Pharmacogenomics - Market Insights, Competitive Landscape, and Market Forecast - 2030

Pharmacogenomics Market By Technology (Dna Sequencing, Polymerase Chain Reaction, Electrophoresis, And Others), Application (Drug Discovery, Clinical Diagnosis, Life Science Research, And Others), End-User (Hospitals, Academic And Research Institutes, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the rising prevalence of chronic disorders such as cardiovascular disorders and oncological disorders and rising demand for precision medicine
The global Pharmacogenomics Market was estimated to grow at a CAGR of 8.13% during the forecast period from 2024 to 2030. The demand for Pharmacogenomics is primarily being boosted by the rising prevalence of chronic disorders such as cardiovascular disorders and oncological disorders. Additionally, the rising demand for precision medicine is another key factor that is contributing to the growth of the Pharmacogenomics market during the forecast period from 2024-2030.

Pharmacogenomics Market Dynamics:

According to the data provided by British Heart Foundation 2023, it was estimated that around 550 million people were living with cardiovascular diseases in the year 2019, globally. Additionally, as per the data provided by the World Health Organization 2021, it was estimated that 17.9 million people died from cardiovascular diseases in the year 2019, making cardiovascular disorders the leading cause of death, globally.

As per the World Health Organization (WHO) 2022, there were around 2.26 million cases of breast cancer, 2.21 million cases of lung cancer, and 1.93 million cases of colon and rectal cancer, reported in the year 2020 globally. Pharmacogenomics helps in offering personalized treatment approaches based on an individual's genetic makeup, which further enhances the effectiveness of therapies used for the treatment of chronic conditions such as cancer. Thus, the rising prevalence of various chronic disorders such as cardiovascular and oncological disorders will therefore result in the positive growth of the Pharmacogenomics market.

Another driver for the Pharmacogenomics market is the rising demand for precision medicine. Precision medicine aims to provide medical treatments to the individual characteristics of each patient, taking into account factors such as genetics, environment, and lifestyle. Pharmacogenomics helps to identify genetic variations that may affect a patient's response to specific drugs, enabling healthcare providers to prescribe medications that are more likely to be effective and have fewer adverse effects. Thus, the rising demand for precision medicine will eventually boost the growth of the Pharmacogenomics market.

However, the high cost associated with the instruments and lack of skilled professionals to handle such complex instruments, are some of the key constraints that may limit the growth of the Pharmacogenomics market.

Pharmacogenomics Market Segment Analysis:

Pharmacogenomics Market by Technology (DNA Sequencing, Polymerase Chain Reaction, Electrophoresis, and Others), Application (Drug Discovery, Clinical Diagnosis, Life Science Research, and Others), End-User (Hospitals, Academic and Research Institutes, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the technology segment of the Pharmacogenomics market, the Polymerase Chain Reaction category is estimated to amass a significant revenue share in the Pharmacogenomics Market in 2023. This can be attributed to the crucial role played by Polymerase Chain Reaction technology in genetic analysis and diagnosis. PCR allows for the precise amplification of specific DNA sequences. Polymerase Chain Reaction possess the ability to selectively amplify target genes. Additionally, PCR's high specificity ensures that only the desired DNA sequences are amplified, leading to accurate and reliable results. Further, PCR is widely used in diagnostic applications, including the identification of genetic markers associated with drug metabolism and responsiveness. This is particularly relevant in pharmacogenomics, where identifying specific genetic variations can guide treatment decisions and help avoid adverse drug reactions. Therefore, the various advantages provided by polymerase chain reaction are expected to propel the overall share of the polymerase chain reaction category, thus contributing to the growth of the segment.

Furthermore, as the demand for this segment grows, various novel products are getting launched in the market. For example, in September 2021, Thermo Fisher Scientific Inc. launched the Applied Biosystems QuantStudio Absolute Q Digital PCR System. It is the first fully integrated digital PCR (dPCR) system, which is designed to provide highly accurate and consistent results within 90 minutes.

Therefore, owing to the above-mentioned factors, the Polymerase Chain Reaction category is expected to register significant growth, thereby driving the growth of the overall Pharmacogenomics market during the forecast period.

North America is expected to dominate the overall Pharmacogenomics Market:

North America is expected to account for the highest proportion of the Pharmacogenomics Market in 2023, out of all regions. This is due to the high prevalence of chronic disorders such as cardiovascular disorders and oncological disorders in the region. Additionally, the presence of robust healthcare infrastructure, high investment in personalized medicine and drug discovery and development activities, the presence of major players in the region, and a highly viable market in terms of product development, and launches are some of the factors driving the growth of the Pharmacogenomics market in North America.

