Pharmacogenomics Market Forecast 2023-2027: Market Growth Trends And Key Driving Factors As Per The Business Research Company's Pharmacogenomics Global Market Report 2023
LONDON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's report on the pharmacogenomics market, the global pharmacogenomics market is on an impressive growth trajectory, surging from $7.26 billion in 2022 to $7.97 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 9.8%. The market is poised to continue its expansion and reach $11.67 billion in 2027, with a projected CAGR of 10.0%.
Driving Forces: Rising Demand for Cancer Treatment
The increasing demand for cancer treatment is a key driver behind the growth of the pharmacogenomics market. Cancer treatments, such as chemotherapy and immunotherapy, can have severe side effects. Pharmacogenomics plays a vital role in identifying genetic factors that influence an individual's susceptibility to these side effects. By tailoring treatments to better suit patients' genetic makeup, pharmacogenomics enhances the quality of life for patients undergoing cancer treatment.
For instance, a recent survey by Cancer Therapy Advisor reported that 70% of individuals diagnosed with cancer incorporate complementary or alternative medicine into their overall cancer care. The demand for personalized treatments is evident, with 30% of these patients using complementary or alternative medicine specifically as part of their anti-cancer treatment regimen. Notably, approximately 27% of these users do not disclose this information to their oncologists, highlighting the significance of pharmacogenomics in optimizing cancer treatment.
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Market Landscape: High Fragmentation with Notable Players
The global pharmacogenomics market is characterized by a high degree of fragmentation, with numerous small players. In 2022, the top ten competitors collectively accounted ...
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