Pharmacogenomics Market: Information by Product and Services (Instruments, Services), Technology (NGS, PCR), Application (CVDs) and End User (Research), and Region — Forecast till 2029

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 information is another big boost to the market growth. The drug labeling should contain information on genomic biomarkers.

Market Synopsis

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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Pharmacogenomics Market Drivers

Constant Demand for the Treatment of Scathing Diseases such as Cancer Drives the Global Market:

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.

Increasing Concerns Regarding Adverse Drug Reactions (ADRs) has Been a Major Booster to Global Market

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 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.

Segment Overview

By Product and Services, the Instruments Segment Catered to the Largest Revenue Share in 2020

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.

By Technology, PCR Segment Accounts for Largest Section, NGS Segment to Flourish Most

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.

Biopharmaceutical Companies Segment Is Dominating Among End Users

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 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.

Pharmacogenomics Market Regional Overview

Americas Regional Market is the Largest Among all Regions

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:

• The U.S. Pharmacogenomics Research Network, for example, created the Translational Pharmacogenomics Program to combine pre-emptive pharmacogenomic testing in many clinical locations in a real-world setting.
• Further, the University of Chicago's 1200 Patients Project is another noteworthy initiative that aimed to determine the feasibility and utility of incorporating pre-emptive pharmacogenomic testing of a panel of genes. In addition, it aimed to understand the impact of providing pharmacogenomics test results on prescriptions, medical decisions, and patient outcomes.

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.

Asia-Pacific to Show Highest Growth Potential

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.

Competitive Landscape

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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 Major Players Involved in the Pharmacogenomics Market Includes:

• 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.
• CENTOGENE N.V.
• Empire Genomics
• ViennaLab Diagnostics GmbH
• Others

Key Developments:

• On Aug 16, 2021, Coriell Life Sciences and Today HealthTrust – a trusted provider of benefit plans exclusively for New Hampshire public sector employees, retirees, and their families launched one of the first large-scale medication safety programs in the state. The organization collaborated with precision medicine leader Coriell Life Sciences (CLS), the organization is rolling out CLS' Corigen Medication Safety Program, which uses the science of pharmacogenomics to assess how each person will respond to medications and improve how drugs are prescribed.
• In Nov-20, OneOme, LLC entered a new agreement with Alliance Healthcare Netherlands (a subsidiary of Walgreens Boots Alliance) to provide pharmacogenomic testing via the RightMed Test to Alliance Healthcare employees and immediate family members. This agreement builds on the pilot program announced LAST YEAR that brought the RightMed Test to Boots and Alphega Pharmacy locations throughout the Netherlands.

Pharmacogenomics Market Segmentation

By Product and Services

• Instruments
• Consumables
• Services
• Software
  

By Technology

• Next-Generation Sequencing
• Polymerase Chain Reaction
• Gel electrophoresis
• Mass Spectrometry
• Microarray
• Hybridization
• Others

By Application

• Cardiovascular disease
• Infectious diseases
• Oncology
• Neurological diseases
• Psychiatry
• Pain Management and Trauma
• Others

By End User

• Bio-Pharmaceutical Companies
• Research and Academic institutes
• Contract Research Organization and Molecular Diagnostics Labs
• Others

By Regions

• Americas
• Europe
• Asia Pacific (APAC)
• Middle East and Africas (MEA)

Authors: Shubhendra A, Akhik N