Pharmacogenomics Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Introduction:

Pharmacogenomics or PGx, is the study of how a patient's DNA impacts his or her response to drugs. It refers to a field of pharmacology that looks into how genes influence the reaction of a patient towards drugs. Pharmacogenomics is the combination of the two main scientific areas, pharmacology, and genomics. It increases drug efficacy, decreases adverse effects and lowers medical expenses.

It handles the impact of the acquired and inherited DNA variation on the drug response by determining the correlations between the mutations, including point mutations, copy number variations, and structural variations, with the pharmacokinetic (absorption, distribution, metabolism, and elimination) and pharmacodynamics (drug effects through biological targets) points and/or immunogenic endpoints. Pharmacogenomics tests play a pivotal role in the personalized medicine through their ability to help select medications and managing side effects efficiently.

It is an important part of precision medicine helping to make treatment more precise and effective. The growth of pharmacogenomics market is phenomenal bolstered by the rise in awareness of personalized medicine, improvements in genomic technologies, and stronger demand for targeted therapies. Adverse drug reactions (ADRs) present a great challenge for the healthcare system leading to patient morbidity, mortality, and rising healthcare costs. Pharmacogenomics testing reduces the risk of drug-related adverse reactions through the identification of patients with higher predilection.

The pharmacogenomics market is anticipated to reach USD XXX.X million by 2030 from USD XXX.X million in 2022, at a CAGR of XX.X% during the forecast period.

The future of pharmacogenomics is hugely exciting because it relies on the advances in genomic technologies, numerous areas of application in various therapeutic areas, and large investments in precision medicine programs. While the field continues to advance, the collaboration among different stakeholders, the support of regulatory bodies, and the development of infrastructure in healthcare they all will be key elements of the further expansion of the market in the forecast period 2023-2030.

Growth Drivers:

Chronic diseases which mainly include cardiovascular disorders, cancers, and neural conditions are one of the main factors that are boosting the pharmacogenomics-based products. Globally, chronic diseases continue to be a burden for healthcare systems which require the implementation of better, targeted therapy. Pharmacogenomics brings the hope of customizing medication for every patient by using their genetic make-up to achieve better results, enhance patient safety and weed out the wasteful costs associated with inefficient drugs.

There is a developing trend of disease specific approaches in medicine that is being fueled by the fact that individuals show varying responses to the same drug. The exact role of pharmacogenomics in personalized medicine is very important, since it gives information on how genetic factors affect drug breakdown, responsiveness, and safety. Through the incorporation of pharmacogenomics findings into clinical decision-making methods, doctors can refine medication prescription and dosing schedules resulting in better patient care and enhanced treatment success.

The industries of pharmaceuticals and biotechnology are putting large amounts of money into research and development for pharmacogenomics, resulting in a surge of innovation and expansion of the limits of personalized medicine. Scientific collaborations between academia, industry, and government agencies are responsible for the discovery of diverse genetic biomarkers, therapeutic targets, and drug-response pathways.

One of the biggest boosters of growth of global pharmacogenomics market is the ever-evolving genomic technology. Upgrades like NGS, microarrays, and PCR have greatly contributed to the precision, speed, and affordability of genetic diagnosis. These technologies give the researchers and healthcare providers the possibility to look inside the human genome with an unbelievably high level of precision, and subsequently this enables them to develop personalized medicine systems and drive market growth.

Pharmacogenomics Segmentation:

By Product & Services:

·         Kits & Reagents

o    PCR Kits & Reagents

o    Sequencing Kits & Reagents

o    Microarray Kits & Reagents

o    Other Kits & Reagents

·         Services

By Technology:

·         PCR

·         Microarray

·         Sequencing

·         Other Technologies

By Disease:

·         Cardiovascular

·         Cancer

·         Neurological Diseases

·         Others

By Application:

·         Clinical Research

·         Personalized Medicine

·         Drug Discovery & Preclinical Development

By End-User:

·         Contract Research Organizations

·         Pharmaceutical & Biotechnology Companies

·         Academic & Research Institutes

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Pharmacogenomics Market by Product & Services Review:

Depending on the product & services, the pharmacogenomics market is classified into two segments including kits & reagents, which is further classified into PCR kits & reagents, sequencing kits & reagents, microarray kits & reagents, and other kits & reagents, and services. On the basis of product & services, the kits & reagents segment is expected to have the largest market share, while the services segment is supposed to register the highest CAGR during the forecast period.

