Pharmacogenomics Market Size & Analysis | Report 2021, 2028

The pharmacogenomics market is projected to reach US$ 14,107.80 million by 2028 from US$  7,087.81 million in 2021; it is expected to grow at a CAGR of 10.3% from 2021 to 2028.

The increasing prevalence of chronic diseases is one of the most critical factors driving the growth of the market. Many older adults (>60%) suffer from two or more chronic conditions. Twin studies stated that genes can cause chronic conditions, such as cardiovascular disease (CVDs), diabetes, obesity, RA, Alzheimer's disease (AD), and depression. Using molecular genetic data from genome-wide association studies (GWAS), it is now possible to measure individual-level risks for these chronic diseases. According to the Centers for Disease Control and Prevention (CDC), in 2020, nearly 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions. The increasing incidence of chronic diseases is triggering the demand of pharmacogenomic technologies for developing novel therapies.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Get 10% FREE CUSTOMIZATION

Pharmacogenomics Market: Strategic Insights

Pharmacogenomics Market

• 
  CAGR (2021 - 2028)

  10.3%
• Market Size 2021
  US$ 7.09 Billion
• Market Size 2028
  US$ 14.11 Billion

Market Dynamics

GROWTH DRIVERS

• XXXXXXX
• XXXXXXX
• XXXXXXX

FUTURE TRENDS

• XXXXXXX
• XXXXXXX
• XXXXXXX

OPPORTUNITIES

• XXXXXXX
• XXXXXXX
• XXXXXXX

Key Players

• F. Hoffmann-la Roche Ltd
• Abbott
• Oxford Nanopore Technologies
• Thermo Fisher Scientific Inc.
• Illumina, Inc.
• QIAGEN
• Agilent Technologies, Inc.
• Myriad Genetics, Inc.
• Admera Health

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Technology

• PCR
• Sequencing
• Microarray
• Gel Electrophoresis
• Mass Spectrometry
• Others

Application

• Drug Discovery
• Oncology
• Neurology and Psychiatry
• Pain Management
• Cardiovascular Diseases
• Others

End User

• Hospitals and Clinics
• Biopharmaceutical Companies
• CROs and CDMOs
• Others

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

North America is likely to dominate the pharmacogenomics market during 2021–2028. The US holds the largest share of the market in North America and is expected to continue this trend during the forecast period. The pharmacogenomics market in the US is expected to grow in the coming years due to rising research activities for developing precision medicine to treat cancer, increasing presence of leading biopharmaceutical and pharmaceutical companies, and growing pharmacogenomic research in the country. The adoption rate of pharmacogenomics-based cancer treatment is rising continuously, and the leading market players are introducing several novel products associated with this approach. Also, the support of the regulatory agencies is expected to drive the market in the US during the forecast period. Currently, several clinical trials are investigating pharmacogenomics technology for developing precise medications and improving the overall response rate of the treatment. In May 2021, US Food and Drug Administration (FDA) approved Lumakras (Sotorasib) for a targeted therapy for non-small cell lung cancer patients with tumors that express the G12C mutation in the KRAS gene.

Market Insights

Growing Funding for Pharmacogenomic Research Drives Market Growth

Genomic sequencing is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients are expected to be generated within the healthcare system. Pharmacogenomics is rapidly transitioning into clinical practice, and implementation into healthcare systems supported by government investment is totaling over US$ 4 billion in at least 14 countries.

The UK has announced the world’s largest genome project as a part of EURO200 million public–private collaboration between charities and pharma. The country has already developed the largest genome database in the world through the 100,000 genome projects led by Innovate UK as a part of the UK Research and Innovation. The project will fund researchers and industries to combine data and real-world evidence from the UK healthcare services and create new products and services that can diagnose diseases efficiently.

Moreover, in August 2018, Boston Scientific Corporation, a Massachusetts-based company, announced it landed US$ 4.3 million in seed funding and partnered with Veritas Genetics. The funds will support the company’s mission to enter the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data.

