USD 5676 billion
Pharmacogenomics Market Size, Share, Growth Analysis, By Product & Service(Kits & Reagents (Sequencing Kits and Reagents, PCR Kits and Reagents, Microarray Kits and Reagents, Other Kits and Reagents)), By Technology(Sequencing, PCR, Microarray, and Other Technologies), By Disease Area(Cancer, Cardiovascular, Neurological Diseases, Other Disease Areas), By Application(Personalized Medicine, Clinical Research, Drug discovery & Preclinical Development ), By End User(Academic & Research Institutes, Pharmaceutical & Biotechnology Companies, Contract Research Organizations ), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2248 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
37
|Figures:
74
Pharmacogenomics Market Insights
Pharmacogenomics Market size was valued at USD 6.15 billion in 2022 and is poised to grow from USD 6.67 billion in 2023 to USD 12.78 billion by 2031, growing at a CAGR of 8.47% in the forecast period (2024-2031).
The major drivers for the pharmacogenomics industry are increasing R&D investment in pharmacogenomics technologies, which expedite the development of new drugs, and increasing acceptance of precision medicine. Moreover, an increased use of pharmacogenomics in the global industry is being driven by the growing frequency of adverse medication responses. This would be because of more focus on precision medicine, which brings together the genetic and environmental factors of disease and treatment. For instance, Combination Therapy Platform Trial with Molecular Analysis for Therapy Choice could be a precision medicine project initiated by the National Cancer Institute in June 2023 that would study how multiple drug combinations could potentially be used for cancer based on the biology of the individual's tumor. The pharmacogenomics market growth is expected to significantly increase as digital technology and knowledge of biology are developed. Growth expenditure on R&D activities is also pushing the expansion of the market, and the feasibility of implementing pharmacogenomics. For instance, for phase I/II clinical trials in China and the US, Allroion Therapeutics, next-generation precision medicine company working towards autoimmune diseases and cancer closed a Series B round in March 2023 raising USD 50 mn.
US Pharmacogenomics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
genotyping
Fastest Growth
genotyping
Growth Rate
8.47% CAGR
Global Pharmacogenomics Market ($ Bn)
Country Share for North America Region (%)
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Pharmacogenomics Market Segmental Analysis
Global Pharmacogenomics Market is segmented by Product & Service, Technology, Disease Area, Application, End User and region. Based on Product & service, the market is segmented into Kits & Reagents (Sequencing Kits and Reagents, PCR Kits and Reagents, Microarray Kits and Reagents, Other Kits and Reagents), Service. Based on Technology, the market is segmented into Sequencing, PCR, Microarray, and Other Technologies. Based on Disease Area, the market is segmented into Cancer, Cardiovascular, Neurological Diseases, Other Disease Areas. Based on Application, the market is segmented into Personalized Medicine, Clinical Research, Drug discovery & Preclinical Development. Based on End User, the market is segmented into Academic & Research Institutes, Pharmaceutical & Biotechnology Companies, Contract Research Organizations. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Pharmacogenomics Market Analysis by Technology
According to the pharmacogenomics market analysis, polymerase chain reaction (PCR) plays a critical role in amplifying small segments of DNA. Thus, this segment dominated the market. Since PCR revolutionized genetics and molecular biology by enabling researchers to amplify millions of copies from the smallest amount of a DNA sequence, there is an extensive range of uses that include genetic study, forensic analysis, and diagnostic. This method is predicted to increase as the need for accurate, fast genetic testing is expected to grow, particularly in pharmacogenomics and personalized medicine. In turn, this segment is expected to remain at the heart of advanced innovation in genetics testing and analysis.
However, the sanger’s sequencing technology is anticipated to lead the pharmacogenomics industry. Pharmacogenomics variant identification testing for clinical studies will be the main growth driver for this sequencing technology during the projection period. In fact, this sequencing technique provides accurate and reliable knowledge regarding genetic variants that affect the metabolism and efficacy of drugs. The more popularity personalized medicine gains, the more health care professionals utilize Sanger sequencing to formulate treatments in accordance with patient genetic profiles. This approach reduces adverse reactions to medications and, at the same time, enhances the outcomes of therapies. Owing to these factors-the advancement in the sequencing technology and the pharmacogenomics trend, the need for Sanger sequencing will increase both in clinical and scientific arenas.
