Global Pharmacogenomics (PGx) Market to Reach $11.63 Billion by 2028, growing at a CAGR of 7% from 2021-2028. Pharmacogenomics (PGx) is a rapidly-developing field in the healthcare industry. It is the study of how a person’s genes affect their response to drugs. By understanding these genetic differences, medical professionals can tailor medications to an individual’s genetic makeup. This allows for improved drug efficacy and reduced adverse effects.
The report found that the market for PGx is driven primarily by the increased demand for personalized medicine, the growing prevalence of chronic diseases, and the increasing investments in PGx research. Additionally, the report noted that the implementation of regulatory guidelines and the increasing availability of innovative testing tools are also positively affecting the market.
Restraints of the Global Pharmacogenomics (PGx) Market
- Lack of Awareness of PGx: Many healthcare providers and patients are unaware of the potential benefits of PGx testing and lack sufficient understanding of the technology and its applications.
- Expensive Technology: PGx technology is very expensive and may be difficult for many healthcare systems to afford.
- Limited Data Availability: Many of the databases used for the analysis of PGx are limited in scope and depth, making it difficult to draw meaningful conclusions from the data.
- Regulatory Hurdles: Regulations and guidelines surrounding PGx have been slow to develop, making it difficult to implement PGx into clinical practice.
- Lack of Standardization: The lack of standardized methods for PGx testing and data analysis can lead to discrepancies in results and make it difficult to generate reliable, reproducible results.
The report provides a detailed breakdown of the market by product, application, end-user, and region. It also highlights major players in the market and provides an analysis of the competitive landscape.
The major players in the global pharmacogenomics market include Illumina Inc., Thermo Fisher Scientific Inc., Roche Diagnostics, Qiagen N.V., and Laboratory Corporation of America Holdings.
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