Pharmacogenomics Technology Market Size, Share & Trends 2031

Report Description

Pharmacogenomics Technology (Theranostics and Companion Diagnostics) Market Outlook

The global pharmacogenomics technology (theranostics and companion diagnostics) market size was valued at USD 6.20 Billion in 2022 and is likely reach to USD 13.14 Billion by 2031, expanding at a CAGR of 8.7% during the forecast period, 2023-2031. The growth of the market is attributed to the growing different initiatives from governments towards encouraging pharmacogenomics diagnostics.

Moreover, gradual development of new pharmacogenomics tests in emerging economies are playing major roles for the market expansion. Pharmacogenomics technology is widely adopted to innovate and modify drugs development so that these drugs can increase efficacy and safety for individual healthcare.

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One of the key aspects for the implementation of the technology for the drugs development is to meet the needs of several drugs or medications from the population especially in developing regions. With the extensive study by researchers and scientists, several new diagnostics methods have been introduced that ensure high accuracy and effective in using various testing devices.

Additionally, factors such as the rapid development of advanced technology, the capacity to answer local requirements, effective implementation with a reasonable time span and cost-effective, the ability to decrease knowledge gap, and the capacity for secondary aids are key factors pushing the market expansion. Several pharmacogenomics studies are widely conducted by various players to increase the interaction and effects of drug development with respect to genes.

The study aims to understand how the inherited genes influence the way medications and treatments work on every individual. In general, the genetic study is extensively held as key steps to address several treatment methods but some major side-effects after the use of genetic treatment drugs pose challenges to the overall market expansion.

The COVID-19 pandemic has increased the importance of pharmacogenomics and several key pharmaceutical players have started focusing on the development of vaccine to curb the pandemic. Majority of researchers and scientists widely consider to use pharmacogenomic technology to learn about the coronavirus and develop vaccines, thereby increasing the market growth.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing cost in healthcare budgets combined with latest opportunities for modified treatments are projected to boost the global pharmacogenomics technology market growth during the forecast period.
• Rapid growth of the pharmaceutical industry and rising demand for several diagnostics methods are major factors driving the market expansion in the coming years.
• Strict governments’ regulations in the approval of pharmacogenomics technology and complex reimbursement process for combined diagnostic testing are estimated to hinder the market growth.
• Lack of skilled labor present as a main challenge that can restrict the market expansion in the coming years.
• R&D investment and technological advancement are expected to offer significant opportunities for the market players. The application of theranostic nanoparticles used in imaging and therapy has received lucrative attention in disease management. The usage of magnetic-based theranostic nanoparticles in the disease management because of the advantages related is also expected to fuel the revenue share of the market.

Scope Pharmacogenomics Technology Market Report

The report on the global pharmacogenomics technology (theranostics and companion diagnostics) market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Pharmacogenomics Technology Market Segment Insights

Oncology segment is projected to represent a large market share

Based on therapeutic areas, the global pharmacogenomics technology (theranostics and companion diagnostics) market is segmented into oncology, neurological disorders, cardiovascular disease, immunological disorders, and others. The oncology segment is further divided into lung cancer, breast cancer, colorectal cancer, cervical cancer, and others.

The oncology segment is expected to constitute a major share of the market during the forecast period owing to the possession of innovative technology that makes precision treatment, care effective, and affordable.

On the other hand, the immunological disorders segment is anticipated to grow at a rapid pace during the forecast period due to the rise in armamentarium therapies, which work on the basis of immunological diagnostics and treatments. These methods have been found in various medical applications including the treatment for tumors and cancer.

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Sequencing segment is expected to grow at a significant pace

On the basis of technology, the market is divided into PCR, In-situ Hybridization, immunohistochemistry, sequencing, and others. The sequencing segment is expected to constitute a major share of the market during the forecast years owing to the increase in the volume of proof-of-concept diagnostics, studies and research particularly in next-generation sequence.

There has been a rapid progress in the development of NGS technology, data analysis, and the platform solutions that help propel rapidly with respect to this technique for research settings. This research is then carried out for the development of innovation for sequencing techniques giving rise to the new next-generation sequencing, thereby propelling the segment growth.

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Pharmacogenomics Technology (Theranostics and Companion Diagnostics) Market Regional Outlook

North America is anticipated to dominate the market

On the basis of regions, the global pharmacogenomics technology (theranostics and companion diagnostics) market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. The market in North America is expected to expand at an impressive CAGR during the forecast period, 2023-2031.

This regional market growth can be attributed to the acceleration of research and development activities in various fields such as integrated medicine. There is also active participation of government and regulatory bodies encouraging the development of the pharmaceutical industry, which is projected to boost the market growth during the forecast period.

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