Pharmacogenomics Market Analysis by End User
Considering the important contribution of these firms in the development of new drugs and personalized therapy, pharmaceutical and biotechnology companies are well-positioned within the pharmacogenomics industry. These companies have the ability to personalize treatments for some patient populations through the use of pharmacogenomic data that have been correlated with genetic variants related to drug efficacy and safety. In addition to improving therapeutic outcomes, such an ability speeds up the drug development process as well as lowers the costs and time consumption in clinical trials. As the health care landscape shifts toward more personalized approaches, these companies are solidifying their position as leaders in this emerging area called precision medicine by using pharmacogenomic data as a part of their R&D activities.
The pharmacogenomics service providers segment is the market category that is growing at the fastest rate due to a growing demand for genetic testing and treatments that are personal. The growing realization of the importance of pharmacogenomic data in bettering medication regimens makes comprehensive genetic testing and interpretation services an addition to a long list of services being offered by health care providers. This also includes that sequencing technology progressions are drivers as they increase the accuracy and efficiency of genetic analysis to a very large extent. Furthermore, demand for tailored treatment and higher awareness among customers are motivating more patients and medical professionals to get these specialized services. Thus, supporting the pharmacogenomics market growth.
Global Pharmacogenomics Market By Type
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Pharmacogenomics Market Regional Insights
North America, in its turn, serves as a global leader with the implementation of pharmacogenomics industries. The prevalence of a high adoption of precision medicine, significant numbers of ongoing research and developments, and complex healthcare structures, make a perfect description of this region. Furthermore, it has a sufficient number of large companies incorporated in this region. Overall, it also possesses a perfectly developed regulation environment, serving as support for the drug development and commercialization on the bases of pharmacogenomics products. Initiatives to include pharmacogenomics in clinical practice, partnerships between pharmaceutical corporations and academic institutions, and huge investments in R&D have all taken place in the region.
However, as per the pharmacogenomics market forecast, Asia-Pacific is one of the regions with the fastest-growth rates globally. Healthcare spending in this region is growing fast, individualized treatment is increasingly necessary, and awareness of the benefits of pharmacogenomic testing is also growing. There is an expansion of genetic testing labs, research collaborations, and governmental initiatives to precision medicine across countries such as China, Japan, and India. The big population base, genetic diversity, and the rising prevalence of chronic diseases in Asia-Pacific further accelerate the scope for expansion in pharmacogenomics.
Global Pharmacogenomics Market By Geography
- Largest
- Fastest
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Pharmacogenomics Market Dynamics
Pharmacogenomics Market Drivers
Rising Demand for Personalized Therapy
- The driving force for the pharmacogenomics industry is individualized therapy. Patients and medical practitioners now realize the advantages of customized treatments based on unique genetic profiles. This method increases patient response by maximizing the effectiveness of treatment and reducing the possibility of drug interactions. It is predicted that there would be a substantial demand for pharmacogenomic testing and analysis with a rise in the number of hospitals embracing tailor-made solutions.
Advances in Genomic Technologies
- The growth of the pharmacogenomics market is due to the fast development of genomic technologies, including next-generation sequencing. It is easier to identify genetic variations that affect drug response by making genetic testing faster and less expensive. The growth of the market is attributed to the fact that pharmaceutical companies and healthcare providers add pharmacogenomic data to treatment plans due to the increased accuracy and efficiency in the analysis of genetics.
Pharmacogenomics Market Restraints
Expensive Genetic Testing
- One of the major barriers to the pharmacogenomics market is the high cost of genetic testing. Even with technological advances, conducting extensive genetic analysis will be costly enough that healthcare providers may not employ such practices. Furthermore, individuals may be resistant to testing due to a lack of money or insurance that will restrict the market in general and the ease with which pharmacogenomic services become available.
