PUBLISHER: Grand View Research | PRODUCT CODE: 1362861
PUBLISHER: Grand View Research | PRODUCT CODE: 1362861
The global pharmacogenomics technology market size is expected to reach USD 12.3 billion by 2030, expanding at a CAGR of 8.7% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Diagnostics is coming to grips with the wave of pharmacogenomic tests that are followed by new biological therapy introductions. These tests enable cost-effective treatment and also add value to the process of drug development. Advantages associated with the usage of these tests such as disease risk prediction, patient stratification, and therapeutic response monitoring over the traditional methods is anticipated to a significant source of progress in this pharmacogenomics companion diagnostics market.
In addition, pharmacogenomics testing products aid physicians in individualizing and optimization of the patient's therapeutic regimen. Pharmacogenomics and theranostics are paving the way for integrated medicine. Rapid evolution in this group of specialized molecular diagnostic tests is contributing to improvement for the assessment of real-time treatment of disease.
However, the presence of challenges pertaining to early integration of pharmacogenomic based testing into drug development timelines for gaining the approval simultaneously is anticipated to impede growth. Proper designing and implementation of clinical trials in order to identify individual as well as population variations from a given therapy have become a necessary attribute for the success of theranostics.