Pharmacogenomics Global Market Report 2024

Pharmacogenomics is a research field that explores how a patient's genes influence their response to medications. Its ultimate goal is to assist doctors in selecting the most appropriate drugs and doses tailored to each individual. Pharmacogenomics is instrumental in developing personalized drugs to address various health conditions, including cardiovascular disease, Alzheimer's disease, cancer, and asthma. The term 'pharmacogenomics marker' refers to a precise medical treatment approach for individuals or specific groups.

Key technologies employed in the pharmacogenomics market include next-generation sequencing (NGS), polymerase chain reaction, gel electrophoresis, mass spectrometry, microarray, and others. NGS, a massively parallel sequencing technology, offers ultra-high throughput, scalability, and speed, enabling the determination of nucleotide order in entire genomes or specific DNA/RNA regions. Pharmacogenomics applications span neurological diseases, infectious diseases, oncology, cardiovascular diseases, pain management, and various other areas. End-users encompass hospitals and clinics, research institutions, academic institutes, and others.

The pharmacogenomics market research report is one of a series of new reports from The Business Research Company that provides pharmacogenomics market statistics, including pharmacogenomics industry global market size, regional shares, competitors with a pharmacogenomics market share, detailed pharmacogenomics market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacogenomics industry. This pharmacogenomics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 expansion observed in the historical period can be attributed to robust economic growth in emerging markets, a growing emphasis on personalized medicine, the development of advanced healthcare infrastructure, and an increase in 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 anticipated growth in the forecast period can be attributed to factors such as the increasing aging population, a rise in chronic diseases, a growing overall population, and an increasing demand for cancer treatment. Key trends expected in the forecast period include the launch of genome editing solutions for a more in-depth analysis of advanced therapies, a focus on integrating artificial intelligence (AI) in genomics for the analysis of genetic data, continuous advancements in metagenomics, strategic partnerships and collaborations among market players, the introduction of three-dimensional (3D) genomics to study influences on gene expression and function, new product innovations with a focus on infectious diseases and gene editing, and the development of psychotropic pharmacogenomics tests for informed decision-making.

The growing demand for precision medicine is fueling the expansion of the pharmacogenomics market. Precision medicine, a healthcare model focused on personalized treatment tailored to specific patient subsets, is gaining traction, especially in advanced areas such as oncology. Its applications extend beyond late-stage diseases to encompass rare and genetic conditions. Precision medicine aims to integrate genetic and environmental information to tailor treatments for specific diseases and responses. A Linchpinseo article from March 2022 indicates a 1/3 increase in precision medicine investment by leading pharmaceutical companies over the next five years. In the USA, where 30 million people with type 2 diabetes are diagnosed and treated, precision medicine offers individualized treatment, reshaping current practices. The rising demand for precision medicine is a key driver propelling the pharmacogenomics market.

The pharmacogenomics market is expected to experience growth due to the increasing prevalence of chronic diseases. Chronic diseases, persistent over an extended period, pose a significant global health challenge. Pharmacogenomics provides a personalized treatment approach, considering individual genetic variations influencing drug responses. According to the World Health Organization's September 2023 report, non-communicable diseases (NCDs) or chronic diseases account for 74% of the 41 million annual deaths worldwide. Cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes contribute significantly to this burden. The upward trend in chronic diseases is a major factor propelling the pharmacogenomics market.

A noteworthy trend in the pharmacogenomics market is technological advancement. Medicine manufacturers are actively pursuing various approaches to pharmacogenomics analysis, aiming to offer cost-effective solutions for screening known polymorphisms and discovering novel variants. In May 2021, Integrated Prescription Management (IPM), a U.S.-based pharmacy benefits management (PBM) company, collaborated with Myriad Genetics Inc. to launch the GeneSight test. This pharmacogenomics testing solution targets patients dealing with depression or anxiety, showcasing technological advancements in precision medicine.

Companies in the pharmacogenomics market are concentrating on the development of innovative solutions for infectious disease diagnosis and gene editing to fortify their market standing. For instance, in March 2022, Thermo Fisher Scientific Inc., a U.S.-based supplier of analytical instruments and life sciences solutions, introduced the latest generation of its SeqStudio Flex Series Genetic Analyzer. This innovative tool, leveraging Capillary Electrophoresis (CE) technology, enhances research in infectious disease diagnosis and gene editing. The SeqStudio Flex Genetic Analyzer, available in 8- and 24-capillary configurations, delivers high-quality data and reliable performance across various applications.

In June 2023, Genomenon, a U.S.-based genomics intelligence company, acquired Boston Genetics for an undisclosed amount. This strategic acquisition combines Genomenon's AI-powered genomic platform with Boston Genetics' genetic scientists to comprehensively curate the human genome. The acquisition strengthens clinical diagnostic and pharmaceutical drug development programs by providing valuable insights into the genomic drivers of genetic diseases and oncology. Additionally, it establishes a genomics data service arm for Genomenon, offering cost-effective variant curation team extensions for genetic testing labs, expediting turnaround times. Boston Genetics, a genomics interpretation and curation company based in the U.S., is part of this acquisition.

Major companies operating in the pharmacogenomics market report are Illumina Inc., Eurofins Scientific, Myriad Genetics Inc., PerkinElmer Inc., Centogene N.V, Invitae Corporation, Genomind, Pacific Biosciences of California Inc., Oneome LLC, Admera Health, MapMyGenome, Positive Bioscience, Xcode Life Sciences, Xcelris Labs, Takeda Pharmaceutical Company Limited, Garvan Institute of Medical Research, 3D Medicines Inc., Berry Genomics, BGI, GenomiCare Biotechnology, Biotecan Pharmaceuticals, Bayer AG, GlaxoSmithKline plc (GSK), F Hoffmann-La Roche AG, Merck KGaA, Future Science Group, QIAGEN N.V, Institute of Biomedical Chemistry, Centro de Genoma e Biologia de Sistemas (CGBS), Dasa Group, Datar Cancer Genetics Limited, MedGenome Labs, AnorMed, 23andMe, Myriad Genetics, Color Genomics, Pathway Genomics, Laboratorio Richet, Laboratorio Exame, Genomika Diagnosticos, Gulf Pharmaceutical Industries JULPHA, Neopharm, NewBridge Pharmaceuticals Limited, EIPICO (Egyptian International Pharmaceutical Industries Company), Aspen Pharmacare Holdings Limited, Pharma-Q (Pty) Ltd

North America was the largest region in the pharmacogenomics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacogenomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the pharmacogenomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The pharmacogenomics market includes revenues earned by entities by PennCNV,QuantiSNP, GenoCN and Nexus.The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Pharmacogenomics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on pharmacogenomics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for pharmacogenomics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pharmacogenomics market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Technology: Next Generation Sequencing; Polymerase Chain Reaction; Gel Electrophoresis; Mass Spectrometry; Microarray; Other Technologies
• 2) By Application: Neurological Diseases; Infectious Diseases; Oncology; Cardiovascular Diseases; Pain Management; Other Applications
• 3) By End User: Hospitals and Clinics; Research Institutions; Academic Institutes; Other End Users
• Companies Mentioned: Illumina Inc; Eurofins Scientific; Myriad Genetics Inc; PerkinElmer Inc; Centogene N.V
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.