Pharmacogenomics Market Revenue to Cross USD 14,107.80 million by 2028 Says, The Insight Partners

According to The Insight Partners latest study on "Pharmacogenoics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Technology, Application, and End User," the market is projected to reach US$ 14,107.80 million by 2028 from US$ 7,087.81 million in 2021; it is expected to grow at a CAGR of 10.3% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

The increasing prevalence of chronic diseases is one of the most critical factors driving the growth of the market. Many older adults (>60%) suffer from two or more chronic conditions. Twin studies stated that genes can cause chronic conditions, such as cardiovascular disease (CVDs), diabetes, obesity, RA, Alzheimer's disease (AD), and depression. Using molecular genetic data from genome-wide association studies (GWAS), it is now possible to measure individual-level risks for these chronic diseases. According to the Centers for Disease Control and Prevention (CDC), in 2020, nearly 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions.The increasing incidence of chronic diseases is triggering the demand of pharmacogenomic technologies for developing novel therapies.

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F. Hoffmann-la Roche Ltd; Abbott; Oxford Nanopore Technologies; Thermo Fisher Scientific Inc; Illumina, Inc; QIAGEN; Agilent Technologies, Inc; Myriad Genetics, Inc; Admera Health; and Dynamic DNA Laboratories are a few leading companies operating in the pharmacogenomic market.

North America is likely to dominate the pharmacogenomics market during 2021-2028. The US holds the largest share of the market in North America and is expected to continue this trend during the forecast period. The pharmacogenomics market in the US is expected to grow in the coming years due to rising research activities for developing precision medicine to treat cancer, increasing presence of leading biopharmaceutical and pharmaceutical companies, and growing pharmacogenomic research in the country. The adoption rate of pharmacogenomics-based cancer treatment is rising continuously, and the leading market players are introducing several novel products associated with this approach. Also, the support of the regulatory agencies is expected to drive the market in the US during the forecast period. Currently, several clinical trials are investigating pharmacogenomics technology for developing precise medications and improving the overall response rate of the treatment. In May 2021, US Food and Drug Administration (FDA) approved Lumakras (Sotorasib) for a targeted therapy for non-small cell lung cancer patients with tumors that express the G12C mutation in the KRAS gene.

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Based on technology, the pharmacogenomics market is segmented into PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. The market for the PCR segment is subsegmented into real time PCR, standard PCR, and digital PCR. The PCR segment dominated the pharmacogenomics market in 2021 and is expected to register the highest CAGR during the forecast period.

Growing Funding for Pharmacogenomic Research Drives Market Growth
Genomic sequencing is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients are expected to be generated within the healthcare system. Pharmacogenomics is rapidly transitioning into clinical practice, and implementation into healthcare systems supported by government investment is totaling over US$ 4 billion in at least 14 countries.

The UK has announced the world's largest genome project as a part of EURO200 million public-private collaboration between charities and pharma. The country has already developed the largest genome database in the world through the 100,000 genome projects led by Innovate UK as a part of the UK Research and Innovation. The project will fund researchers and industries to combine data and real-world evidence from the UK healthcare services and create new products and services that can diagnose diseases efficiently.

Moreover, in August 2018, Boston Scientific Corporation, a Massachusetts-based company, announced it landed US$ 4.3 million in seed funding and partnered with Veritas Genetics. The funds will support the company's mission to enter the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data.

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