Pharmacogenomics Market Size, Share & Growth Report | 2031
Pharmacogenomics Market Size, Share & Growth Report | 2031
Segments - Pharmacogenomics Market 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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| Report ID :HC-5048
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| 176 Pages
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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.
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Attributes |
Details |
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Report Title |
Pharmacogenomics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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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) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Pharmacogenomics Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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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 Summary2. 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 (000’ 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
Methodology
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