Pharmacogenomics Market is estimated to be US$ 33.10 million by 2030 with a CAGR of 4.50% during the forecast period - By PMI

Covina, March 14, 2023 (GLOBE NEWSWIRE) -- Pharmacogenomics Market accounted for US$ 6753.66 million in 2020 and is estimated to be US$ 15796.9 million by 2030 and is anticipated to register a CAGR of 8.90%. The study of inherited changes in human genes in response to various medications is known as pharmacogenomics. It employs pharmacology and genomics principles to create effective and safe pharmaceuticals that are tailored to a person's genetic composition. Polymerase chain reaction (PCR), microarray, deoxyribonucleic acid (DNA) sequencing, mass spectrometry, and electrophoresis are some of the technologies used. The genetic testing used in pharmacogenomics are used to determine illness susceptibility and the efficacy of newly discovered medications. Cardiovascular, Alzheimer's, cancer, human immunodeficiency virus and acquired immunodeficiency syndrome (HIV/AIDS), and asthma are among the disorders for which pharmacogenomics is commonly employed.

Key Highlights:

• Green Shield, a Canadian corporation, signed a joint venture with GenXys, a pharmacogenomics company, in May of 2020. They wanted to create effective software for researching and producing precision medications that would result in favourable outcomes.
• KPMG and Coriell Life Sciences and Thermo Fisher Scientific created a joint venture in August of this year. They collaborated on a number of pharmacogenomics testing methodologies. They attempted to improve the drug's efficacy and security.
• Genotyping was identified as the leading contributor to the worldwide pharmacogenomics services market in 2018. Overall effectiveness rates have improved as a result of this.

Analyst View:
One of the primary drivers driving the market's favourable outlook is significant growth in the pharmaceutical business around the world. Furthermore, the growing demand for precision medicines with improved medication safety is propelling the industry forward. With the rising frequency of chronic lifestyle diseases, tailored medication therapies with fewer side effects and higher efficacy are becoming increasingly popular. As a result, pharmacogenomics is widely employed in cancer therapies and for predicting prospective drug responses, resistance, efficacy, and toxicity of chemotherapeutic and targeted immune biologic drugs, which is further driving market expansion. Other growth-inducing elements include numerous technology developments, such as the creation of pharmacogenomic biomarker labelling systems.

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Report scope:

1. Pharmacogenomics Market, By Technology, 2020 – 2030, (US$ Mn)
   • Overview                                                                                  
     • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
     • Y-o-Y Growth Analysis (%), 2020 – 2030
     • Segment Trends
   • Sequencing
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Polymerase Chain Reaction
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Gel Electrophoresis
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Mass Spectrometry
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Microarray
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Others
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
2. Pharmacogenomics Market, By Application, 2020 – 2030, (US$ Mn)
   • Overview                                                                                           
     • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
     • Y-o-Y Growth Analysis (%), 2020 – 2030
     • Segment Trends
   • Cardiovascular Diseases
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Infectious Diseases
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Oncology
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Neurological Diseases
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Psychiatry
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Pain Management
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Others
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
3. Pharmacogenomics Market, By End-User, 2020 – 2030, (US$ Mn)
   • Overview                                                                       
     • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
     • Y-o-Y Growth Analysis (%), 2020 – 2030
     • Segment Trends
   • Hospitals & Clinics
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Research Institutions & Academic Institutes
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
   • Others
     • Overview
     • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030

Regional scope:

• North America - U.S., Canada
• Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
• Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
• Latin America - Brazil, Mexico, Argentina, Rest of Latin America
• Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

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Key Market Insights from the report:
The Pharmacogenomics Market accounted for US$ 6753.66 million in 2020 and is estimated to be US$ 15796.9 million by 2030 and is anticipated to register a CAGR of 8.90%. The Global Pharmacogenomics Market is segmented based on technology, application, end-user and region.

• Based on Technology, Global Pharmacogenomics Market is segmented into Sequencing, Polymerase Chain Reaction, Gel Electrophoresis, Mass Spectrometry, Microarray, and Others.
• Based on Application, Global Pharmacogenomics Market is segmented into Cardiovascular Diseases, Infectious Diseases, Oncology, Neurological Diseases, Psychiatry, Pain Management, and Others.
• Based on End-User, Global Pharmacogenomics Market is segmented into Hospitals & Clinics, Research Institutions and Academic Institutes and Others. 
• By Region, the Global Pharmacogenomics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Pharmacogenomics Market:

• Abbott Laboratories
• Dynamic DNA Laboratories
• Empire Genomics
• F. Hoffmann-La Roche Ltd.
• Illumina
• OneOme LLC
• Myriad Genetics Inc.
• OPKO Health
• GeneDx
• Thermo Fisher Scientific
• Assurex Health Inc.
• Teva Pharmaceutical Industries Ltd.
• Bayer AG.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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