PHARMACOGENOMICS MARKET ANALYSIS

Shortage of skilled healthcare professionals in performing pharmacogenomics diagnostic tests and lack of pharmacogenomics information in the electronic systems used by healthcare professionals are expected to hamper the market growth. For instance, an article published in Frontiers, a publisher of peer-reviewed open access scientific journal, in September 2021, healthcare professionals lack adequate training and education in pharmacogenomics and they are concerned about the absence of evidence-based clinical guidelines. Lack of available resources, such as laboratory equipment, infrastructure requirements for pharmacogenomics, and skilled and highly trained healthcare professionals, also constitutes an important factor for the low integration level of pharmacogenomics.

Market Opportunities – Increasing Collaborations Among Research Institutes

Increasing adoption of inorganic growth strategies, such as collaborations, are expected to offer lucrative growth opportunities in the market. For instance, in August 2020, the University of California, San Francisco (UCSF), a health science university, expanded its pharmacogenomics efforts by launching a new collaboration with Tampa General Hospital and its pharmacy team that will allow clinicians to tailor medications based on a patient’s genetic makeup. Plans include developing clinical decision support tools in the electronic health record (EHR) to support clinicians in interpreting results and guide treatment options in the presence of pharmacogenetic data.