How Has The Pharmacogenomics Market Size Evolved In Recent Years?
The pharmacogenomics market has seen considerable growth due to a variety of factors.
• The size of the pharmacogenomics market has experienced fast-paced expansion in the past few years. The market, valued at $8.94 billion in 2024, is projected to inflate to $9.92 billion by 2025, with a Compound Annual Growth Rate (CAGR) of 10.9%.
Factors such as robust economic development in burgeoning markets, a growing emphasis on individualized medicine, enhancement of healthcare facilities, and an uptick in healthcare spending have fueled the growth experienced in the historic period.
What Is The Forecast For The Pharmacogenomics Market By 2029?
The pharmacogenomics market is expected to maintain its strong growth trajectory in upcoming years.
• Rapid expansion is predicted for the pharmacogenomics market in the coming years, with its size growing to $14.81 billion in 2029 at a CAGR of 10.5%.
Several factors are driving this expected growth during the forecast period. These include an aging population, a rise in chronic diseases, population growth, and increased demand for cancer treatment. Notable trends throughout the forecast period include the introduction of a genome editing solution for in-depth analysis of advanced therapies, an emphasis on integrating AI in genomics for genetic data analysis, advancements in metagenomics, strategic alliances and collaborations among market participants, the advent of 3D genomics for studying gene expression and function influences, innovation in new products focusing on infectious diseases and gene editing, and the creation of a psychotropic pharmacogenomics test for making informed decisions.
What Are the Critical Driver Fuelling the Pharmacogenomics Market's Growth?
The pharmacogenomics market is experiencing an upswing in demand, fueled by the growing need for precision medicine. Precision medicine is a healthcare model that emphasizes personalization, suggesting that medical decisions, treatments, procedures, or products should be specifically tailored for individual patient groups instead of following a universal approach. Precision medicine is mostly advanced in the field of oncology, although it also has exciting implications beyond oncology and for late-stage illnesses like rare and genetic diseases. The primary objective of precision medicine is to blend genetic and environmental insights about specific diseases or their responses to specific treatments. For instance, a March 2022 article published on Linchpinseo pointed out a likely surge by 1/3 in precision medicine investments by major pharmaceutical companies over the next five years. In addition, in the United States, 30 million people diagnosed and treated for type 2 diabetes could benefit from the customized treatments offered by precision medicine, revolutionizing the current treatment practices. Consequently, this increased need for precision medicine will boost the pharmacogenomics market.
How Is The Globa Pharmacogenomics Market Divided Into Key Segments?
The pharmacogenomics market covered in this report is segmented –
1) By Technology: Next Generation Sequencing, Polymerase Chain Reaction, Gel Electrophoresis, Mass Spectrometry, Microarray, Other Technologies
2) By Application: Neurological Diseases, Infectious Diseases, Oncology, Cardiovascular Diseases, Pain Management, Other Applications
3) By End User: Hospitals and Clinics, Research Institutions, Academic Institutes, Other End Users
Subsegments:
1) By Next Generation Sequencing (NGS): Whole Genome Sequencing, Targeted Sequencing, Exome Sequencing
2) By Polymerase Chain Reaction (PCR): Quantitative PCR (qPCR), Reverse Transcription PCR (RT-PCR), Digital PCR
3) By Gel Electrophoresis: Agarose Gel Electrophoresis, Polyacrylamide Gel Electrophoresis, Capillary Gel Electrophoresis
4) By Mass Spectrometry: LC-MS/MS (Liquid Chromatography-Tandem Mass Spectrometry), MALDI-TOF MS (Matrix-Assisted Laser Desorption/Ionization Time of Flight), HRMS (High-Resolution Mass Spectrometry)
5) By Microarray: SNP Microarrays, Expression Microarrays, Comparative Genomic Hybridization (CGH) Arrays
6) By Other Technologies: Sanger Sequencing, CRISPR-Based Technologies, Bioinformatics Tools
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What Trends Are Reshaping The Pharmacogenomics Market?
Technological progress is being increasingly recognized as a key trend in the pharmacogenomics market. Drug manufacturers are employing various methods in their pharmacogenomics analyses to offer cost-efficient solutions for screening recognized polymorphisms as well as discovering new ones. For example, in May 2022, Invitae, a medical lab institution based in the US, unveiled its enhanced Pharmacogenomics Panel. The Invitae Pharmacogenomics (PGx) Panel, which includes the Mental Health Panel, offers valuable knowledge regarding genetic reactions to medications across numerous specialties including primary care, cardiology, and oncology. Given that approximately 25% of patients exhibit unconventional drug reactions due to their genetic makeup, it is anticipated that PGx testing will become a conventional practice. The successful incorporation of this into healthcare mandates increased support for healthcare providers to better comprehend and utilize PGx testing in their clinical environments.
Who Are the Key Players in the Pharmacogenomics Market?
Major companies operating in the pharmacogenomics market include:
• Illumina Inc
• Eurofins Scientific
• Myriad Genetics Inc
• PerkinElmer Inc
• Centogene N.V
• Invitae Corporation
• Genomind
• Pacific Biosciences of California Inc
• Oneome LLC
• Admera Health
• MapMyGenome
• Positive Bioscience
• Xcode Life Sciences
• Xcelris Labs
• Takeda Pharmaceutical Company Limited
• Garvan Institute of Medical Research
• 3D Medicines Inc
• Berry Genomics
• BGI
• GenomiCare Biotechnology
• Bayer AG
• GlaxoSmithKline plc (GSK)
• F Hoffmann-La Roche AG
• Merck KGaA
• QIAGEN N.V
• Centro de Genoma e Biologia de Sistemas (CGBS)
• Dasa Group
• Datar Cancer Genetics Limited
• MedGenome Labs
• 23andMe
• Color Genomics
• Pathway Genomics
• Laboratório Richet
• Laboratório Exame
• Genomika Diagnósticos
What are the Regional Insights into the Pharmacogenomics Market?
North America was the largest region in the pharmacogenomics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacogenomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
