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Pharmacogenomics Market Size, Share & Growth Report | 2031

Pharmacogenomics Market

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Segments - by Application (Neurology, Oncology, Cardiology, Drug Discovery, and Others), Technology (Microarray, DNA Sequencing, Polymerase Chain Reaction, and Others), End-user (Diagnostic Centers, Hospitals, Academic Institutes, and Research Organizations), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Raksha Sharma

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Report Description

The global pharmacogenomics market size was USD 5,680 Mn in 2022 and is likely to reach USD 11,800 Mn by 2031, expanding at a CAGR of 8.50% during 2023-2031. Increasing adoption of precision medicine and the rising prevalence of infectious diseases are likely to boost the market.

Pharmacogenomics (PGx) is known as pharmacogenetics and is the study of how an individual’s genetic makeup affects their response to drugs. It is a field that combines pharmacology (the study of drugs) and genomics (the study of genes and their functions) to develop personalized approaches to drug therapy.

The goal of pharmacogenomics is to identify genetic variations that can affect how an individual metabolizes drugs, how they respond to a particular drug, and how likely they are to experience side effects or toxic reactions. By identifying these variations, healthcare providers can choose drugs and doses that are most likely to be effective and safe for each patient.

PGx testing involves analyzing a patient’s DNA to identify genetic variations that affect drug response. This information can then be used to guide drug selection and dosing decisions. For example, if a patient has a genetic variation that affects how they metabolize a particular drug, their healthcare provider may choose a different drug or adjust the dose to ensure that the drug is safe and effective.

Pharmacogenomics is used in a variety of medical settings, including cancer treatment, psychiatry, and cardiology. It has the potential to improve drug safety and efficacy, reduce side effects, and optimize drug therapy for individual patients.

The market report finds that the COVID-19 pandemic hampered the global pharmacogenomics market. The clinical trials, drug development, and diagnostic procedures for diseases were suspended during the pandemic, due to the complete shutdown imposed by the government.

Pharmacogenomics Market Dynamics

Major Drivers

Increasing need for cancer treatment is expected to drive the market. Genetics has gained importance in the treatment of cancer in the past few years. In today’s healthcare system, different adverse drug reactions are a problem. However, one patient may experience side effects while another patient does not. These side effects are making the healthcare market difficult, due to societal diversity and unexpected reactions occur.

According to the Food and Drug Administration (FDA), 6.7% of hospitalized patients have a serious adverse drug reaction (ADR), with a fatality rate of 0.32%. This means, every year there are over 2,216,000 serious ADRs in hospitalized patients, which claims the lives of 106,000.

Increasing number of strategic collaborations between the public and private market players is boosting research & development activities. However, increasing prevalence of disorders and growing investment in healthcare infrastructure are likely to fuel the market.

Existing Restraints

The high cost of research & development projects is restraining the market. Medical and research institutes require high-tech laboratories for the drug development process. FDA-approved labeling for drug products includes monitoring instructions and information to advise the administration of various medications.

Emerging Opportunities

Increasing demand for precision medicine and growing aging population who is susceptibility to disease, which are expected to create lucrative opportunities in the market. According to the FDA, in vitro diagnostics (IVDs) that are marketed directly to consumers without the involvement of a healthcare provider are called direct-to-consumer tests. These tests generally request the consumer collect a specimen, such as saliva or uterine, and send it to the company for testing and analysis. These regulations regarding the security of customers’ genetic information create opportunities in the market.

Scope of Pharmacogenomics Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Pharmacogenomics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Application (Neurology, Oncology, Cardiology, Drug Discovery, and Others), Technology (Microarray, DNA Sequencing, Polymerase Chain Reaction, and Others), and End-user (Diagnostic Centers, Hospitals, Academic Institutes, and Research Organizations)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Pharmacogenomics Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report	Thermo Fisher Scientific Inc.; Invitae Corporation; F. Hoffmann-La Roche Ltd; Myriad Genetics, Inc.; Exact Sciences Corporation; Mesa Labs, Inc.; 23andMe, Inc.; Laboratory Corporation of America Holdings.; QIAGEN; Tesis Biosciences; Admera Health; and Abbott

Pharmacogenomics Market Segment Insights

Application Segment Analysis

Based on application, the pharmacogenomics market is divided into neurology, oncology, cardiology, drug discovery, and others. The oncology segment is expected to expand at a significant pace during the projection period, due to the rising use of precision cancer treatment. Pharmacogenomics (PGx) helps predict cancer susceptibility, patient survival, tumor progression & recurrence, and response & toxicity to chemotherapy.

