The global pharmacogenomics services market was valued at USD 5.10 billion in 2021. It is projected to reach USD 8.84 billion by 2030, growing at a CAGR of 5.65% during the forecast period (2022–2030). Pharmacogenomics is a subspecialty of personalized medicine that focuses on using genetic data to better inform medication decisions based on the person's "pharmacy" genes that determine how they will process a medication. This helps to accurately determine a person's response to the medication and determine whether they have the potential to experience side effects.
The pharmacogenomics services industry is currently experiencing growth due to the increasing prevalence of infectious diseases and various types of cancer. The increasing adoption of personalized medicine is shifting the paradigm from reaction to prevention. In addition, companies are concentrating on developing pharmacogenomic testing based on advanced molecular assay technologies, which is anticipated to assist physicians in making more informed therapeutic decisions.
Get more information on this report Download Sample Report
Increasing Prevalence of Fatal Diseases
The demand in the market is driven by the rising prevalence of conditions like cancer, for which medical research has not discovered a precise treatment plan. As a result, genomics and precision medicine have become increasingly important in treating cancer patients during the forecast period. In contrast to treating other diseases, cancer treatment must consider both acquired (somatic) and inherited (germline) variations, each of which adds to the effectiveness and safety of a medicine.
Increasing Concerns about Adverse Drug Reactions (ADRs)
Physicians' adverse pharmaceutical responses remain a concern in today's global healthcare system. This is 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. Numerous pharmaceutical substances cause people to have life-threatening side effects. Pharmacogenomics aims to improve treatment outcomes by elucidating the underlying biological mechanisms and utilizing genetic contributions for customized medication.
Lack of Qualified and Adequately Trained Medical Professionals
The main factors limiting the growth is the lack of highly trained healthcare professionals to perform pharmacogenomics diagnostics test and a lack of pharmacogenomics information in the electronic systems. The low level of integration of pharmacogenomics is also significantly impacted by a lack of resources, including laboratory equipment, infrastructure, and knowledgeable and highly trained healthcare personnel.
Massive Potential for Pharmacogenomics Adoption in Emerging Nations
The expansion of the worldwide pharmacogenomics market has been fueled by the rising incidence of adverse medication reactions and the substantial expenditure on associated research and development. Pharmacogenomics is gaining prominence in clinical practice and is regarded as one of the fundamental pillars of personalized medicine. The marketing theories and innovations would hasten the adoption of pharmacogenomic testing services in clinical practice when applied to personalized medicine interventions. It is essential to make significant improvements and use creative approaches if the healthcare community uses these services for patients' benefit.
The global pharmacogenomics services market is segmented into products and services, technology, and end-user.
Based on products and services, the market is segmented into instruments, consumables, services, and software.
The instruments segment accounts for the largest revenue share in the market. As a result, even purchases for smaller sums help to account for the subsegment's disproportionately high revenue share. The instrument section consists of premium items, including next-generation sequencers, PCR heat cyclers, microarray panels, and mass spectrometers. The segment includes molecular diagnostics kits and specialist PGx test kits, which are responsible for a substantial portion of the market's income. Additionally, the segment of consumables contributes significantly to worldwide income. Consumables such as apparatus and reagents, among others, are ongoing expenses that must be acquired in bulk regularly or as needed.
Based on technology, the market is segmented into next-generation sequencing, polymerase chain reaction, gel electrophoresis, mass spectrometry, microarray, and hybridization.
The polymerase chain reaction has the most significant market share in the global pharmacogenomics market's technology segment. The polymerase chain reaction is expected to expand during the forecast period due to its irreplaceability in amplifying a small DNA fragment. This results from the fast-declining cost of sequencing procedures, rapid technological innovation, and increasing precision and efficiency in obtaining desired results. In addition, NGS technologies hold the largest market share, given the trend and accelerating use of segmented products.
Based on end-user, the market is segmented into biopharmaceutical companies, academic and research institutes, contract research organizations, and molecular diagnostics laboratories.
The biopharmaceutical firms' market segment is the largest and one of the fastest-growing due to the increasing adoption of PGx solutions and its incorporation into the R&D and drug discovery pipelines. In addition, this market sector uses pharmacogenomics PGx products and solutions in clinical trials, particularly Phase III. Contract Research Organizations and Molecular Diagnostics Laboratories have the second biggest market share worldwide. These facilities offer superior infrastructure, technical advantages, and highly trained medical personnel compared to other medical institutions. The rise of hospitals as end-users has accelerated the growth of the market.
The global pharmacogenomics services market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Regional Growth Insights Request Sample Pages
The North American regional market is the largest market for pharmacogenomics services market. The prevalence of chronic diseases, such as cancer and increased end-user awareness of the use and advantages of pharmacogenomics are two of the main drivers of the market. For example, the U.S. Pharmacogenomics Research Network developed the Translational Pharmacogenomics Program to integrate pre-emptive testing in numerous clinical settings. These activities and programs substantially affected the market, particularly in North America, fostering its upward pace. In addition, the industry is supported by increased healthcare expenditures and end-user spending, which balance the regional market's characteristics.
Asia-Pacific is one of the fastest-growing marketplaces. The prevalence of such diseases is rising due to improved healthcare and research in developing countries like Japan and India, where there is a large patient population and illnesses like cancer are becoming more common. According to a statistical survey conducted by Globocan, Asia has one of the global cancer prevalence rates (excluding skin cancer). In addition, the Asia-Pacific market offers substantial pockets of opportunity due to government spending and the expanding penetration of genomic technologies.
The global pharmacogenomics services market’s major key players are 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, and ViennaLab Diagnostics GmbH.