Strict Regulatory Approval Procedures
- Challenges facing the pharmacogenomics market are from the regulatory environment. Strict regulatory approval procedures make it tough for genetic testing and the treatments linked to it; this lengthens and challenges the process. This challenge may limit market growth and entry into new pharmacogenomic medicines since delays in new solutions hinder them, while discouragement by investment from biotechnology and pharmaceutical firms slows them down further.
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Pharmacogenomics Market Competitive Landscape
The pharmacogenomics industry is very diversified due to several significant companies. Researchers' strong interest and firms' investments in the safety and effectiveness of drugs are the major driving forces of the growth of the industry, and hence, the pharmacogenomics market is very competitive with several major players. Government funding is also available to companies developing bioinformatics technology for precision medicine research applications.
Pharmacogenomics Market Top Player’s Company Profiles
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- QIAGEN
- Danaher Corporation
- Laboratory Corporation of America Holdings
- Eurofins Scientific
- Charles River Laboratories
- Bio-Rad Laboratories, Inc.
- Agilent Technologies, Inc.
- Becton, Dickinson and Company
- Revvity
- IQVIA, Inc.
- Mesa Labs, Inc.
- Medpace, Inc.
- MGI Tech Co., Ltd.
- PacBio
- Takara Bio Inc.
- New England Biolabs
- BGI
- Novogene Co., Ltd.
- Sophia Genetics
- Fios Genomics
- Personalis, Inc.
- NeoGenomics Laboratories
- BioAI Health Inc.
- Macrogen, Inc.
Pharmacogenomics Market Recent Developments
- During the month of May 2024, Oxford Nanopore Technologies launched the Pharmacogenomics Beta Program based on a combination of their sequencing platform and Twist Bioscience's next-generation sequencing-target enrichment technology as a method of advancing upon custom medicine.
- Nicklaus Children's Hospital in South Florida will, in February 2024, introduce GeneTitan MC Fast Scan Instrument and Applied Biosystems PharmacoScan Solution, cutting-edge pharmacogenomics technologies to create custom treatment plans for patients while reducing issues created by side effects and interactions of medicines.
- BioGeneTech, the supposed precision medicine startup, unveiled in April 2023 an advanced platform in pharmacogenomics fusing leading genomic sequencing technology with intricate data analytics for identifying genetic markers that affect drug metabolism and efficacy.
Pharmacogenomics Key Market Trends
- Integration of AI: One of the pharmacogenomics market trends is AI integration. AI technologies are used to evaluate large datasets using genetic data to find trends and predict how patients will react to drugs. This trend accelerates the pace at which pharmacogenomics can be integrated into clinical practice and improves the accuracy of pharmacogenomic testing through better predictive estimates of treatment outcomes. It allows for more effective customized medicines.
- Increased Attention on Preventive Medical Care: Pharmacogenomics is also a significant feature of the visible trend in preventative medicine. Healthcare practitioners can create measures for preventive action and personalize treatment courses through the utilization of genetic data to identify potential sufferers or victims of diseases and adverse reactions from medications. With this trend, an increasing number of people begin to realize that pharmacogenomics is worth fighting for; hence patients and professionals are motivated enough to contribute towards preventive healthcare measures.
Pharmacogenomics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, considerations include advances in genetic technology, an increased focus on prevention in healthcare, and growing needs for personalized drugs; thus, the growth for this pharmacogenomics market should be considerable. Provided key companies continue to introduce innovation and expand their portfolios, the pharmacogenomics market outlook is still promising. Artificial intelligence and continued learning about genetic testing would further help the implementation of pharmacogenomic solutions in various settings of healthcare. Issues such as high testing costs and barriers due to regulatory requirements are, however, yet to be resolved in order for the market to be satisfied fully. Pharmacogenomics has a promising future but still has ample room for growth and to influence treatments of patients.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.15 billion |
| Market size value in 2031 | USD 12.78 billion |
| Growth Rate | 8.47% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Pharmacogenomics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Pharmacogenomics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Pharmacogenomics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pharmacogenomics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pharmacogenomics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Pharmacogenomics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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