The drug discovery segment is anticipated to account for a major market share in the coming years, as it helps in treating and curing diseases therapeutically. The process of drug discovery starts with the potential target at which the drug can act. Drug discovery increases the affinity, selectivity, efficacy/potency, metabolic stability, and oral bioavailability.

Technology Segment Analysis

On the basis of technology, the market is segregated into microarray, DNA sequencing, polymerase chain reaction, and others. The polymerase chain reaction (PCR) segment is projected to register a considerable CAGR during the forecast period, owing to the irreplaceability of amplifying a small fragment of DNA. Multiplex PCR is a form of PCR in which different fragments of DNA are amplified in a single reaction and it is utilized to identify a variety of antibiotic genes.

The DNA sequencing segment is anticipated to hold a key share of the market in the coming years, due to the increasing focus on sequencing analysis for different genomic patterns. The sequencing method has an impact on the healthcare industry. There are three technologies used for DNA sequencing including Sanger sequencing, next-generation sequencing, and capillary electrophoresis and fragment analysis.

End-User Segment Analysis

Based on end-user, the pharmacogenomics market is divided into diagnostic centers, hospitals, academic institutes, and research organizations. The hospital segment is anticipated to expand at a high CAGR during the forecast period, due to the presence of numerous licensed medical professionals and advanced technology under one roof and the high use of hospitals as a primary setting for disease detection and treatment. The growth of the segment is attributed to the rise in molecular diagnostics resources in hospitals during the pandemic.

Regional Analysis

In terms of region, the global pharmacogenomics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the increase in the adoption of pharmacogenomics (PGx) practices and the presence of a well-established healthcare infrastructure in the region.

According to the American Cancer Society 2022 report, about 1.9 million new cancer cases were diagnosed and 609,360 cancer deaths in the US in that year. Increasing prevalence of several chronic diseases, high investment in personalized medicine & drug discovery, and the presence of a strong healthcare infrastructure are driving the market in the region.

Segments

The global pharmacogenomics market has been segmented on the basis of

Application

Neurology
Oncology
Cardiology
Drug Discovery
Others

Technology

Microarray
DNA Sequencing
Polymerase Chain Reaction
Others

End-user

Hospitals
Academic Institutes
Research Organizations

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Thermo Fisher Scientific Inc.
Invitae Corporation
F. Hoffmann-La Roche Ltd
Myriad Genetics, Inc.
Exact Sciences Corporation
Mesa Labs, Inc.
23andMe, Inc.
Laboratory Corporation of America Holdings.
QIAGEN
Tesis Biosciences
Admera Health
Abbott

Competitive Landscape

Key players in the global pharmacogenomics market are Thermo Fisher Scientific Inc.; Invitae Corporation; F. Hoffmann-La Roche Ltd; Myriad Genetics, Inc.; Exact Sciences Corporation; Mesa Labs, Inc.; 23andMe, Inc.; Laboratory Corporation of America Holdings.; QIAGEN; Tesis Biosciences; Admera Health; and Abbott.

These key players adopt various strategies including acquisitions, collaboration, mergers, partnerships, product launches, and production expansion to expand their consumer base globally.

In May 2022, Invitae announced the Invitae Pharmacogenomics (PGx) Panel. This panel employs specialized Invitae Pharmacogenomics Mental Health Panel and offers access to a clinical decision support tool (CDST).

