Pharmacogenomics Market Growth, Size, and Demand Forecast, 2030

In 2021, the global pharmacogenomics market was worth $5,527.2 million, which is set to reach $10,505.3 million, rising at a CAGR of 7.4% from 2021 to 2030. The growing use of pharmacogenomics in the development and discovery of medicines, increasing rate of adverse drug reactions (ADRs), shift from reactive to preventive care, and growing prevalence of cancers and infectious diseases are the key drivers for market growth.

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Therefore, key players are extensively involved in seeking approvals and product launches to remain competitive. They include Thermo Fisher Scientific Inc., Hoffmann-La Roche Ltd., Myriad Genetics Inc., Abbott Laboratories, Admera Health LLC, QIAGEN N.V., Laboratory Corporation of America Holdings, 23andMe Inc., Exact Sciences Corporation, and Mesa Laboratories Inc.

Diagnostic facilities are expected to grow at the highest pharmacogenomics market CAGR in the coming years. Diagnostic centers account for the majority of these items in use, owing to the considerable research, which has resulted in highly complex tests and systems. Furthermore, technological improvements have transformed the services offered by diagnostic centers, thus resulting in higher patient traffic.

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Direct-to-consumer (DTC) tests are in vitro diagnostic (IVD) tests that are sold directly to consumers without the involvement of healthcare practitioners. The user is often asked to take a specimen (saliva, urine, or other) and send it straight to the corporation for analysis and testing. The number of people who may now obtain genetic information on themselves is growing because of DTC testing, which offers opportunities to market players.

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