Meticulous Research®—a leading global market research company, published a research report titled, ‘Pharmacogenomics Market by Technology (PCR, Sequencing, Spectrometry, Electrophoresis), Application (Cancer, Cardiology, Neurology, Infectious Diseases), End User (Hospitals, Diagnostic Laboratories, Research Institutes)—Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the global pharmacogenomics market is projected to reach $13.16 billion by 2029, at a CAGR of 8.6% during the forecast period 2022–2029. The growth of this market is driven by growing therapeutic applications of pharmacogenomics biomarkers, increasing adoption of personalized medicine, rising geriatric population and chronic disease prevalence, and growing awareness of adverse drug reactions. However, the high cost of personalized medicine and a lack of reimbursement for genetic testing & precision medicine restrain the market growth. The increasing application of pharmacogenomics in neurological disorders and cancer and the development of new, more advanced, and accurate diagnostic tools are creating growth opportunities for this market. However, the low awareness of pharmacogenomics/personalized medicine among people and the knowledge gap about genetic testing and its benefits pose a challenge to this market.
Pharmacogenomics Market: Future Outlook
The global pharmacogenomics market is segmented by technology (polymerase chain reaction, DNA sequencing, electrophoresis, microarray, mass spectrometry, and other technologies), application (oncology, cardiology, neurological diseases, infectious diseases, and other applications), end user (hospitals, diagnostic laboratories, academic and research institutions and other end users), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on technology, in 2022, the polymerase chain reaction segment is expected to account for the largest share of the pharmacogenomics market. The large market share of this segment is attributed to the high availability and usage of PCR across all end users. PCR is a cost-effective alternative to NGS and other technologies. Moreover, PCR is a highly sensitive technology and provides results with high accuracy and low sample volume requirement. These benefits of PCR allow for its high adoption across all end users.
Based on application, in 2022, the oncology segment is expected to account for the largest share of the pharmacogenomics Market. The large market share of this segment is attributed to the need for more targeted approaches in cancer therapy, the benefits offered by pharmacogenomics in cancer treatment, and the prevalence of cancer worldwide. The high prevalence of cancer globally calls for early detection and targeted cancer therapy to reduce mortality due to cancer. According to the International Agency for Research on Cancer, the estimated global number of new cancer cases in 2020 was around 19.3 million.
Based on end user, in 2022, the hospitals segment is expected to account for the largest share of the Pharmacogenomics Market. Hospitals are the primary preference for diagnosing and treating any chronic or infectious disease. There is a rising trend among hospitals to equip themselves with molecular diagnostics tools. Moreover, the presence of certified medical practitioners in hospitals contributes to the higher adoption of pharmacogenomics testing. These factors further boost the growth of the pharmacogenomics market.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa. Based on geography, in 2022, North America is expected to account for the largest share of the global pharmacogenomics market, followed by Europe and Asia-Pacific. The high prevalence of chronic diseases and high awareness regarding risks of diseases in the future, technological advancements in molecular and sequencing technologies, and highly developed healthcare infrastructure support the large market share of this region.
The key players operating in the global pharmacogenomics Market are F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), OPKO Health, Inc. (U.S.), Dynamic DNA Laboratories (U.S.), Admera Health (U.S.), Qiagen N.V. (Netherlands), and Myriad Genetics, Inc. (U.S.).
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