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Pharmacogenomics Market- Global Forecast to 2028 | Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Laboratory Corporation of America Holdings (US)

06-25-2024 04:31 PM CET | Health & Medicine

Press release from: MarketsandMarkets

Pharmacogenomics Market

Pharmacogenomics Market

Pharmacogenomics Market in terms of revenue was estimated to be worth $3.5 billion in 2023 and is poised to reach $5.8 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The increasing focus on the translational approach to optimize drug development processes, increasing collaborations and partnerships between key players and research institutes, and rising incidence of cancer are the major driving factors of the pharmacogenomics market. However, concern regarding drug response variability, and challenges in data integration and interpretation are the major restraining factors of the pharmacogenomics market.

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The kits & reagents segment accounted for the largest share by product & service in the pharmacogenomics market in 2022.

By product & service, the pharmacogenomics market has been further categorized kits & reagents and service. Kits & reagents accounted for the largest share of the pharmacogenomics market in 2022. The pivotal role played by kits and reagents in the execution of pharmacogenomic tests, combined with the rising adoption of personalized medicine and advancements in genomic technologies, contributes significantly to the expansion of this segment within the pharmacogenomics market.

The sequencing segment is expected to grow at a higher rate during the forecast period.

Based on technology, the pharmacogenomics market has been segmented into sequencing, PCR, microarray, and other technologies. In 2022, the sequencing segment accounted for the largest share of the pharmacogenomics market is expected to grow at a higher growth rate during the forecast period of 2023-2028. Sequencing technologies play a crucial role in precisely and effectively handling genomic data, facilitating the identification of nucleotide alterations impacting drug metabolism and response. The progress in developing novel sequencing technologies and reagents further propels the evolution of pharmacogenomics research, facilitating the identification and functional understanding of genetic variants associated with drug metabolism and response.

The cancer segment accounted for the largest share of the disease area segment in the pharmacogenomics market in 2022.

Based on disease area, the pharmacogenomics market has been segmented into cancer, cardiovascular, neurological diseases, and other diseases. In 2022, the cancer segment accounted for the largest share of the pharmacogenomics market. The expansion of the pharmacogenomics market is fueled by a surge in research funding dedicated to the advancement of personalized drug products for cancer treatment. For instance, the National Cancer Institute (NCI) allocated an estimated USD 6,467 million from its research budget, covering diverse disease areas such as AIDS, brain & CNS, and cancer.

The North America region accounted for the largest share of the pharmacogenomics market in 2022.

The pharmacogenomics market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). The North America region is witnessing increasing investments and research activities in the field of drug discovery and development. The need for advanced therapies due to rising rate of cancer has contributed to growth of the pharmacogenomics market.

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Pharmacogenomics Market Dynamics:

Drivers:

1. Growing incidence and prevalence of chronic and genetic diseases

2. Rising investments and funding to support genomic projects

3. Rising incidence of cancer

4. Increasing collaborations and partnerships between key players and research institutes

5. Increasing focus on translational approach to optimize drug development processes

Restraint:

1. Challenges in data integration and interpretation

2. Issues related to drug response variabilities

Opportunities:

1. Use of genomics in specialized/personalized medicine

2. AI in pharmacogenomics

3. Increasing cost-effectiveness of pharmacogenomics testing

Challenge:

1. Ethical and regulatory hurdles

2. Growing concerns related to patient privacy and data access

Key Market Players of Pharmacogenomics Industry:

Key players in the pharmacogenomics market Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Eurofins Scientific (Luxembourg), Bio-Rad Laboratories, Inc. (US), Agilent Technologies, Inc. (US), BD (US), QIAGEN (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity (US), IQVIA Inc. (US), Mesa Labs, Inc. (US), Medpace (US), MGI Tech Co., Ltd. (China), Takara Bio Inc. (Japan), PacBio (US), New England Biolabs (US), BGI (China), Novogene Co., Ltd. (China), SOPHiA GENETICS (Switzerland), Fios Genomics (UK), Personalis, Inc. (US), BioAI Health Inc. (US), NeoGenomics Laboratories (US), and Macrogen, Inc. (South Korea).

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Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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