In October 2020, LabCorp and HealthEC, LLC, launched a transformative Oncology Care Module designed to aid oncologists improve patient outcomes and reduce costs.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Pharmacogenomics Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Pharmacogenomics Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Pharmacogenomics Market - Supply Chain
  4.5. Global Pharmacogenomics Market Forecast
     4.5.1. Pharmacogenomics Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Pharmacogenomics Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Pharmacogenomics Market Absolute $ Opportunity
5. Global Pharmacogenomics Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Pharmacogenomics Market Size and Volume Forecast by Applications
     5.3.1. Neurology
     5.3.2. Oncology
     5.3.3. Cardiology
     5.3.4. Drug Discovery
     5.3.5. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Pharmacogenomics Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Pharmacogenomics Market Size and Volume Forecast by End Users
     6.3.1. Hospitals
     6.3.2. Academic Institutes
     6.3.3. Research Organizations
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Pharmacogenomics Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Pharmacogenomics Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Pharmacogenomics Demand Share Forecast, 2019-2026
8. North America Pharmacogenomics Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Pharmacogenomics Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Pharmacogenomics Market Size and Volume Forecast by Applications
     8.4.1. Neurology
     8.4.2. Oncology
     8.4.3. Cardiology
     8.4.4. Drug Discovery
     8.4.5. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. North America Pharmacogenomics Market Size and Volume Forecast by End Users
     8.7.1. Hospitals
     8.7.2. Academic Institutes
     8.7.3. Research Organizations
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Pharmacogenomics Demand Share Forecast, 2019-2026
9. Latin America Pharmacogenomics Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Pharmacogenomics Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Pharmacogenomics Market Size and Volume Forecast by Applications
     9.4.1. Neurology
     9.4.2. Oncology
     9.4.3. Cardiology
     9.4.4. Drug Discovery
     9.4.5. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Latin America Pharmacogenomics Market Size and Volume Forecast by End Users
     9.7.1. Hospitals
     9.7.2. Academic Institutes
     9.7.3. Research Organizations
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Pharmacogenomics Demand Share Forecast, 2019-2026
10. Europe Pharmacogenomics Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Pharmacogenomics Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Pharmacogenomics Market Size and Volume Forecast by Applications
     10.4.1. Neurology
     10.4.2. Oncology
     10.4.3. Cardiology
     10.4.4. Drug Discovery
     10.4.5. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Europe Pharmacogenomics Market Size and Volume Forecast by End Users
     10.7.1. Hospitals
     10.7.2. Academic Institutes
     10.7.3. Research Organizations
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Pharmacogenomics Demand Share Forecast, 2019-2026
11. Asia Pacific Pharmacogenomics Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Pharmacogenomics Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Pharmacogenomics Market Size and Volume Forecast by Applications
     11.4.1. Neurology
     11.4.2. Oncology
     11.4.3. Cardiology
     11.4.4. Drug Discovery
     11.4.5. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Asia Pacific Pharmacogenomics Market Size and Volume Forecast by End Users
     11.7.1. Hospitals
     11.7.2. Academic Institutes
     11.7.3. Research Organizations
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Pharmacogenomics Demand Share Forecast, 2019-2026
12. Middle East & Africa Pharmacogenomics Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Pharmacogenomics Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Pharmacogenomics Market Size and Volume Forecast by Applications
     12.4.1. Neurology
     12.4.2. Oncology
     12.4.3. Cardiology
     12.4.4. Drug Discovery
     12.4.5. Others
  12.5. Basis Point Share (BPS) Analysis by Applications
  12.6. Y-o-Y Growth Projections by Applications
  12.7. Middle East & Africa Pharmacogenomics Market Size and Volume Forecast by End Users
     12.7.1. Hospitals
     12.7.2. Academic Institutes
     12.7.3. Research Organizations
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Pharmacogenomics Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Pharmacogenomics Market: Market Share Analysis
  13.2. Pharmacogenomics Distributors and Customers
  13.3. Pharmacogenomics Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Thermo Fisher Scientific Inc.
     13.4.2. Invitae Corporation
     13.4.3. F. Hoffmann-La Roche Ltd
     13.4.4. Myriad Genetics, Inc.
     13.4.5. Exact Sciences Corporation
     13.4.6. Mesa Labs, Inc.
     13.4.7. 23andMe, Inc.
     13.4.8. Laboratory Corporation of America Holdings.
     13.4.9. QIAGEN
     13.4.10. Tesis Biosciences
     13.4.11. Admera Health
     13.4.12. Abbott

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