PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1426523
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1426523
The pharmacogenomics market is projected to reach USD 5.8 billion by 2028 from an estimated USD 3.5 billion in 2023, at a CAGR of 10.6% during the forecast period. The growth of this market can be attributed to the research and development efforts aimed at drug discovery and development, and growing focus on personalized medicines.
Scope of the Report | |
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Years Considered for the Study | 2021-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD) Billion |
Segments | Product & Service, Technology, Disease Area, Application, and End User |
Regions covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
"The kits & reagents segment accounted for the largest share by product & service in 2022."
In 2022, the kits & reagents segment accounted for the largest share of product type in the global pharmacogenomics market. The factors such as growing demand for high quality reagents for genomics studies, increasing focus on development of personalized medicines, and growing number of research projects in the field of genomics are driving the growth of this market.
""The Asia Pacific region is growing in the pharmacogenomics market during the forecast period of 2023-2028."
The Asia Pacific region is expected to grow at the highest growth rate during the forecast period. Various factors including growing adoption of advanced sequencing technologies and booming healthcare sector are propelling the growth of pharmacogenomics market in the region.
Increased funding and investments from pharmaceutical and biotechnology companies aimed at advancing the healthcare sector are expected to propel the growth of the pharmacogenomics market in the Asia Pacific region. According to R&D Magazine, Asia has become the world's foremost region in research and development (R&D) investment, claiming over 44% of the global R&D share. The region is steadily gaining an additional half-percent share each year, and if this trend persists, it could represent more than half of all R&D investments by 2030. China is actively enhancing its R&D infrastructure and human resources capabilities, maintaining a consistent commitment to spending, ambition, and long-term planning. These factors are expected to contribute for the highest CAGR of the region between 2023 to 2028.
This research report categorizes the pharmacogenomics market by product & service (kits & reagents ( sequencing kits and reagents, PCR kits and reagents, microarray kits and reagents, and other kits & reagents) and service), technology (sequencing, PCR, microarray, and other technologies), disease area (cancer, cardiovascular, neurological diseases, and other disease areas), application (personalized medicine, clinical research, and drug discovery & preclinical development), and end user (academic & research institutes, pharmaeutical & biotechechnology companies, and contract research organization)
The report provides in-depth information on significant factors influencing the growth of the pharmacogenomics market, including drivers, trends, challenges, and opportunities. A thorough analysis of major industry players has been undertaken to provide insights into their business profiles, products/services, key strategies, collaborations, partnerships, and agreements. Additionally, the report encompasses recent developments such as new product launches, mergers, and acquisitions within the pharmacogenomics market.
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall pharmacogenomics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.