Pharmacogenomics Market by Technology Review:

Based on technology the market is divided into PCR, microarray, sequencing, and other technologies. By technology, the sequencing segment holds the largest market share in terms of value, while the demand for PCR segment is poised to record the highest CAGR throughout the forecast period.

Pharmacogenomics Market by Disease Review:

Based on disease, the market is divided into cardiovascular, cancer, neurological diseases, and others. By disease, the cancer segment holds the largest market share in terms of value, while the neurological disease segment is poised to record the highest CAGR throughout the forecast period. With the rise of ageing population and the increasing economic burden caused by neurodegenerative disorders across the globe, there is a mounting demand for personalized solutions for therapy and drug-development programs resulting in the acceleration of pharmacogenomics research in this field.

Pharmacogenomics Market by Application Review:

According to the application, the pharmacogenomics market is classified as clinical research, personalized medicine, and drug discovery & preclinical development. As per application, the personalized medicine segment is estimated to hold the largest market share, while the segment is also forecasted to witness the highest CAGR rate during the forecast period.

Pharmacogenomics Market by End-User Review:

According the end user, the market is divided into contract research organizations, pharmaceutical & biotechnology companies, and academic & research institutes. By end-user, it is estimated that the academic & research institutes segment will have a high market share, while the contract research organization segment will have the highest CAGR growth in the forecasted period. As the requirement for specialized expertise, cost effective services, and cooperative research services expand, CROs face scalable growth in the pharmacogenomics market.

Regional Outlook:

The pharmacogenomics market research report offers detailed analysis and forecasts for five major regions i.e., North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.

The North America region is forecasted to dominate the global pharmacogenomics market followed by Asia Pacific, Europe, Latin America, and Middle East & Africa during the forecast period 2023-2030.

The North America region is expected to maintain the leading position in the global pharmacogenomics market with a projected market share of XX.X% by 2022. The regional pharmacogenomics market is majorly driven by advanced healthcare infrastructure, many research and development activities, as well as a mounting trend towards personalized medicine. The regulatory bodies like the Food and Drug Administration (FDA) in the United States and Health Canada in Canada monitor the approval and development of the pharmacogenomics testing and therapies. Additionally, the integration of pharmacogenomics data with electronic health records (EHRs), the expansion of direct-to-consumer genetic testing services and the adoption of artificial intelligence (AI) and machine learning algorithms for genomic analysis will lead to a growth in the pharmacogenomics market in the region during the forecast period 2023-2030.

The pharmacogenomics market in North America consists of the US and Canada, both countries being the leaders in genomic research, individualized medicine programs, and genetic testing services. The region has a developed healthcare system which consists of academic medical centers, research institutions, biotech companies, and pharmaceutical giants that perform pharmacogenomics research, development and commercialization.

Cooperation between kit and reagent suppliers, pharmaceutical companies, academic institutions, and research communities assists in product development, innovation, and market expansion in North America. Strategic alliances enable technology transfer, knowledge exchange, and resource sharing, which in turn accelerates the development and commercialization of novel pharmacogenomics tests and therapies, expected to propel the market growth in the region from the year 2023 to 2030.

Asia Pacific is the region that is the fastest growing market of the pharmacogenomics market, with the highest CAGR of X.X%. Growing healthcare expenditure, rise in chronic illness, and government programs to stimulate precision medicine further intensify the market for precision medicine. Countries like China, Japan, India and South Korea are allocating special budget for genomic research infrastructure and proliferating genetic testing across the country. On the other hand, cooperation between international biotech industries and local healthcare providers encourages technology transfer and upgrading of the technologies, thereby contributing to the further growth of the market in the region for the forecast period 2023-2030.

Key Companies in Pharmacogenomics Market:

The research report offers a competitive analysis of prominent companies operating in the pharmacogenomics market. Some of the leading players profiled in the market research report include:

·         Illumina, Inc.

·         Thermo Fisher Scientific, Inc.

·         QIAGEN

·         DH Life Sciences, LLC.

·         Laboratory Corporation of America® Holdings.

·         Eurofins Scientific

·         Charles River Laboratories

·         Bio-Rad Laboratories, Inc.

·         Agilent Technologies, Inc.

·         Revvity

·         Medpace, Inc.

·         Other Players