Press release
Pharmacogenomics Market Expected To Reach USD 35.8 Billion by 2032, Growing at a CAGR of 9.2% From 2024 2032.
Pharmacogenomics Market
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Pharmacogenomics Market Trend Analysis:
Medical centers' increasing readiness to use pharmacogenomic testing is another factor that characterizes the pharmacogenomics market trend. The significance of using a patient's genetic composition to inform treatment is becoming more widely recognized in light of the evolving healthcare landscape. They pointed out that advancements in genomic testing technology, which have recently resulted in lower test costs, are contributing to this trend.
Pharmacogenomics Market Dynamic:
Because of the growing trend in customized treatment and the development of genetic technologies, the pharmacogenomics industry has grown significantly in recent years. Pharmacogenomic testing has becoming more popular as the globe moves toward more individualized medicine because patients want to get the greatest results at the lowest possible cost for their medical care. Medical professionals can predict how well or poorly a given patient will react to a given medication by incorporating pharmacogenomics into their practices. Advanced technologies like next-generation sequencing (NGS), which have made it simpler to process the variants, are what define this market.
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Pharmacogenomics Market Key Competitors include:
Abbott Laboratories (USA)
Agilent Technologies, Inc. (USA)
Asuragen, Inc. (USA)
Celerion, Inc. (USA)
Exact Sciences Corporation (USA)
Genomic Health, Inc. (USA)
Horizon Discovery Group plc (UK)
Illumina, Inc. (USA)
Invitae Corporation (USA)
MedGenome Labs Ltd. (India)
Myriad Genetics, Inc. (USA)
Natera, Inc. (USA)
Qiagen N.V. (Netherlands)
Roche Holding AG (Switzerland)
Thermo Fisher Scientific Inc. (USA)
Other key Players
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Pharmacogenomics Market Segment Analysis:
By Technology
DNA Sequencing
Microarray
Polymerase Chain Reaction
Electrophoresis
Mass Spectrometry
By Application
Drug Discovery
Pain management
Neurology
Oncology
Cardiovascular diseases
Infectious diseases
Psychiatry
Others
By End User
Hospitals
Clinics
Research institute
Medical, academic institute
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The market for pharmacogenomics has expanded rapidly, and in 2023, North America accounted for around 45% of the global market, making it the largest region. These factors include the presence of efficient medical facilities, a focus on research, and/or significant financial investments in genetics and biotechnology. Because so many prestigious academic institutions and biotechnology businesses participate in customized medicine programs, the United States has demonstrated the greatest interest in pharmacogenomic advancements.
Pharmacogenomics Market By Region
North America (U.S., Canada, Mexico)
Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
South America (Brazil, Argentina, Rest of SA)
Pharmacogenomics Market Regional Insights:
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Objective of the Pharmacogenomics Market Report
According to this estimate, North America accounted for more than 40% of the worldwide Pharmacogenomics Market in 2023, making it the largest market by region. The availability of critical care facilities, the high degree of acceptance and awareness of stem cell therapy, and the existence of several market participants are some of the factors contributing to the dominance. Because of its weak laws and generous government funding, the USA has really been the most active country in stem cell research and storage. In a similar vein, the North American market has expanded due to the increasing use of stem cell therapies for various illnesses and disorders.
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