Pharmacogenomics Market is expected to grow at a CAGR of 10.81% through 2031
Growing
prevalence of different diseases is expected to drive the growth of global pharmacogenomics
market in the forecast period, 2027-2031.
According to
TechSci Research report, “Pharmacogenomics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2021-2031F”, the Global Pharmacogenomics Market will grow from USD 9.49 Billion in 2025 to USD 17.57 Billion by 2031 at a 10.81% CAGR. This can be attributed to the growing
geriatric population, which is susceptible to various chronic diseases. Additionally, the prevalence of chronic diseases such as cancer, diabetes, cardiovascular problems, among others, is also increasing among adults and is no longer just observed in the elderly. According to the Global Cancer Observatory, in 2020, around 2,281,658 new cancer cases were reported in the United States. Of these, 1,226,541 new cancer cases were reported in men, while
1,055,117 new cancer cases were reported in women. The need to provide
effective treatment for these chronic diseases is expected to support the
growth ofthe global pharmacogenomics market.
However, the costs associated with conducting research & development activities and clinical trials related to pharmacogenomics are relatively higher, leading to affordability constraints, especially in developing countries. Moreover, limited awareness of precision medicine and its benefits among the general population and the research community in emerging economies is expected to hinder market growth further in the coming years.
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TOC on "Pharmacogenomics Market"
The global pharmacogenomics market can be segmented by
technology, service, application, end user, and region.
Based on application, the global pharmacogenomics
market can be categorised into drug discovery, oncology, neurology and
psychiatry, pain management, cardiovascular diseases, and others. The oncology
segment is expected to dominate the market during the forecast period due to the increasing prevalence of various cancer types worldwide. According to the Global Cancer Observatory, in 2020, around 19,292,789 new cancer cases were reported worldwide. The expanding use of pharmacogenomics in the development of treatment for different types of cancer is expected to create
lucrative opportunities for the segmental growth.
Based on end user, the global
pharmacogenomics market can be segmented into hospitals & clinics,
biotechnology & pharmaceutical companies, and others. The biotechnology
& pharmaceutical companies segment held the largest market share in 2021, attributable to the increasing adoption of pharmacogenomic solutions in R&D and drug-discovery pipelines.
Major
companies operating in the global pharmacogenomics
market are:
- Abbott Laboratories, Inc.
- Illumina, Inc.
- Thermo Fisher Scientific, Inc.
- AstraZeneca Plc.
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories, Inc.
- Becton, Dickinson and Company
- Eurofins Scientific SE
- Pacific Biosciences of California Inc.
- Qiagen N.V.
- PerkinElmer, Inc.
- Oxford Nanopore Technologies Limited
- Agilent Technologies, Inc.
- Myriad Genetics, Inc.
- Admera Health, LLC
Various companies operating in the market
are increasing their research & development activities and funding,
launching new trials and products to remain competitive. Biotechnology and pharmaceutical companies have also begun collaborating with various academic & research institutions to accelerate research on pharmacogenomics and raise awareness of it.
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The North American region dominates the market and is projected to maintain its dominance over the forecast period, owing to early adoption and use of pharmacogenomics to develop treatments for various chronic diseases. Additionally, increasing research & development activities in the region related to personalised medicine and drug discovery, especially in the United States, is further expected to support the market growth through 2027,” said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Pharmacogenomics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Technology (PCR, Sequencing, Microarray, Gel Electrophoresis, Mass Spectrometry, Others), By Service (Genotyping, SNP Identification, Pharmacogenetic Testing, Others), By Application (Drug Discovery, Oncology, Neurology and Psychiatry, Pain Management, Cardiovascular Diseases, Others), By End User (Hospitals & Clinics, Biotechnology & Pharmaceutical Companies, Others), By Region 2021-2031F”, has evaluated the future growth potential of
global pharmacogenomics market and provides statistics & information on
market size, structure, and future market growth. The report aims to provide cutting-edge market intelligence and help decision-makers make sound investment
decisions. The report also identifies and analyses emerging trends, as well as essential drivers, challenges, and opportunities, in the global pharmacogenomics market.
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