The 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.
Impact of COVID-19 on the Pharmacogenomics market
The spread of the COVID-19 pandemic peaked by mid-2020, with hospitals experiencing a massive burden of COVID-19 treatment and diagnosis among the suspected individuals. The diagnostic laboratories experienced an influx of samples to test for COVID-19. The diagnostic laboratories felt the shortage of existing molecular diagnostic tools and equipment on which they were operating before. In response to the pandemic, the hospitals equipped themselves with molecular diagnostics tools to battle the COVID-19 pandemic, and the laboratories expanded their diagnostic capabilities. For instance, as of June 2022, 911.04 million COVID-19 tests were conducted in the U.S. and 855.43 million tests in India compared to around 7.21 million tests in the U.S. and 1.98 million tests in India in April 2020.
Moreover, several countries redirected their R&D resources toward developing COVID-19 therapies and vaccines against the virus. This encouraged various countries to expand their R&D capabilities as well. These R&D developments in COVID-19 therapy can be applied to developing therapies, techniques, tests, and diagnostic purposes for other infectious diseases, which is expected to drive the pharmacogenomics market.
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Increasing Adoption of Personalized Medicine Drive the Growth of the Pharmacogenomics market
Precision medicine is an emerging approach to patient care. Physicians choose a treatment method based on the patient's genetic makeup (including genetic changes resulting from a disease) and lifestyle habits. It is an emerging disease treatment and prevention approach that considers individual variability in genes, environment, and lifestyle. Precision medicine can remove the need for guesswork, variable diagnostic ability, and treatment strategies based on generalized demographics. Moreover, precision medicine enables a more holistic view of an individual patient. Precision medicine for clinical workflow helps facilitate more predictive and preventive care through targeted therapies.
Some of the major advantages of precision medicine are reduction of trial & error prescription, avoidance of adverse drug reactions, increase in patient adherence to treatment due to fewer side effects, decrease in the unnecessary prescription of drugs to non-responder patients, optimization of drug development cost, control on healthcare cost, the revival of once failed drugs for use in a genetically defined population, and improvement in the quality of life of the patients.
Furthermore, precision medicine makes decisions based on individual-specific factors that affect their health. With precision, medical providers can customize each patient's customized treatment methodology, improving the probability of recovery. Readmissions can be eliminated, and preventive measures can be taken against a disease with the help of precision medicine.
Increasing Geriatric Population Drives the Market growth
Older people aged 65 and above tend to have a higher prevalence of chronic conditions and other diseases due to declined immune functions. The rising geriatric population globally is consequently resulting in the increasing prevalence of chronic conditions, driving the growth of the pharmacogenomics market. According to the World Health Organization (WHO), the population of individuals ages 60 years or above is estimated to increase to 1.4 billion by 2030 compared to 1 billion in 2020. And By 2050, the world’s population of people aged 60 years and older is likely to reach 2.1 billion.
Older people are more susceptible to treatment failures and adverse drug reactions (ADRs). Pharmacogenomics enables the screening of ADRs and tailoring of personalized medicine regimes based on the individual’s genetic variation. The identification of drug-gene interaction allows individualized therapy. In addition, several pharmacogenomic findings have been reported for chronic conditions such as cardiovascular diseases, cancer, and neurological disorders, commonly found in the elderly. Therefore, the rising geriatric is expected to drive the pharmacogenomics market in the coming years.
Key Findings of the Global Pharmacogenomics Market Study:
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 benefits offered by the technology, such as high sensitivity, accuracy, low sample volume requirements, cost-effectiveness over other technologies, and high preference for PCR across all the end-users.
Based on Application, in 2022, the Oncology Segment is Expected to Account for the Largest Share of the Market
The large market share of this segment is attributed to the high prevalence of cancer globally, the increasing adoption of precision medicine for cancer, and the benefits offered by pharmacogenomics in cancer susceptibility. Cancer is one of the leading causes of global morbidity and mortality; failed treatment often results in death in patients. Pharmacogenomics offers insights into patients’ genetic response toward cancer treatment, which helps determine the proper course of treatment for the patient based on their genetic makeup. This increases the chance of rendering the treatment effective compared to trial-and-error approaches or conventionally used generalized treatments.
