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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.
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Pharmacogenomics Market: Strategic Insights
Market Size Value in US$ 7,087.81 million in 2021 Market Size Value by US$ 14,107.80 Million by 2028 Growth rate CAGR of 10.3% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Pharmacogenomics Market: Strategic Insights
| Market Size Value in | US$ 7,087.81 million in 2021 |
| Market Size Value by | US$ 14,107.80 Million by 2028 |
| Growth rate | CAGR of 10.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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.
Lucrative Regions for Pharmacogenomics Market
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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.
Pharmacogenomics Market, by Technology – 2021 and 2028
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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 – 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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Pharmacogenomics is a branch of science, which studies the role of gene over the activity of a drugs and hence helps the refreshers in predicting the response of novel as well as previously available therapies. Pharmacogenomics has direct application in the development of personalized medicine by testing single or multiple genes that are related to the disease. The main aim of this technology is to reduce the occurrence of treatment related adverse events and reduction in overall cost of treatment. The growing cases of ADRs and increasing demand of personalized therapies are expected to trigger the growth rate of this segment.
Several factors are believed to affect pharmacogenomics market in the coming years. Factors such as growing adoption of personalized therapies, increasing prevalence of chronic diseases, and growing funding in this sector are driving the market growth. However, lack of skilled professionals is likely to hamper the growth of the market.
The pharmacogenomics market majorly consists of the players such as F. Hoffmann-la Roche Ltd; Abbott; Oxford Nanopore Technologies; Thermo Fisher Scientific Inc.; Illumina, Inc.; QIAGEN; Agilent Technologies, Inc.; Myriad Genetics, Inc.; Admera Health; Dynamic DNA Laboratories among others..
The global pharmacogenomics market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The North American area holds the largest market for pharmacogenomics. The United States held the most significant pharmacogenomics market and is expected to grow due to factors such as the increasing prevalence of chronic diseases and growing investments while the technological advancements by key players in pharmacogenomics is also boosting the growth rate in US.
The Asia Pacific region is expected to account for the fastest growth in the pharmacogenomics market. In Japan, India and South Korea, the market is expected to grow owing to the rapid development of research organizations and biopharmaceutical companies.
The global pharmacogenomics market based on technology is segmented into sequencing, PCR, gel electrophoresis, mass spectrometry, microarray, and others. In 2021, the PCR segment held the largest share of the market by technology and it is expected to witness fastest CAGR during 2021 to 2028, due to increasing utilization of this technology at global level.
The List of Companies - Pharmacogenomics Market
- F. Hoffmann-la Roche Ltd
- Abbott
- Oxford Nanopore Technologies
- Thermo Fisher Scientific Inc.
- Illumina, Inc.
- QIAGEN
- Agilent Technologies, Inc.
- Myriad Genetics, Inc.
- Admera Health
- Dynamic DNA Laboratories
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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