Technology-Based Insights

Based on technology, the pharmacogenomics market is segmented into PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. The market for the PCR segment is further segmented into standard PCR, real time PCR, and digital PCR. The PCR segment is expected to account for the largest share of the pharmacogenomics market during 2021–2028. Polymerase chain reaction (PCR) is a commonly used technology to rapidly produce millions to billions of copies of a specific DNA sample, allowing scientists to take a small sample of DNA and amplify it to a significant enough amount to investigate in detail. The PCR technologies plays a key role in gene cloning and manipulation, DNA cloning, gene mutagenesis, functional analysis of gene, detection of pathogens, and drug resistence assay. Various pharmaceutical and biopharmaceutical companies offer PCR solutions for pharmacogenomic and drug development applications. For instance, Thermo Fisher Scientific, Inc offers real time PCR solutions for the pharmacogenomic application.

Application – Based Insights

Based on application, the pharmacogenomics market is segmented into drug discovery, oncology, neurology and psychiatry, pain management, cardiovascular diseases, and others. The oncology segment holds a considerable market share and is projected to continue its dominance during the forecast period. Cancer pharmacogenomics has contributed several essential discoveries to current cancer treatment, changing the paradigm of treatment decisions. World Health Organization (WHO) stated that cancer reckoned for roughly 10 million demises in 2020. Furthermore, as per the data of American Cancer Society, the global burden of carcinoma is anticipated to rise to 27.5 million fresh cases and 16.3 million cancer deaths by year 2040. Such high figures denote that the rising incidence of cancer is creating a requirement for primitive diagnosis and preventive cure. There are numerous methods, such as PCR, INAAT, and NGS, to diagnose carcinoma comprehending. The conception of PCR (polymerase chain reaction) led to an enormous advancement in clinical DNA testing. PCR-based methodologies demand straightforward instrumentation and infrastructure, exploit only minute quantities of biological material, and are extensively harmonious with clinical routine. The application of pharmacogenomics in oncology is significant because of the tapered therapeutic index of chemotherapeutic drugs and the risk for life-threatening adverse effects.

End User – Based Insights

Based on end user, the pharmacogenomics market is segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others. The CROs and CDMOs segment holds a considerable market share and is projected to continue its dominance during the forecast period. The contract research organization (CRO) helps various companies and organization by conducting the clinical trial of their developed products and technologies, whereas the contract development and manufacturing organizations (CDMO) assist the companies in development and manufacturing of the products. The CROs offer services, such as project management, database design and build, data entry and validation, clinical trial data management, medicine and disease coding, quality and metric reporting, statistical analysis plans and reports, validation programming, and safety and efficacy summaries and final study reports. CROs also provides some other services such as gene services, cloning services, and expression.

 

Companies operating in the pharmacogenomics market adopt the inorganic growth strategy to meet the evolving customer demands across the world, which involves acquisitions, mergers, and collaborations with local and international players in the global market.

Pharmacogenomics Market Report Scope

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

 

Pharmacogenomics Market – Segmentation

• Based on technology, the pharmacogenomics market is segmented into PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. The market for the PCR segment is further segmented into standard PCR, real time PCR, and digital PCR.
• By application, the pharmacogenomics market is segmented into drug discovery, oncology, neurology and psychiatry, pain management, cardiovascular diseases, and others.
• Based on end User, the pharmacogenomics market is segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others.
• By Geography, the intradermal injection market is segmented in North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of MEA), and South and Central America (Brazil, Argentina, and the Rest of SCAM).

F. Hoffmann-la Roche Ltd; Abbott; Oxford Nanopore Technologies; Thermo Fisher Scientific Inc; Illumina, Inc; QIAGEN; Agilent Technologies, Inc; Myriad Genetics, Inc; Admera Health; and Dynamic DNA Laboratories are a few companies operating in the pharmacogenomic market.