Pharmacogenomics (PGx) has exploded in popularity, hastening advances in precision medicine. Pharmacogenomics can also assist in identifying pharmaceutical responders and non-responders, avoiding adverse effects, and finding the appropriate therapeutic dose. Thus, there is a large-scale implementation of PGX technologies in several government initiatives that have boosted the market. For instance, the FDA has mandated PGx information labeling in the approved drugs to inform their safety and effectiveness. Thus, labeling drugs in the U.S. with pharmacogenomics market information is another big boost to the market growth. The drug labeling should contain information on genomic biomarkers.
The global pharmacogenomics market was valued at USD 5,250.08 Mn in 2020 and is expected to reach a market valuation of USD 10,859.91 Mn in 2029 owing to 8.45% CAGR during the forecast period 2022 to 2029.
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The market is complied by the rising frequency of diseases such as cancer which have no definitive cure or treatment regimen prescribed by medical research. As a result, genomics and precision medicine have become increasingly important in cancer treatment for patients in the last decade.
Cancer therapy, unlike other illnesses, must account for both acquired (somatic) and inherited (germline) variation, which contributes to a drug's efficacy and safety. Thus, there has been considerable usage of PGx tests to uncover therapy.
Source: Global Cancer Observatory, WHO, Factsheets 2020
Thus, there is an increase in several patients from cancer. The figure shows the growing prevalence of cancer globally in the past year.
Adverse medication reactions are an issue for doctors worldwide in today's healthcare system. It is primarily because one patient may experience negative side effects while another receives no benefit. As a result, the diversity within a community causes unanticipated reactions, which impedes the current healthcare market scenario. Many medicinal compounds produce life-threatening adverse effects in patients. For example, according to FDA statistics, 6.7% of hospitalized patients experienced an adverse medication reaction in 2018-2019, with a death incidence of 0.32%. If these figures are correct, there are about 2,216,000 significant ADRs in hospitalized patients per year, resulting in over 106,000 deaths.
Pharmacogenomics market solutions provide a notable answer to the problem. Pharmacogenomics' primary goal is to enhance treatment results by understanding the underlying biological mechanisms and leveraging genetic contributions for individualized therapy.
In 2020, the Instruments section will generate the highest revenue share of USD 2,900.68 Mn. Furthermore, the segment is predicted to increase at a fast rate of 8.67 % during the next several years. The subsegment's large revenue share is because instruments/panels are the most expensive product in comparison purchases of even lower quantities contribute to a bigger revenue inflow.
The instrument segment includes high-end products such as next-generation sequencers, PCR heat cyclers, microarray panels, and mass spectrometers. The sector includes molecular diagnostics kits and specialized PGx test kits, which contribute a huge revenue sum to the market.
Furthermore, the consumables segment accounts for another large chunk of the global revenue. Consumables such as apparatus, reagents, among others, are recurring costs and need to be purchased in large volume and on a routine basis or as per requirements.
The polymerase chain reaction has the largest market share in the technology segment of the global pharmacogenomics market. The polymerase chain reaction is projected to maintain its trend throughout the forecast period because of its irreplaceability of amplification in a tiny segment of DNA. In 2020, a polymerase chain reaction was estimated to be worth USD 1,329.99 million.
However, the market segment is expected to increase at a high CAGR of 11.07%. It is due to the rapidly decreasing cost of sequencing techniques, rapid technological advancement, and increased precision and efficiency in getting desired findings. Furthermore, we anticipate that NGS technologies will account for the biggest market share in 2029, valued at USD 2,720.65 million, based on the current trend and increasing momentum in adopting segmented goods in the market.
The biopharmaceutical companies segment is the largest and one of the fastest-growing market segments due to the surging uptake of PGx solutions and integration in the R&D and drug discovery pipeline. The segment was valued at 2,592.66 USD Mn in 2020 grew at high CAGR. Further, the market segment utilizes pharmacogenomics PGx products and solutions in clinical trials, especially Phase III. Thus, there is a growing market opportunity, and we expect a high revenue inflow by the end of the forecast period.
Contract Research Organization and Molecular Diagnostics Labs accounted for the second-largest share of the global market in terms of revenue value at USD 1,333.62 million in 2020. Further, we estimate that the segment accounted for ~25% share of all end-users in the market. It is because these facilities are well-equipped with molecular diagnostic devices and accompanying lab units to meet the various needs of patients. Furthermore, compared to other medical institutions, these facilities offer better infrastructure, technical advantages, and the availability of highly skilled medical personnel. The rise of hospitals as end-users has spurred, and the worldwide pharmacogenomics industry is projected to remain at the existing dominant position for the foreseeable future.
|Market Size in 2020:||5,250.08 Million (USD)|
|Forecast Period:||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR:||8.45%|
|2029 Value Projection:||10,859.91 Million (USD)|
|Historical Data for:||2017 to 2020|
|No. of Pages:||218|
|Tables, Charts & Figures:||149|
|Segments covered:||Product and Services, Technology, Application|
|Pitfalls & Challenges:||
American regional market is the largest market for pharmacogenomics in terms of revenue. The market is driven by several factors, such as the prevalence of chronic diseases, namely cancer, higher awareness amongst end-users regarding the usage and benefits of pharmacogenomics, among others.
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Over the last ten years, over eleven initiatives in the United States have been supported through government and private sector fundings. A few of the most significant projects are listed below:
These initiatives and programs had a significant impact on the market, especially in North American, building a growth momentum within it. Additionally, the market is supported by larger healthcare budgets and spending by end-users, which balance the market dynamics in the regional market.
The APAC area is one of the world's fastest-growing markets. It's because of rising healthcare and research in developing countries such as Japan and India, where there's a vast patient pool, and diseases such as cancer are becoming more common.
For example, cancer is one of the leading causes of disease and mortality in APAC patients. According to a statistical survey conducted by Globocan in 2020, Asia has one of the highest prevalence rates of malignancies (all types except skin) in the world.
Furthermore, the APAC market has considerable opportunity pockets due to government expenditures and expanding penetration of genomic technologies, aided by the rise of pharmaceutical companies, particularly biosimilars.
The competitiveness among major players in the global market is moderately high however, we estimate that competitiveness to increase by margins as the market is saturated with increasing participation from new entrants.
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