Press release
Pharmacogenomics Global Market Report: Key Insights and Market Trends | 2024 To 2033 Key Players Illumina Inc, Eurofins Scientific, Myriad Genetics Inc, PerkinElmer Inc, Centogene N.V, Invitae Corporation.
Pharmacogenomics Global Market Share
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According to The Business Research Company's, The pharmacogenomics market size has grown rapidly in recent years. It will grow from $8.14 billion in 2023 to $9.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increasing focus on personalized medicine, the rising advanced healthcare infrastructure and increased healthcare expenditure.
The pharmacogenomics market size is expected to see rapid growth in the next few years. It will grow to $13.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to the increasing aging population, the increasing chronic diseases, the rising population and the increasing demand for cancer treatment. Major trends in the forecast period include launch of genome editing solution for deeper analysis of advanced therapies, focus on integration of artificial intelligence (ai) in genomics to analyze genetic data, growing advancements in metagenomics, strategic partnerships and collaborations among market players, introduction of three-dimensional (3d) genomics to study influences on gene expression and function, new product innovations with focus on infectious diseases and gene editing and development of psychotropic pharmacogenomics test for informed decisions.
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Market Drivers and Trends:
The rising demand for precision medicine is driving the demand for the pharmacogenomics market. Precision medicine is a medical model that proposes healthcare customization, with medical decisions, treatments, practices, or products tailored to a subset of patients rather than a one-drug-fits-all-all model. There is a rising demand for precision medicine as it is the most advanced in oncology, having wider, exciting applications beyond oncology and late-stage diseases such as rare and genetic diseases. The main aim of precision medicine is to integrate genetic and environmental information about particular diseases and/or their responses to particular treatments. For instance, according to the article published on Linchpinseo in March 2022, the increasing demand for precision medicine investment from leading pharmaceutical companies is experiencing a 1/3 increase in the next five years. Furthermore, in the USA, 30 million people with type 2 diabetes get diagnosed and treated where precision medicine provides individualized treatment and will re-calibrate current treatment practices. Hence, the increasing demand for precision medicine will drive the pharmacogenomics market.
Technological advancement is a key trend gaining the popularity in pharmacogenomics market. Medicine manufacturers are focusing on various approaches to pharmacogenomics analysis to provide cost-effective solutions for screening known polymorphisms and the discovery of novel variants. For instance, in May 2021, Integrated Prescription Management (IPM), a USA-based pharmacy benefits management (PBM) company, and Myriad Genetics Inc., a genetic testing and precision medicine, launched GeneSight test, a pharmacogenomics testing for patients suffering from depression or anxiety.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Kintetsu World Express, Inc, A.P. Møller - Mærsk A/S, Deutsche Bahn AG, DSV A/S, Landstar System, Inc,Daseke Inc., Mammoet North America, Orient Overseas Container Line Limited, Barnhart Crane & Rigging, Lynden Incorporated, Equity Logistics Australia, Bayus Bali Cargo, CJ Logistics, Allcargo Logistics Ltd, Swanson Transport Ltd, ULSI Logistics Services, DMA Cargo Srl, Pastrello Autotrasporti S.r.l, DHL Supply Chain & Global Forwarding, DB Schenker, Sarens, Barrington Freight Ltd, Europages, Acirfa Shipping International S.L, Agora Freight, New Wave International Cargo Sp. z o.o. Sp, Komandytowa, PANAS TRANSPORT, Black Sea Crown Logistic SRL, Watco Companies LLC, Omni Logistics, Ameritrans Freight International, Expeditors International, Sea Cargo Logistics, Schumacher Cargo Logistics, Crowley Maritime Corporation, Amerijet International Inc., Global Shipping Services LLC, Mullen Group Ltd, Latin American Cargo (LAC), Almajdouie Logistics, Jenae Logistics, Platinum Shipping & Logistics, Prime Shipping Agency LLC, Willem Steenkamp Transport, Spedag Interfreight, Tristar Transport
Pharmacogenomics Market 2024 Key Insights:
• The pharmacogenomics market size is expected to see rapid growth in the next few years. It will grow to $13.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Precision Medicine's Surge And Its Impact On The Growing Pharmacogenomics Market
• Technological Advancements Transforming The Pharmacogenomics Market
• North America was the largest region in the pharmacogenomics market in 2022
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