that studies the relation between the deoxyribonucleic acid (DNA) of an individual and their response to a drug. It helps healthcare providers to select and develop safe, effective medications that can be tailored to the genetic design of a person. Pharmacogenomics studies variations in certain proteins, such as liver enzymes, that affect the performance of a drug. The drug development process through pharmacogenomics consists of various analyses, which include drug receptors, drug uptake, drug breakdown, and targeted drug development. Overall, it decreases healthcare costs via reduced adverse drug reactions, minimal number of failed clinical trials, and lesser time consumption in the drug approval process. Pharmacogenomics also helps in designing precise methods of measuring appropriate drug dosages and the development of more efficient vaccines.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pharmacogenomics Market Trends:
A significant rise in the research and development (R&D) expenditure activities and an increase in the instances of adverse reactions of drugs are some of the primary factors that are currently driving the global pharmacogenomics market growth. Additionally, there is a rising preference toward precision medicine on account the emerging need for improved drug efficacy and safety, which is further contributing to the growth of the market. Other than this, the increasing prevalence of different types of cancer is also fueling the market growth as targeted therapy has proven to improve the survival rates of patients and decrease redundant costs. Moreover, rapid technological advancements have resulted in the introduction of newer and upgradation of existing laboratories, which is attracting numerous investors from across the healthcare industry, thereby creating a positive outlook for the market. Looking forward, the market is projected to expand at a CAGR of 9.3% during 2022-2027.
Market Summary:
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