Based on End User, in 2022 Hospitals Segment is Expected to Account for the Largest Share of the Pharmacogenomics Market
The large market share of this segment is attributed to the preference given to hospitals for the diagnosis and treatment of diseases, the presence of certified healthcare practitioners, and the expansion of molecular diagnostics capabilities in hospitals in response to the COVID-19 pandemic. The penetration of molecular diagnostic tools in hospitals accelerated due to the COVID-19 pandemic, along with increased acceptance and awareness of advanced technologies, such as NGS, among physicians.
Asia Pacific: Fastest Growing Market
In 2022, North America is expected to account for the largest share of the global Pharmacogenomics market. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The factors driving the growth of the pharmacogenomics market in Asia-Pacific are the increasing prevalence of infectious & chronic diseases, rising healthcare expenditure, and favorable government initiatives for genomics and genetics fields. Furthermore, improving infrastructure for research offers opportunities for market growth.
Key Players
The report includes a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments in leading industry market players over the past years. 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.).
Scope of the Report:
Pharmacogenomics Market, by Technology
Pharmacogenomics Market, by Application
Pharmacogenomics Market, by End User
Pharmacogenomics Market, by Geography
Key questions answered in the report:
The pharmacogenomics market covers the market sizes & forecasts of technology, including polymerase chain reaction, DNA sequencing, electrophoresis, microarray, mass spectrometry, and other technologies. The pharmacogenomics market studied in this report involves the value analysis of various segments and sub-segments of the pharmacogenomics market at regional and country levels.
The global pharmacogenomics market is projected to reach $13.16 billion by 2029, at a CAGR of 8.6% during the forecast period.
Based on the application, in 2022, the oncology segment is expected to account for the largest share of the pharmacogenomics market due to the rising need for more targeted approaches, benefits offered by pharmacogenomics, such as the ability to predict cancer susceptibility, tumor progression & recurrence, patient survival, and response and toxicity to chemotherapy.
Which technology segment is projected to create more traction in the global pharmacogenomics market?
Growing therapeutic applications of pharmacogenomics biomarkers, increasing adoption of personalized medicine, increasing geriatric population and chronic disease prevalence, and growing awareness of adverse drug reactions are expected to propel the global pharmacogenomics market. Moreover, 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 players operating in the pharmacogenomics market.
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.).
Asia-Pacific is projected to offer significant growth opportunities for the vendors in this market due to factors such as the increasing prevalence of infectious & chronic diseases and rising healthcare expenditure.
This report provides pre & post COVID-19 market estimates.
List of Tables
Table 1 Global Pharmacogenomics Market Drivers: Impact Analysis (2022–2029)
Table 2 Global Pharmacogenomics Market Restraints: Impact Analysis (2022–2029)
Table 3 Global Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 4 Global Pharmacogenomics Market Size for Polymerase Chain Reaction, by Country/Region, 2020–2029 (USD Million)
Table 5 Global Pharmacogenomics Market Size for DNA Sequencing, by Country/Region, 2020–2029 (USD Million)
Table 6 Global Pharmacogenomics Market Size for Electrophoresis, by Country/Region, 2020–2029 (USD Million)
Table 7 Global Pharmacogenomics Market Size for Microarray, by Country/Region, 2020–2029 (USD Million)
Table 8 Global Pharmacogenomics Market Size for Mass Spectrometry, by Country/Region, 2020–2029 (USD Million)
Table 9 Global Pharmacogenomics Market Size for Other Technologies, by Country/Region, 2020–2029 (USD Million)
Table 10 Global Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 11 Global Pharmacogenomics Market Size for Oncology, by Country/Region, 2020–2029 (USD Million)
Table 12 Global Pharmacogenomics Market Size for Cardiology, by Country/Region, 2020–2029 (USD Million)
Table 13 Global Pharmacogenomics Market Size for Neurologic Diseases, by Country/Region, 2020–2029 (USD Million)
Table 14 Global Pharmacogenomics Market Size for Infectious Diseases, by Country/Region, 2020–2029 (USD Million)
Table 15 Global Pharmacogenomics Market Size for Other Applications, by Country/Region, 2020–2029 (USD Million)
Table 16 Global Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 17 Global Pharmacogenomics Market Size for Hospitals, by Country/Region, 2020–2029 (USD Million)
Table 18 Global Pharmacogenomics Market Size for Diagnostic Laboratories, by Country/Region, 2020–2029 (USD Million)
Table 19 Global Pharmacogenomics Market Size for Academic and Research Institutes, by Country/Region, 2020–2029 (USD Million)
Table 20 Global Pharmacogenomics Market Size for Other End Users, by Country/Region, 2020–2029 (USD Million)
Table 21 Global Pharmacogenomics Market Size, by Country/Region, 2020–2029 (USD Million)
Table 22 North America: Pharmacogenomics Market Size, by Country, 2020–2029 (USD Million)
