Pharmacogenomics Market Worth $19.5 billion by 2031 - Exclusive Report by Meticulous Research®

According to a new market research report, 'Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic)-Global Forecast to 2031' published by Meticulous Research®, the pharmacogenomics market is projected to reach $19.5 billion by 2031, at a CAGR of 8.9% during the forecast period 2024-2031.

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Pharmacogenomics plays a pivotal role in the identification of response and non-response from an individual toward a particular drug. This helps in avoiding adverse events and optimizing drug dose. Drugs labeled with pharmacogenomic biomarkers provide information on drug exposure and clinical response variability, risk for adverse events, genotype-specific dosing, mechanisms of drug action, polymorphic drug target and disposition genes, and trial design features. Pharmacogenomic biomarkers are highly focused on oncological applications. With increasing knowledge of the human genome and its correlation with disease progression, the focus is increasing on biomarkers of non-oncology therapeutic areas.

The pharmacogenomics market is driven by the growing therapeutic applications of pharmacogenomic biomarkers, the increasing adoption of personalized medicines, the rising geriatric population and chronic disease prevalence, and the U.S. FDA's and EMA's recommendations for using pharmacogenomic data in drug discovery & development. However, the high costs of personalized medicines restrain the growth of this market.

Furthermore, the increasing application of pharmacogenomics in the treatment of neurological disorders and cancers, the development of new, more advanced diagnostic tools with improved accuracy, and growing awareness regarding adverse drug reactions are expected to generate growth opportunities for the players operating in the pharmacogenomics market. However, low awareness about pharmacogenomics and personalized medicine, the limited understanding of genetic testing and its benefits, and the lack of reimbursements for genetic testing and precision medicine are major challenges impacting market growth.

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Growing Awareness Regarding Adverse Drug Reactions (ADRs) Generating Opportunities for Market Players
The incidences of ADRs vary and depend on factors such as age, sex, ethnicity, existing disorders, genetic and environmental factors, administration route, treatment duration, dosage, and drug type. Moreover, increased age and polypharmacy also lead to ADRs. Pharmacogenomics helps in the development of medicines tailored to individuals' distinctive genetic factors. The data obtained from pharmacogenomic testing can be used to initiate personalized treatment regimens for individuals, drastically reduce the probability of ADRs, and improve treatment outcomes. For instance, pharmacogenomic testing for Abacavir or Carbamazepine can greatly reduce the incidence of potentially life-threatening, delayed cutaneous hypersensitivity reactions.

The efficacy of the most widely used FDA-approved drugs is around 50%, with a range of 25% for chemotherapeutics and up to 80% for analgesics. Hence, there is a need to improve the therapeutic index of drug stems. The incidence of serious ADRs is estimated at two million per year in the U.S., causing 100,000 deaths annually. The need to prevent serious ADRs is expected to drive the demand for pharmacogenomic solutions, generating growth opportunities for the players operating in the pharmacogenomics market.

The key players profiled in this market study are F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), QIAGEN N.V. (Netherlands), and Pacific Biosciences of California, Inc. (U.S.).

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The global pharmacogenomics market is segmented by offering (consumables, instruments, and software & services) technology (polymerase chain reaction, sequencing, microarray, electrophoresis, microarray, mass spectrometry, and other technologies), application (oncology, mental health cardiology, neurological disorders, infectious diseases, and other applications), end user (hospitals & diagnostic laboratories, academic & research institutes, and other end users), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on offering, the global pharmacogenomics market is segmented into consumables, instruments, and software & services. In 2024, the consumables segment is expected to account for the largest share of the market. The largest market share of this segment is attributed to the recurrent use of consumables over instruments and the high burden of chronic diseases. Moreover, the high increasing prevalence of chronic diseases coupled with the focus of players for the launch of advanced and better reagents & kits drives the segment growth.

An increase in the prevalence of chronic disease cases has triggered the demand for precision medicine, leading to the adoption of pharmacogenomics, including consumables used for research and pharmacogenomic testing. For instance, according to the data reported by WHO in 2023, cardiovascular diseases cause most non-communicable diseases (NCD) deaths, accounting for 17.9 million people per year, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes).

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Based on technology, the global pharmacogenomics market is segmented into polymerase chain reaction (PCR), sequencing, microarray, mass spectrometry, electrophoresis, and other technologies. The sequencing segment is expected to register the fastest CAGR during the forecast period of 2024-2031. The fast growth of this segment is attributed to the benefits provided by newer technologies such as next-generation sequencing (NGS). These benefits include less turnaround time, multiple sample analyses in a single run, and a single system required for running a sample-to-end analysis.

The factors contributing to the increased adoption of NGS sequencing in pharmacogenomics include rising cancer prevalence and increasing application of NGS in cancer research, the declining costs of NGS, and technological advancements in NGS. For instance, companies are actively collaborating to improve their technological capabilities to develop innovative NGS products.

Based on application, the global pharmacogenomics market is segmented into oncology, mental health cardiology, neurological disorders, infectious diseases, and other applications. The oncology segment is expected to register the fastest CAGR during the forecast period. The fast growth of this segment is attributed to the increasing prevalence of cancer cases and the need for targeted cancer treatment, growing demand for precision oncology, and growing research activities for precision oncology. The number of cancer cases is estimated to increase in the future. According to the International Agency for Research on Cancer, the number of new cancer cases is expected to be 24.1 million by 2030 from 19.2 million cases in 2020, representing an increase of 24.6% by 2030.

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Based on end user, the global pharmacogenomics market is segmented into hospitals & diagnostic laboratories, academic and research institutes, and other end users. In 2024, the hospitals & diagnostic laboratories segment is expected to account for the largest share of the global pharmacogenomics Market. The large market share of this segment is attributed to the growing adoption of precision medicine, the growing prevalence of chronic diseases, the large number of clinical trials conducted at these facilities, and the focus of pharmacogenomic testing service companies on acquisitions and launches of pharmacogenomic testing services.

Hospitals are taking initiatives to launch pharmacogenomic testing services as there is an increasing demand for precision medicine and growing awareness about pharmacogenomic testing amongst healthcare providers. For instance, in May 2023, the University of California Health (UCSF), one of the leading hospitals in California, U.S., launched a pharmacogenomic testing service. This service was launched for smarter prescribing and improved clinical outcomes.

Based on geography, in 2024, North America is expected to account for the largest share of the global pharmacogenomics market. The large market share of this region is attributed to the increased cases of genetic diseases, awareness about early genetic disease diagnosis, government promoting certain genetic testing in case of hereditary cancers and newborn screening, and the presence of major market players.

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