Pharmacogenomics Market Size is projected to reach USD 11.79 Billion by 2030, growing at a CAGR of 8.47%: Straits Research

The global pharmacogenomics market size was valued at USD 5,676 USD million in 2021. It is expected to reach USD 11,798 million, growing at a CAGR of 8.47% during the forecast period (2022–2030). With a market value of USD 6,698.21 million by 2030, North America is expected to be the largest market for pharmacogenomics.

| Source: Straits Research Straits Research

New York, USA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global pharmacogenomics market is expected to grow due to the constantly rising need for treating fatal diseases like cancer and increasing concerns about Adverse Drug Reactions (ADRs). In the healthcare system, adverse drug reactions are a problem for doctors worldwide. One patient may experience adverse health effects while another does not. As a result, a community's diversity creates unanticipated reactions, impeding the existing healthcare market scenario. Many pharmaceutical drugs have life-threatening side effects in patients.

According to FDA figures from 2018–2019, 6.70% of hospitalized patients had an adverse drug reaction, with a fatality rate of 0.32%. According to these estimates, there are around 2,216,000 severe ADRs in hospitalized patients each year, resulting in over 106,000 deaths. Pharmacogenomics is a unique solution to the issue.


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Rising Need for the Treatment of Fatal Diseases like Cancer to Drive the Pharmacogenomics Market

Genetics has become increasingly important in cancer treatment in the last decade. Oncologists have a variety of treatment options in today's healthcare system. However, one patient may experience adverse effects while another does not. As a result, the variability within a population causes unanticipated reactions, which impedes the present cancer treatment market landscape.

On the other hand, pharmacogenomics solutions offer an effective solution. Understanding the underlying biological mechanisms and exploiting genetic contributions for customized therapy is the core goal of pharmacogenomics. In contrast to other diseases, cancer genetics must account for both acquired (somatic) and inherited (germline) variation, which influences treatment efficacy and safety. As a result, PGx tests have been widely used to identify treatment options.


Report Scope

Report MetricDetails
Market SizeUSD 11.79 Billion by 2030
CAGR8.47% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredProduct and Services, Technology, Application, End-User, Regions
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME, and the Rest of the World
Key Companies Profiled/VendorsThermo Fisher Scientific, Admera Health, Agena Biosciences Inc., Illunima Inc, OneOme LLC, Myriad Genetics Inc., Quest Diagnostics, Dynamic DNA Laboratories, Personalis Inc., Coriell Life Sciences, Phamatech Inc, BiogeniQ Inc., CENTOGENE N.V., Empire Genomics, ViennaLab Diagnostics GmbH
Key Market OpportunitiesGovernment spending and the expanding penetration of genomic technologies
Key Market DriversConstant Demand for the Treatment of Scathing Diseases
Increasing Concerns Regarding Adverse Drug Reactions

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Impact of COVID-19

In March 2020, the WHO declared a global pandemic a public health emergency due to the advent of a new coronavirus. In December 2019, it started in Wuhan, China, and quickly spread worldwide. As a result of its influence on organizations, individuals, and governments, financial markets, larger economies, and public demand for market products have all suffered significant consequences.

As of January 2021, the SARS-CoV-2 pandemic resulted in 92,848,561 confirmed coronavirus cases and roughly 1,988,475 deaths globally. Most healthcare systems were baffled by the virus's rapid spread and a shortage of antiviral medications, and critical-care capacities were exceeded. Furthermore, the pandemic dealt severe financial damage to the global health system. For example, in the first quarter of lockdown 1, 2020, it was the biggest drag on the US economy. Healthcare spending fell by 18% on an annual basis, the steepest reduction since 1959.

Furthermore, the outbreak significantly impacted healthcare and treatment facilities for persons with chronic diseases, including restrictions on different surgical operations and bans on direct contact between people.

The post-pandemic phase will be significant for the global pharmacogenomics market. The market will face a slight slowdown in growth as the number of COVID-19 patients decreases. Other reasons, such as the rising prevalence of HIV and cancer diseases, will continue to drive market growth over the forecast period. Overall, the global pharmacogenomics market will recover quickly, showing positive signs of growth post-pandemic.

Regional Analysis

Americas and Europe are dominating the global pharmacogenomics market. With a market value of USD 6,698.21 million by 2030, North America is expected to be the largest market for pharmacogenomics. Several reasons drive the market growth in the Americas, including the occurrence of chronic diseases, particularly cancer, and increased end-user awareness of the use and advantages of pharmacogenomics, among many others.


