Newark, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Pharmacogenomics (PGx) is an innovative field of science that combines pharmacology and genomics to study how an individual's genetic makeup affects their response to drugs. By analyzing genetic variations, PGx aims to optimize drug efficacy, minimize adverse effects, and pave the way for personalized medicine. This approach is transforming healthcare by enabling more tailored treatments, improving patient outcomes, and reducing healthcare costs.
The global pharmacogenomics market is expected to 20.71 billion by 2033, at a CAGR of 8.4% during the forecast period 2024-2033. Global pharmacogenomics (PGx) market is witnessing a considerable growth owing to increasing incidences of chronic conditions.
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Key Insights on Pharmacogenomics Market
The polymerase chain reaction (PCR) segment accounted for the major market share of 43% in 2023.
The technology segment includes polymerase chain reaction (PCR), DNA sequencing/next-generation sequencing (NGS), nucleic acid amplification tests (NAATs), mass spectrometry, gel electrophoresis, hybridization, microarray, and others. The polymerase chain reaction (PCR) segment accounted for the major market share of 43% in 2023. It offers unique benefits such as higher sensitivity, reproducibility and precision, ease of quantification, rapid analysis, better control of quality in the process and a lower risk of contamination.
The oncology segment held the largest market share of 37.1% in 2023
The application segment includes pain management, oncology, infectious diseases, neurology/psychiatry, cardiovascular, and others. The oncology segment held the largest market share of 37.1% in 2023. This is mainly due to increasing the prevalence of cancer across the globe.
The hospital segment held the major market share of 36.2% in 2023.
The end-user segment is divided into a research organization, hospitals, diagnostic centres, academic institutes, and others. The hospital segment held the major market share of 36.2% in 2023. Many diagnostics centres around the globe are now made available the pharmacogenomics (PGx) for the various diseases including chronic and infectious disease. Which is likely to boost the market growth over the forecast period.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 8.4% |
| 2033 Value Projection | USD 20.71 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Technology, Application, End-User, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Pharmacogenomics (PGx) Market Growth Drivers | Increasing demand for personalized medicines |
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the pharmacogenomics (PGx) market with a 41.7% share of the market revenue in 2023. This is because North America is growing tremendously in terms of the healthcare industry. North America region has become the hub for the technological development and transformation of the industry. Due to the presence of several technical and pharmaceutical players in countries like Canada and the U.S., North America is projected to dominate the global pharmacogenomics (PGx) market on geographical front. The Asia Pacific region is one of the prominent regions in the global pharmacogenomics market, owing to growing awareness among the physicians and drug developers in the region. China and Taiwan, India, Japan and South Korea are some of the prominent countries in the growth of pharmacogenomics market in the Asia Pacific region.
Competitive Analysis:
Major players in the global pharmacogenomics (PGx) market are Abbott Laboratories, AstraZeneca PLC, Admera Health, LLC, Agena Biosciences, Inc., Biomerieux, Bayer AG, Cancer Genetics, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd, geneOmbio Technologies Pvt Ltd., Qiagen, Genomic Health, Inc., Illumina, Inc., Laboratory Corporation of America Holdings, and Bio-Rad Laboratories Inc. among others.
These companies are focusing on research and development, strategic collaborations, and expanding their product offerings to gain a competitive edge. For example, partnerships between pharmaceutical companies and PGx firms are leading to the development of companion diagnostics, which are crucial for the effective use of targeted therapies.
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