Pharmacogenomics Market to Grow at 9.3% During 2022-2027, Supported by Development of Precision Medicine

According to the latest report by IMARC Group, titled "Pharmacogenomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global pharmacogenomics market reached a value of US$ 6.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.3 Billion by 2027, exhibiting a CAGR of 9.3% during 2022-2027.

Pharmacogenomics represents the study of inherited variations in human genes in response to specific drugs. It utilizes the principles of pharmacology and genomics to develop effective and safe medications customized to an individual's genetic makeup. This involves the use of several technologies, including polymerase chain reaction (PCR), microarray, deoxyribonucleic acid (DNA) sequencing, mass spectrometry, etc. The genetic tests performed aid in determining a patient's susceptibility to certain diseases and the efficacy of the newly developed drugs. Consequently, pharmacogenomics finds extensive applications in the treatment of various diseases and disorders, such as cardiovascular, Alzheimer's, cancer, acquired immunodeficiency syndrome (AIDS), etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Pharmacogenomics Market Growth:

The expanding pharmaceutical industry is one of the key factors driving the global pharmacogenomics market. Moreover, the rising requirement for precision medicines with enhanced drug safety is further bolstering the market growth. Besides this, the growing adoption of targeted drug therapies with minimal side effects and improved efficacy owing to the escalating prevalence of chronic lifestyle diseases, is also propelling the product demand. In line with this, pharmacogenomics is increasingly being utilized for cancer treatments and anticipating the possible drug responses, resistance, efficacy, toxicity, etc., of the chemotherapeutic and targeted immune biologic agents. Furthermore, numerous technological advancements, including the development of pharmacogenomic biomarker labeling solutions, are expected to fuel the pharmacogenomics market over the forecasted period.

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Key Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

• Abbott Laboratories
• AstraZeneca plc
• Bayer AG
• Becton Dickinson and Company
• Bio-Rad Laboratories Inc.
• F. Hoffmann-La Roche AG
• GlaxoSmithKline plc
• Illumina Inc.
• Johnson & Johnson
• Merck KGaA
• Myriad Genetics Inc
• Qiagen N.V.
• Thermo Fisher Scientific Inc

Breakup by Technology:

• Polymerase Chain Reaction
• Microarray
• DNA Sequencing
• Mass Spectrometry
• Electrophoresis
• Others

Breakup by Application:

• Oncology
• Infectious Diseases
• Cardiovascular Diseases
• Neurological Diseases
• Psychiatry
• Pain Management
• Others

Breakup by End User:

• Hospitals and Clinics
• Academic and Research Institutes

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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