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

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.