Key Insights

  • The global pharmacogenomics market size was valued at USD 5,675.34 million in 2021 and is anticipated to register a CAGR of 8.47% by 2030.
  • By product and service, the instruments segment is expected to reach USD 6,632.75 million by 2030.
  • By technology, the next-generation sequencing segment is expected to reach USD 3,049.64 million by 2030.
  • By application, the oncology segment is expected to reach USD 4,166.75 million by 2030.
  • By end users, the biopharmaceutical companies segment is expected to reach USD 6,018.27 million by 2030.
  • Geographically, the global pharmacogenomics market is divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. North America and Europe dominated the global markets in 2021.


List of Key Players

  • Thermo Fisher Scientific Inc.
  • Admera Health
  • Agena Biosciences, Inc.
  • Illumina, Inc.
  • Oneome, LLC
  • Myriad Genetics, Inc.
  • Quest Diagnostics Incorporated
  • Dynamic DNA Laboratories
  • Personalis Inc.
  • Coriell Life Sciences
  • Pharmatech, Inc.
  • BiogeniQ Inc.
  • Centogene N.V.
  • Empire Genomics
  • ViennaLab Diagnostics GmbH
  • Others


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Global Pharmacogenomics Market: Segmentation

By Product and Service

  • Instruments
  • Consumables
  • Services
  • Software

By Technology

  • Next-Generation Sequencing
  • Polymerase Chain Reaction
  • Gel Electrophoresis
  • Mass Spectrometry
  • Microarray
  • Hybridization
  • Others

By Application

  • Cardiovascular Disease
  • Infectious Disease
  • Oncology
  • Neurological Disease
  • Psychiatry
  • Pain Management and Trauma
  • Others

By End-User

  • Bio-Pharmaceutical Companies
  • Research and Academic Institutes
  • Contract Research Organization and Molecular Diagnostics Labs
  • Others

By Region

  • Americas
  • Europe
  • Asia-Pacific
  • The Middle East and Africa


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Pharmacogenomics Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Product and Services Overview
    1. Introduction
      1. Market Size & Forecast
    2. Instruments
      1. Market Size & Forecast
    3. Services
      1. Market Size & Forecast
  5. Technology Overview
    1. Introduction
      1. Market Size & Forecast
    2. NGS
      1. Market Size & Forecast
    3. PCR
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Product and Services
        2. By Technology
      3. Canada
        1. By Product and Services
        2. By Technology
      4. Mexico
        1. By Product and Services
        2. By Technology
      5. Latin America
        1. By Product and Services
        2. By Technology
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Product and Services
        2. By Technology
      3. France
        1. By Product and Services
        2. By Technology
      4. U.K.
        1. By Product and Services
        2. By Technology
      5. Italy
        1. By Product and Services
        2. By Technology
      6. Spain
        1. By Product and Services
        2. By Technology
      7. Rest of Europe
        1. By Product and Services
        2. By Technology
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Product and Services
        2. By Technology
      3. China
        1. By Product and Services
        2. By Technology
      4. Australia
        1. By Product and Services
        2. By Technology
      5. India
        1. By Product and Services
        2. By Technology
      6. South Korea
        1. By Product and Services
        2. By Technology
      7. Rest of Asia-Pacific
        1. By Product and Services
        2. By Technology
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Product and Services
        2. By Technology
      3. South Africa
        1. By Product and Services
        2. By Technology
      4. Kuwait
        1. By Product and Services
        2. By Technology
      5. Rest of Middle East & Africa
        1. By Product and Services
        2. By Technology
  7. Company Profile
    1. Thermo Fisher Scientific
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Admera Health
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Agena Biosciences Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/pharmacogenomics-market/toc


Market News

  • In September 2021, As part of a company-wide strategic assessment, Admera Health appointed Back Bay Life Science Advisors, a strategic advising and investment banking firm, to investigate strategic possibilities for its pharmacogenomics and clinical services business.
  • In June 2020, Illumina acquired BlueBee to speed up the processing, analysis, and sharing of large amounts of next-generation sequencing data.


News Media

Everything That You Need to Know About the Life Sciences Industry

Precision Cancer Therapy has been Instrumental in the Growing Adoption of PGX Technologies

Extensive Efforts to Personalize Therapy is a Major Stepping Stone for Pharmacogenomics Market Establishment


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Tags

Pharmacogenomics Market Pharmacogenomics Market Share Adverse Drug Reactions pharmaceutical Fatal Diseases Genetics oncology US

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