Pharmacogenomics Technology Market Analysis & Forecast to 2024-2034

The global pharmacogenomics technology market accounted for USD 6.80 billion in 2023 and is expected to reach at USD 17.11 billion by 2034 with a CAGR of 8.75% during the forecast period 2024-2034. The continuous progress in genomics, growing incidence of chronic diseases, rising need for personalized medicine, decreasing costs of genomic sequencing, ongoing technological advancements, surge in personalized care, a heightened emphasis on tailoring medical interventions to individual patients, increasing collaborations among key market players, growing approvals from regulatory bodies, and surge in the introduction of innovative pharmacogenomics technology are some of the factors driving the market growth.

Surge in the introduction of innovative pharmacogenomics technology is predicted to boost the market growth during the forecast period. Pharmacogenomics technologies merge pharmacology with genomics to create personalized medicine tailored to an individual's genetic profile. They entail examining how an individual's genetic differences impact their reaction to medications. This understanding allows healthcare providers to anticipate drug responses, optimize dosage, and reduce the risk of adverse effects. For instance, in May 2022, Invitae has introduced a 38-gene testing panel called Invitae Pharmacogenomics (PGx) Panel, which incorporates the Invitae Pharmacogenomics Mental Health Panel along with a clinical decision support tool.

By technology, polymerase chain reaction (PCR) was the highest revenue-grossing segment in the global pharmacogenomics technology market in 2023. PCR plays a vital role in genetic analysis and diagnostics by enabling the amplification of targeted DNA sequences. This technique is essential for genotyping and identifying genetic variations linked to drug response. PCR is extensively employed to detect single nucleotide polymorphisms (SNPs) and genetic mutations that influence drug metabolism and effectiveness. Additionally, immunohistochemistry (IHC) is predicted to grow at the fastest CAGR during the forecast period owing to its substantial influence on drug development & tailored medical treatments, growing adoption for analyzing patterns of protein expression & biomarkers, and rise in regulatory approvals. For instance, in April 2023, Leica Biosystems has obtained clearance for the BOND MMR Antibody Panel, providing customers with an IHC Mismatch Repair (MMR) option for screening colorectal cancer patients who may be at risk of Lynch syndrome.

By application, oncology was the highest revenue-grossing segment in the global pharmacogenomics technology market in 2023 owing to the increase in the rate of diagnosis, a rise in the prevalence of cancer, and a surge in collaborations among market participants. For instance, in January 2023, QIAGEN has revealed a strategic collaboration with Helix, a population genomics company, to support the development of companion diagnostics for genetic diseases. Additionally, cardiovascular disease is predicted to grow at the fastest CAGR during the forecast period owing to the growing demand for tailored treatment and increasing incidence of cardiovascular diseases.

North America region is anticipated for the highest revenue share during the forecast period owing to the presence of well-established players in operation, rising trend of collaborations among market participants, increase in research & development of integrated medicine, and surge in the introduction of new products. For instance, in May 2022, Blue Care Network in Michigan launched Blue Cross Personalized Medicine, a comprehensive pharmacogenomics precision medicine initiative. This program utilizes genetic testing to tailor prescription therapies for individuals, after evaluating the list of recommended pharmaceuticals for different cardiovascular, oncological, and behavioral health conditions. Additionally, MEA region is predicted to grow at fastest CAGR during the forecast period owing to the rising occurrence of chronic diseases, a heightened focus on precision medicine, growing advancements in technology, increased demand for personalized & targeted therapies, growing investments from governments institutions, and surge in initiatives related to pharmacogenomics. In October 2023, King Faisal Specialist Hospital and Research Center (KFSH&RC) in Saudi Arabia announced the initiation of the initial stage of clinical pharmacogenomics services at its cardiac center.

This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.

Report Scope:

• Base Year: 2023
• Forecast Period: 2024-2034
• Study Coverage
• Market Forecast by Technology and Application
• Market Forecast for 5 Regions and 17+ Countries
• North America (U.S. and Canada)
• Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
• Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
• MEA (South Africa, GCC, Rest of MEA)
• Exhaustive Company Profiles of Top 10+ Major Market Players

Segmentation: Pharmacogenomics Technology Market Report 2023 - 2034

Pharmacogenomics Technology Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)

• Polymerase Chain Reaction (PCR)
• Sequencing
• Immunohistochemistry
• In-situ Hybridization
• Others

Pharmacogenomics Technology Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)

• Oncology
• Breast Cancer
• Lung Cancer
• Cervical Cancer
• Colorectal Cancer
• Others
• Infectious Diseases
• Cardiovascular Disease
• Neurological Disorders
• Immunological Disorders
• Others

Pharmacogenomics Technology Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA