Pharmacogenomics Market is segmented By Type, By Technology, By Application, By End-User and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
Global Pharmacogenomics market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.
Pharmacogenomics are designed to utilizes in a variety of molecular diagnostic tools, including DNA sequencing, mass spectrometry, polymerase chain reaction, gel electrophoresis and others to play a critical role in pain treatment, neurology, oncology and drug discovery.
The main applications of pharmacogenomics are in the fields of gene expression profiling, sequencing, and genotyping. Pharmacogenomics may assist cancer patients get better results by providing personalised alternatives to therapy based on their genes.
The primary aim of pharmacogenomics is the genetic factors that affect an individual's response to medication therapy. It investigates that multiple individuals metabolise and react to medications by entering into the study of genomes and their interactions with drugs.
By identifying potentially opioid-vulnerable patients, this strategy can help improve and safer healthcare practices for patients while also making a contribution to the solution of the opioid problem. However, such as there are not enough medical personnel skilled in evaluating and executing tests, testing and implementation in clinical care continue to be underutilised and misunderstood despite advances in pharmacogenomics.
Market Scope
| Metrics | Details |
| CAGR | YY% |
| Market Size | 2022-2031 |
| Market Estimation Forecast Period | 2024-2031 |
| Revenue Units | Value (US$ Mn) |
| Segments Covered | Type, Technology, Application, and End-User |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Largest Region | North America |
| Fastest Growing Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics: Drivers
Rising Demand for presicion medicine
The rising demand for precision medicine is expected to drive the market over the forecast period. Revolutionising healthcare delivery is the move towards personalised medication, propelled by advancements in pharmacogenomics. It provides the possibility of customised treatments based on an individual's DNA, which could lead to better health outcomes, healthier patients, and potentially lower costs for healthcare systems by preventing hospitalisation and ineffective treatments brought on by adverse effects of drugs.
The rising demand for personalised medication not only represents a change in the expectations of patients and providers, but it also serves as an essential driver for the growth and advancement of the pharmacogenomics industry. For instance, in March 2022, the British Pharmacological Society and the Royal College of Physicians enhance the safety and efficacy of popular medications, to give tests throughout the National Health Service (NHS) in a personalised manner.
The primary aim is to get pharmacogenomic-guided prescribing widely adopted. This would save costs for the NHS and improve patient outcomes by empowering healthcare practitioners to provide more efficient and personalised care.
Personalised care and the understanding of how genetic factors affect drug response are results of the emphasis on customising medical treatments for each patient. This technology approaches are essential for determining genetic variants that affect drug efficacy and metabolism. For instance, Invitae released the 38-gene Invitae Pharmacogenomics Panel testing panel in May 2022. It also includes the Invitae Pharmacogenomics Mental Health Panel and a clinical decision support tool.
Restraints
Factors such as the high cost of the genetic testing & genomic analysis, and personalized medication development, limited reimbursement & insurance policies, complexity in test interpretation, limited scope of tests, underdeveloped infrastructure facilities, lack of skill work, lack of standardization and regulation and the need for extensive research & development are the factors expected to hamper the market.
Segment Analysis
The global pharmacogenomics market is segmented based on type, technology, application, end-user and region.
The polymerase chain reaction segment accounted for approximately 43.6% of the pharmacogenomics market share
The polymerase chain reaction pharmacogenomics segment is expected to hold the largest market share over the forecast period. PCR is a vital method in genotyping and identifying genetic variants linked to drug response due to its enables the amplification of particular DNA sequences. It is extensively employed in the detection of genetic mutations and single nucleotide polymorphisms that impact drug efficacy and metabolism.
Moreover, the high sensitivity, accuracy, low sample volume requirements, cost-effectiveness, and high presence of PCR base across all end users are credited to this segment. Other factors include player initiatives to launch and obtain approvals for new PCR products for pharmacogenomics, as well as the broad range of applications of PCR. Through the use of PCR, a particular DNA sequence can be amplified, making it possible to identify genetic variants that may impact a drug's response.