Table 23 North America: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 24 North America: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 25 North America: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 26 U.S.: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 27 U.S.: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 28 U.S.: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 29 Canada: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 30 Canada: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 31 Canada: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 32 Europe: Pharmacogenomics Market Size, by Country/Region, 2020–2029 (USD Million)
Table 33 Europe: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 34 Europe: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 35 Europe: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 36 U.K.: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 37 U.K.: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 38 U.K.: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 39 Germany: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 40 Germany: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 41 Germany: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 42 France: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 43 France: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 44 France: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 45 Spain: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 46 Spain: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 47 Spain: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 48 Italy: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 49 Italy: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 50 Italy: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 51 Rest of Europe: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 52 Rest of Europe: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 53 Rest of Europe: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 54 Asia-Pacific: Pharmacogenomics Market Size, by Country/Region, 2020–2029 (USD Million)
Table 55 Asia-Pacific: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 56 Asia-Pacific: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 57 Asia-Pacific: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 58 Japan: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 59 Japan: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 60 Japan: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 61 China: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 62 China: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 63 China: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 64 India: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 65 India: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 66 India: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 67 Rest of Asia-Pacific: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 68 Rest of Asia-Pacific: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 69 Rest of Asia-Pacific: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 70 Latin America: Pharmacogenomics Market Size, by Country/Region, 2020–2029 (USD Million)
Table 71 Latin America: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 72 Latin America: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 73 Latin America: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 74 Brazil: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 75 Brazil: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 76 Brazil: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 77 Mexico: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 78 Mexico: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 79 Mexico: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 80 Rest of Latin America: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 81 Rest of Latin America: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 82 Rest of Latin America: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 83 Middle East & Africa: Pharmacogenomics Market Size, by Technology, 2020–2029 (USD Million)
Table 84 Middle East & Africa: Pharmacogenomics Market Size, by Application, 2020–2029 (USD Million)
Table 85 Middle East & Africa: Pharmacogenomics Market Size, by End User, 2020–2029 (USD Million)
Table 86 Recent Developments, by Company, 2020–2022
List of Figures
Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 6 Market Size Estimation
Figure 7 Market Dynamics
Figure 8 Global Pharmacogenomics Market Size, by Technology, 2022 Vs. 2029 (USD Million)
Figure 9 Global Pharmacogenomics Market Size, by Application, 2022 Vs. 2029 (USD Million)
Figure 10 Global Pharmacogenomics Market Size, by End User, 2022 Vs. 2029 (USD Million)
Figure 11 Global Pharmacogenomics Market, by Geography
Figure 12 North America: Pharmacogenomics Market Snapshot
Figure 13 Europe: Pharmacogenomics Market Snapshot
Figure 14 Asia-Pacific: Pharmacogenomics Market Snapshot
Figure 15 Latin America: Pharmacogenomics Market Snapshot
Figure 16 Key Growth Strategies Adopted by Leading Players, 2020–2022
Figure 17 Pharmacogenomics Market: Competitive Benchmarking (Based on Technology)
Figure 18 Pharmacogenomics Market: Competitive Benchmarking (Based on Geography)
Figure 19 F. Hoffman-La Roche Ltd: Financial Snapshot (2021)
Figure 20 Thermo Fisher Scientific Inc.: Financial Snapshot (2021)
Figure 21 Agilent Technologies, Inc.: Financial Snapshot (2021)
Figure 22 Illumina, Inc.: Financial Snapshot (2021)
Figure 23 Qiagen N.V.: Financial Snapshot (2021)
Figure 24 Myriad Genetics, Inc.: Financial Snapshot (2021)
Figure 25 OPKO Health, Inc.: Financial Snapshot (2021)
This report provides pre & post COVID-19 market estimates.
