Dublin, March 18, 2024 (GLOBE NEWSWIRE) -- The "Global Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The pharmacogenomics market is expected to reach $19.5 billion by 2030, at a CAGR of 8.9% from 2024 to 2031.
The growth of the pharmacogenomics market is attributed to the growing therapeutic applications of pharmacogenomic biomarkers, the increasing adoption of personalized medicines, the rising geriatric population and chronic disease prevalence, and the U.S. FDA's and EMA's recommendations for using pharmacogenomic data in drug discovery & development. However, the high costs of personalized medicines restrain the growth of this market.
Furthermore, the increasing application of pharmacogenomics in the treatment of neurological disorders and cancers, the development of new, more advanced diagnostic tools with improved accuracy, and growing awareness regarding adverse drug reactions are expected to generate growth opportunities for the players operating in the pharmacogenomics market. However, low awareness about pharmacogenomics and personalized medicine, the limited understanding of genetic testing and its benefits, and the lack of reimbursements for genetic testing and precision medicine are major challenges impacting market growth.
Asia-Pacific is slated to register the highest CAGR during the forecast period. Rising government spending to increase testing capacities; increasing cases of inherited diseases such as Down Syndrome, cystic fibrosis, sickle cell disease, colon (colorectal) cancer, and breast cancer; growing awareness about the significance of genetic tests; and increasing government initiatives promoting genetic testing contribute to the growth of the market.
Some of the key players operating in the global pharmacogenomics market are F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), QIAGEN N.V. (Netherlands), and Pacific Biosciences of California, Inc. (U.S.).
Based on offering, the global pharmacogenomics market is segmented into consumables, instruments, and software & services.
In 2024, the consumables segment is expected to account for the largest share of the market. The largest market share of this segment is attributed to the recurrent use of consumables over instruments and the high burden of chronic diseases. Moreover, the high increasing prevalence of chronic diseases coupled with the focus of players for the launch of advanced and better reagents & kits drives the segment growth.
Based on technology, the global pharmacogenomics market is segmented into polymerase chain reaction (PCR), sequencing, microarray, mass spectrometry, electrophoresis, and other technologies.
In 2024, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the pharmacogenomics market. The large market share of this segment is attributed to the high sensitivity, accuracy, low sample volume requirements, and cost-effectiveness coupled with the high presence of PCR base across all the end users, initiatives by players to launch and get approvals for new PCR products for pharmacogenomics, and a wide range of applications of the PCR.
Based on application, the global pharmacogenomics market is segmented into oncology, mental health cardiology, neurological disorders, infectious diseases, and other applications.
The oncology segment is expected to register the fastest CAGR during the forecast period of 2024-2031. The fast growth of this segment is attributed to the increasing prevalence of cancer cases and the need for targeted cancer treatment, growing demand for precision oncology, and growing research activities for precision oncology.
Based on end user, the global pharmacogenomics market is segmented into hospitals & diagnostic laboratories, academic and research institutes, and other end users.
In 2024, the hospitals & diagnostic laboratories segment is expected to account for the largest share of the global pharmacogenomics Market. The large market share of this segment is attributed to the growing adoption of precision medicine, the growing prevalence of chronic diseases, the large number of clinical trials conducted at hospitals and diagnostic laboratories, and the focus of pharmacogenomic testing services companies on acquisitions and launches of pharmacogenomic testing services.
Key questions answered in the report:
- What is the current value of revenue generated by pharmacogenomics products across the globe?
- At what rate is the demand for global pharmacogenomics products projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for pharmacogenomics across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- Which segments are creating major traction for the vendors in this market in terms of the offering, technology, application, and end user?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global pharmacogenomics market?
- Who are the major players in the global pharmacogenomics market? And what are their specific products offered in the pharmacogenomics industry?
- What recent developments have taken place in the global pharmacogenomics market, and how these strategic developments are creating a global impact in this market?
Market Dynamics
- Growing Therapeutic Applications of Pharmacogenomic Biomarkers Supporting Market Growth
- Increasing Adoption of Personalized Medicines Driving the Demand for Pharmacogenomics
- Rising Geriatric Population and Chronic Disease Prevalence Boosting Pharmacogenomic Research and Testing
- The U.S. FDA's And EMA's Recommendations for Using Pharmacogenomic Data in Drug Discovery & Development Accelerating Market Expansion
- Growing Awareness Regarding Adverse Drug Reactions (ADRs) Generating Opportunities for Market Players
- Low Awareness About Pharmacogenomics and Personalized Medicine to Remain a Major Challenge for Market Stakeholders
- Lack Of Reimbursements for Genetic Testing and Precision Medicine Impacting Market Growth
Key Trends
- Declining Costs of Sequencing Making Pharmacogenomic Testing More Affordable
- Increasing Potential of AI In Pharmacogenomics
Scope of the Report:
Pharmacogenomics Market, by Offering
- Instruments
- Consumables
- Software & Services
Pharmacogenomics Market, by Technology
- Polymerase Chain Reaction
- DNA Sequencing
- Electrophoresis
- Microarray
- Mass Spectrometry
- Other Technologies
Pharmacogenomics Market, by Application
- Oncology
- Mental Health
- Cardiology
- Neurological Disorders
- Infectious Diseases
- Other Applications
Pharmacogenomics Market, by End User
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
- Other End Users
For more information about this report visit https://www.researchandmarkets.com/r/md1d0h
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