Pharmacogenomics Market Overview and Growth Insights

 Meticulous Research^®—a leading global market research company, published a research report titled, ‘Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) – Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the global pharmacogenomics market is projected to reach $19.5 billion by 2031, at a CAGR of 8.9% during the forecast period 2024–2031. The growth of this market is driven by the growing therapeutic applications of pharmacogenomic biomarkers, the increasing adoption of personalized medicines, the rising geriatric population and chronic disease prevalence, and the U.S. FDA’s and EMA’s recommendations for using pharmacogenomic data in drug discovery & development. However, the high costs of personalized medicines restrain the growth of this market.

Furthermore, the increasing application of pharmacogenomics in the treatment of neurological disorders and cancers, the development of new, more advanced diagnostic tools with improved accuracy, and growing awareness regarding adverse drug reactions are expected to generate growth opportunities for the players operating in the pharmacogenomics market. However, low awareness about pharmacogenomics and personalized medicine, the limited understanding of genetic testing and its benefits, and the lack of reimbursements for genetic testing and precision medicine are major challenges impacting market growth.

Key Players

The key players operating in the global pharmacogenomics market are F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), QIAGEN N.V. (Netherlands), and Pacific Biosciences of California, Inc. (U.S.).

Pharmacogenomics Market: Future Outlook

The global pharmacogenomics market is segmented by offering (consumables, instruments, and software & services) technology (polymerase chain reaction, sequencing, microarray, electrophoresis, microarray, mass spectrometry, and other technologies), application (oncology, mental health cardiology, neurological disorders, infectious diseases, and other applications), end user (hospitals & diagnostic laboratories, academic & research institutes, and other end users), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on offering, the global pharmacogenomics market is segmented into consumables, instruments, and software & services. The consumables segment is expected to grow at the fastest CAGR during the forecast period of 2024-2031. The high increasing prevalence of chronic diseases coupled with the focus of players for the launch of advanced and better reagents & kits drives the segment growth. Additionally, the companies’ focus on the launch of advanced kits for better results further drives the segment growth. For instance, in August 2022, QIAGEN N.V. (Netherlands) launched its QIAseq UPXome RNA Library Kit and QIAseq Targeted DNA Pro Panels. The new panels reduce the turnaround times in cancer research labs.

Based on technology, the global pharmacogenomics market is segmented into polymerase chain reaction (PCR), sequencing, microarray, mass spectrometry, electrophoresis, and other technologies. In 2024, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the pharmacogenomics market. The large market share of this segment is attributed to the high sensitivity, accuracy, low sample volume requirements, and cost-effectiveness coupled with the high presence of PCR base across all the end users, initiatives by players to launch and get approvals for new PCR products for pharmacogenomics, and a wide range of applications of the PCR.

PCR technology has a wide range of applications, including gene expression, genotyping, cloning, sequencing, mutagenesis, and methylation analysis in the field of pharmacogenomics. Several modifications in PCR operations have led to the development of advanced PCR technologies. One of the most commonly used PCR in pharmacogenomics is the quantitative PCR (qPCR) or real-time PCR (RT-qPCR). qPCR is an essential tool in pharmacogenomics research, offering precise and quantitative insights into gene expression, genetic variation, and nucleic acid quantification, which are fundamental to understanding the effect of genes on the solubilized drug.

Based on application, the global pharmacogenomics market is segmented into oncology, mental health cardiology, neurological disorders, infectious diseases, and other applications. In 2024, the oncology segment is expected to account for the largest share of the pharmacogenomics market. The large market share of this segment is attributed to the need for more targeted approaches in cancer therapy, the benefits offered by pharmacogenomics in cancer treatment, and the prevalence of cancer worldwide. The high prevalence of cancer globally calls for early detection and targeted cancer therapy to reduce mortality due to cancer.

Based on end user, the global pharmacogenomics market is segmented into hospitals & diagnostic laboratories, academic and research institutes, and other end users. In 2024, the hospitals & diagnostic laboratories segment is expected to account for the largest share of the pharmacogenomics market. The large market share of this segment is attributed to the growing adoption of precision medicine, the large number of clinical trials conducted at these facilities, the growing prevalence of chronic diseases, and the focus of pharmacogenomic testing services companies on acquisitions and launches of new pharmacogenomic testing services.

Several commercial diagnostic companies are taking initiatives such as acquisitions and product and testing service launches to expand their presence in the pharmacogenomics market. For instance, in April 2022, Castle Biosciences, Inc. (U.S.), a diagnostic company and a pharmacogenomic test provider, announced the acquisition of Athlea Dx, Inc. (U.S.), a molecular diagnostics company, and its IDgenetix pharmacogenomic (PGx) test for depression, anxiety, and other mental health conditions.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa. Based on geography, in 2024, North America is expected to account for the largest share of the global pharmacogenomics market, followed by Europe and Asia-Pacific. The large market share of this region is attributed to the increased cases of genetic diseases, awareness about early genetic disease diagnosis, government promoting certain genetic testing in case of hereditary cancers and newborn screening, and the presence of major market players.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5366

Key questions answered in the report:

·         What is the current value of revenue generated by pharmacogenomics products across the globe?

·         At what rate is the demand for global pharmacogenomics products projected to grow for the next 5-7 years?

·         What is the historical market size and growth rate for pharmacogenomics across the globe?

·         What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?

·         Which segments are creating major traction for the vendors in this market in terms of the offering, technology, application, and end user?

·         What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global pharmacogenomics market?

·         Who are the major players in the global pharmacogenomics market? And what are their specific products offered in the pharmacogenomics industry?

·         What recent developments have taken place in the global pharmacogenomics market, and how these strategic developments are creating a global impact in this market?

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