Pharmacogenomics research and clinical practice frequently employ PCR, especially when looking for SNPs. PCR offers the benefit of high sensitivity and specificity, which enable the identification of extremely low DNA concentrations. Owing to this, it can be helpful in identifying genetic diseases and minimum residual disease in cancer patients.
Deoxyribonucleic acid (DNA) in trace levels, such as those in tissue biopsies or circulating cancer cells, can be analysed using the potent technique known as polymerase chain reaction (PCR). Moreover cutting-edge technology that can detect and quantify DNA at the single-molecule level is the QuantStudio Absolute Q Digital PCR System, which was announced by Thermo Fisher Scientific Inc. in September 2021.
Through the more sensitive and accurate identification of genetic abnormalities made possible by this technique, molecular diagnostics could undergo a revolution that could improve patient outcomes across a range of medical specialties, including infectious illnesses and oncology. The completely integrated digital PCR technology can produce incredibly accurate results very quickly. The QuantStudio Absolute Q System increases data consistency and accuracy by combining simplified processes and microfluidic array technology without the need for complex, multi-instrument workflows.
Geographical Analysis
North America accounted for approximately 41.4% of the market share
North America region is expected to hold the largest market share over the forecast period. The need for pharmacogenomics is primarily driven by the rising prevalence of several chronic illnesses, such as cancer, cardiovascular diseases, and neurological disorders. By identifying genetic differences and forecasting individual responses to cancer medicines, this genetic testing technology helps oncologists select the most appropriate targeted treatments.
Furthermore, it is expected that the launch of new goods and services by prominent players in the market would encourage market growth in this sector.For instance, the Blue Care Network introduced Blue Cross Personalised Medicine in Michigan in May 2022. This end-to-end pharmacogenomics precision medicine project looks at a list of recommended drugs for various forms of behavioural, oncological, and cardiovascular health conditions and then employs genetic testing to personalise prescription therapy for individual patients. In addition, the University of Chicago's 1200 Patients Project aimed to ascertain the feasibility and advantages of executing proactive pharmacogenomic testing of a set of genes.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted the global pharmacogenomics market. The COVID-19 pandemic is decreasing the number of cancer diagnoses, but it has increased demand for genomics technology. The rapid development and broad adoption of COVID-19 vaccines and diagnostic tests has drawn attention to the crucial genomics is to the comprehension of and ability to eradicate infectious illnesses.
Growing interest in the possible uses of ecology technology in pharmacogenomics and other domains has resulted from this greater awareness. With the global pandemic abating and the number of COVID-19 cases having drastically decreased, the pharmacogenomics market is anticipated to reach its maximum growth during the projected time. The demand for genomics technology in the development of COVID-19 diagnostic tools and therapies has increased, indicating that the pandemic has a slightly favorable impact on market expansion.
Competitive Landscape
The major global players in the Pharmacogenomics market include Abbott Laboratories, Agilent Technologies Inc, Becton, Dickinson and Company, BioMerieux, Bio-Rad Laboratories Inc, Illumine, Eurofins Scientific, Pacific Biosciences of California Inc, Qiagen and Thermo Fisher Scientific Inc among others.
Key Developments
- On July 25, 2023, Illumina Inc. collaborated with Pillar Biosciences Inc. The aim of this collaboration is to add Pillar's oncology assays to Illumina's existing portfolio. By providing a wider range of sequencing alternatives for more efficient, accurate, and fairly cost cancer testing, this would ultimately enhance access to personalized cancer treatment.
- On May 9, 2023, Pfizer and Thermo Fisher Scientific have partnered to provide cancer patients in foreign markets additional personalized availability of next-generation sequencing-based testing. In more than 30 countries where access to affordable advanced genetic testing is limited or nonexistent, the agreement intends to promote increased access to localized advanced testing capabilities for breast and lung cancer.
Why Purchase the Report?
- To visualize the global pharmacogenomics market segmentation based on product type, material, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development
- Excel data sheet with numerous data points of pharmacogenomics market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global pharmacogenomics market report would provide approximately 70 tables, 68 figures and 180 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
