Press release
Global Pharmacogenomics Technologies Market to Reach $14.10 Billion by 2032 | Key Players: Foundation Medicine, Illumina & GE HealthCare
The pharmacogenomics technologies market size was valued at USD 6.43 billion in 2023. It is projected to grow to USD 14.10 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.10% from 2024 to 2032.
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Market Definition
Pharmacogenomics is the study of how genes impact a person's reaction to drugs. The field merges pharmacology and genomics to advance productive, secure medicines that can be prescribed dependent on a person's genetic constitution. Several drugs that are presently obtainable are one size fits all, but they do not operate similarly for everybody. It can be arduous to forecast who will profit from medication, who will not react at all, and who will encounter negative ramifications.
Growth Drivers and Opportunities
• Several reasons have contributed to the expansion of the pharmacogenomics technologies market in recent years. Among these is the growing consciousness of personalized care, which focuses on tailoring medical cures for individual patients and the impact of genetic factors on drug reactions.
• The market size will expand due to the acquisition of theragnostics by pharmaceutical firms is pushed by the possibility of decreasing R&D prices and speeding up the momentum of clinical trials. It motivates small-scale contenders in the market to focus on generating inventive tests for drugs.
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Key Players
The market portrays fierce contention with firms engaging policies such as initiating contemporary commodities and securing consent. Here is the list of the leading companies operating in the pharmacogenomics technologies market:
Agilent Technologies, Inc.
F. Hoffmann-La Roche Ltd
Foundation Medicine, Inc.
GE HealthCare,
Illumina, Inc
Leica Biosystems Nussloch GmBH,
MDPI
Geographical Landscape:
In 2022, North America held the largest market share, owing to presence of key players, well developed industry big and small players, huge pool of researchers, and extensive network of industry academia.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Segmentation Overview
The pharmacogenomics technologies market analysis is mainly based on technology, therapeutic area and region. Based on technology, the PCR segment held the largest market share in 2022. It plays an important part in genetic analysis and diagnostics.
Moreover, according to the therapeutic area, the oncology segment is expected to witness the fastest growth. It is connected to the augmenting gamut of therapies advanced utilizing molecular diagnostics principles for cancer cure.
Pharmacogenomics Technologies Market, Technology Outlook
PCR
In-situ Hybridization
Immunohistochemistry
Sequencing
Others
Pharmacogenomics Technologies Market, Therapeutic Area Outlook
Oncology
Neurological Disorders
Cardiovascular Disease
Immunological Disorders
Infectious Diseases
Others
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Pharmacogenomics is a branch of science, which studies the role of gene over the activity of a drugs and hence helps the refreshers in predicting the response of novel as well as previously available therapies.
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Major Companies operating in the Pharmacogenomics Market are:
• F. Hoffmann-la Roche Ltd
• Abbott
• Oxford Nanopore Technologies
• Thermo Fisher Scientific Inc.
• Illumina, Inc.
• QIAGEN
• Agilent Technologies, Inc.
• Myriad Genetics, Inc.
• Admera Health
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