The global pharmacogenomics market size was valued at USD 5,676 USD million in 2021. It is expected to reach USD 11,798 million, growing at a CAGR of 8.47% during the forecast period (2022–2030). The popularity of pharmacogenomics (PGx) has surged, hastening developments in precision medicine. Pharmacogenomics can also help identify drug responders and non-responders, avoid side effects, and determine the proper therapeutic dose. Pharmacogenomic technologies are used extensively in numerous government programs, bolstering the industry. The FDA requires pharmacogenomic information labeling to ensure the safety and efficacy of approved medications. As a result, labeling pharmaceuticals with pharmacogenomics market data in the United States is another significant boost to market growth.
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Constant Demand for the Treatment of Scathing Diseases
Genomics and precision medicine have become increasingly important in treating cancer patients in the last decade due to the increased prevalence of diseases such as cancer, which has no apparent cure or treatment plan. Unlike other illnesses, cancer therapy must account for both acquired (somatic) and inherited (germline) variation, which affects a drug's efficacy and safety. Therefore, pharmacogenomic tests have been used extensively to identify treatment options.
Increasing Concerns Regarding Adverse Drug Reactions
Physicians' adverse pharmaceutical responses remain a concern in today's global healthcare system primarily because one patient may have side effects while another obtains no benefit. Consequently, the diversity of society results in unanticipated reactions, which hinders the current healthcare market scenario. According to FDA data, 6.7 percent of hospitalized patients experienced an adverse drug reaction, with a 0.3 percent mortality rate. If these figures are correct, approximately 2,216,000 adverse drug reactions occur in hospitalized patients yearly, resulting in over 106,000 deaths.
Pharmacogenomics market solutions offer a noteworthy remedy to the issue. Pharmacogenomics aims to improve treatment outcomes by elucidating the underlying biological mechanisms and utilizing genetic contributions for customized medication.
High Expense of Conducting Research and Development
Pharmacogenetics studies are applicable at many phases of medication development. It is possible to analyze and identify the impact of polymorphisms on drug responsiveness. Pharmacogenetic testing can stratify patients according to their genotype and metabolizing ability in clinical investigations. As pharmacogenetics is increasingly used to guide the administration of various pharmaceuticals, the FDA has established standards for pharmaceutical companies to submit pharmacogenetic data for labeling their drug products. As a result, pharmacogenomic techniques and related research and development costs remain exceptionally high.
The global pharmacogenomics market is segmented by products and services.
Based on product, the global market is divided into Instruments and Services.
The instruments segment owns the largest revenue share, and the segment is anticipated to grow at a rate of 8.67 % during the forecast period. The instrument/panel section is the most expensive product, which includes premium items such as next-generation sequencers, PCR heat cyclers, microarray panels, and mass spectrometers. The segment consists of molecular diagnostics and specialist pharmacogenomics test kits, responsible for a substantial portion of the market's income. Additionally, the part of consumables contributes significantly to worldwide income. Consumables, such as equipment and reagents, are ongoing expenses that must be purchased in bulk on a regular or as-needed basis.
Based on technology, the global market is classified into PCR and NGS.
PCR segment accounts for the most significant contributor and is anticipated to grow at a rapid 8.47% CAGR during the forecast period. The polymerase chain reaction has the most critical market share in the global pharmacogenomics market's technology segment. The polymerase chain reaction is expected to grow in the future due to the irreplaceability of amplifying a small fragment of DNA. The low cost of sequencing procedures, rapid technological innovation, and increased precision and efficiency in achieving desired results.
Based on end-user, the global market is classified into Research.
The biopharmaceutical firm's market segment is the largest due to pharmacogenomic solutions' increasing adoption and incorporation into the R&D and drug discovery pipelines. In addition, this market sector uses pharmacogenomics pharmacogenomic products and solutions in clinical trials, particularly Phase III. Consequently, there is an expanding market opportunity, and we anticipate a substantial revenue inflow by the conclusion of the projected period.
Contract Research Organizations and Molecular Diagnostics Laboratories had the second-largest global market share in sales value. This is because these facilities are well-equipped with molecular diagnostic equipment and lab units to meet the wide range of patient needs. Moreover, compared to other medical institutions, these facilities have superior infrastructure, technology benefits, and highly trained medical personnel. The rise of hospitals as end-users has accelerated, and the global pharmacogenomics market is anticipated to maintain its leading position for the foreseeable future.
The global pharmacogenomics market is primarily classified into three regions, namely The U.S., Asia-Pacific, The Middle East and Africa, and Europe.
Regional Growth Insights Request Sample Pages
Regarding income, the U.S. regional market for pharmacogenomics is the largest. Some factors driving the market include the increasing prevalence of chronic diseases, such as cancer, and increased end-user awareness of the use and benefits of pharmacogenomics. Over the past decade, government and private sector funding have funded over eleven programs in the United States.
The following is a selection of the most noteworthy projects:
Asia-Pacific is one of the fastest-growing marketplaces in the world. Diseases such as cancer are becoming more prevalent due to increased healthcare and research in emerging nations such as Japan and India.
Cancer is one of the top reasons for disease and mortality among patients. According to a study conducted by Globocan, Asia-Pacific has one of the highest cancer prevalence rates (excluding skin cancer) globally. In addition, the market offers substantial pockets of opportunity due to government spending and the expanding penetration of genomic technologies, assisted by the emergence of pharmaceutical businesses, especially biosimilars.
The global pharmacogenomics market’s major key players are
Report Metric | Details |
---|---|
Market Size | USD 11,798 in Million By 2030 |
CAGR | CAGR 8.47% |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
Segments Covered | by Product and Services (Instruments, Services), Technology (NGS, PCR), Application (CVDs) and End User (Research) |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Thermo Fisher Scientific, Admera Health, Agena Biosciences, Inc., Illunima, Inc, OneOme, LLC, Myriad Genetics, Inc., Quest Diagnostics, Dynamic DNA Laboratories, Personalis Inc., Coriell Life Sciences, Phamatech, Inc, BiogeniQ Inc |
Key Market Opportunities | Government spending and the expanding penetration of genomic technologies |