According to data provided by the American Society of Cancer 2023, it was estimated that there were around 2,38,340 new cases of lung cancer in the United States in 2023. Additionally, according to the data published by the Public Health Agency of Canada in 2021, it was estimated that around 229,200 Canadians were diagnosed with cancer during 2021. Further, the same source stated that around 43% of Canadians will be diagnosed with cancer in their lifetime. Thus, with the rising prevalence of various chronic diseases such as cancers, it will create a need for the detection and management of such chronic disorders, thus resulting in the positive growth of the Pharmacogenomics Market in North America.

Further, rising research and developmental activities related to precision and personalized medicine in the region will also help in influencing the positive growth of the market in North America. For example in April 2022, Blue Care Network introduced Blue Cross Personalized Medicine, which is a comprehensive pharmacogenomics precision medicine program that employs genetic testing to customize prescription treatments for individual patients after examining the list of medications suggested for a range of oncological, cardiovascular, and behavioral health conditions.

Therefore, the factors mentioned above, and the increasing research and developmental activities in the region are some of the important factors which are thereby responsible for driving the overall market for Pharmacogenomics market in North America during the forecast period.

Pharmacogenomics Market Key Players:

Some of the key market players operating in the Pharmacogenomics market include Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Merck KgAA, PerkinElmer Inc., Eurofins Scientific, Biomerieux, QIAGEN, BD., Illumina Inc., and Danaher Corporation, and others.

Recent Developmental Activities in the Pharmacogenomics Market:

• In May 2022, Invitae launched a 38-gene testing expanded Invitae Pharmacogenomics (PGx) Panel. It included Invitae Pharmacogenomics Mental Health Panel and a clinical decision support tool.
• In November 2021, Agena Bioscience entered into a partnership with Manchester University to spread awareness and provide educational resources to the Pharmacogenomics industry.

Key Takeaways from the Pharmacogenomics Market Report Study

• Market size analysis for current Pharmacogenomics Market size (2023), and market forecast for 6 years (2024-2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global Pharmacogenomics market.
• Various opportunities available for the other competitors in the Pharmacogenomics Market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current Pharmacogenomics market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Pharmacogenomics market growth in the coming future?

Target Audience who can be benefited from this Pharmacogenomics Market Report Study

• Pharmacogenomics product providers
• Research organizations and consulting companies
• Pharmacogenomics -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Pharmacogenomics
• Various end-users who want to know more about the Pharmacogenomics market and the latest technological developments in the Pharmacogenomics market.

Frequently Asked Questions for the Pharmacogenomics Market:

1. What is meant by Pharmacogenomics?

Pharmacogenomics is a field of study that explores the relationship between an individual's genetic makeup and their response to drugs. It combines pharmacology (the study of how drugs interact with the body) with genomics (the study of an individual's genes and their functions) to understand how genetic variations can influence a person's response to medications.

2. What is the market for Pharmacogenomics?

The global Pharmacogenomics Market was estimated to grow at a CAGR of 8.13% during the forecast period from 2024 to 2030.

3. What are the drivers for the global Pharmacogenomics market?

The Pharmacogenomics market is slated to witness prosperity owing to factors such as the rising prevalence of chronic disorders such as cardiovascular disorders and oncological disorders. Additionally, the rising demand for precision medicine is another key factor that is contributing to the growth of the Pharmacogenomics market during the forecast period from 2024-2030.

4. Who are the key players operating in the global Pharmacogenomics market?

Some of the key market players operating in the Pharmacogenomics market are Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Merck KgAA, PerkinElmer Inc., Eurofins Scientific, Biomerieux, QIAGEN, BD., Illumina Inc., and Danaher Corporation, and others.

5. Which region has the highest share in the global Pharmacogenomics market?

North America is expected to dominate the overall Pharmacogenomics Market during the forecast period, 2024 to 2030. This is due to the high prevalence of chronic disorders such as cardiovascular disorders and oncological disorders in the region. Additionally, the presence of robust healthcare infrastructure, high investment in personalized medicine and drug discovery and development activities, the presence of major players in the region, and a highly viable market in terms of product development, and launches are some of the factors driving the growth of the Pharmacogenomics Market in North America.


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