Pharmacogenomics Market Size to Surpass Around USD 36.7 Bn by 2030

New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- The global pharmacogenomics market size will reach at USD 16.76 billion in 2022. The rapid increase of the pharmacogenomics technologies and advanced drug developments helps to boost the market growth to a greater extent. The wide acceptance of the developed technologies of the pharmacogenomics have increased the market growth. Increased efficiency of the drug and decreased adverse reactions with new developments affected the market rate to increase the pharmacogenomics. Government also supported to increase the drug development with higher efficacy and developing infrastructures for developed health care facilities for citizens and providing policies such a reimbursement which help to boost the market to grow to a higher extent.

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Key Takeaways:

• In 2021, oncology application segment has reached 30.2% market share
• In 2021, North America accounted 41.3% market share in 2021.
• In 2021, the polymerase chain reaction technology segment accounted revenue share of around 36.9%.
  
  

Regional snapshots

The various geographical regions have contributed for increasing the pharmacogenomics market growth with advanced developed technologies and new drug development with increased research and development with rapid acceptance of the newly developed drug and technologies for increased safety and higher efficacy with no adverse reactions have increased the demand from the health professionals from various regions.

North America involves US, Canada, Asia Pacific involves India, China, Japan, Latin America, Middle East Africa, Europe are the region which help to support and increased demands of developed technologies in pharmacogenomics with increased revenue share and market growth during the forecast period.

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Scope of the Report

Market Dynamics

Drivers

The developed drug therapies and technologies of pharmacogenomics with wide applications have increased the market rate. Increased population with increased number of chronic disorders such as cancer, HIV, AIDS, tuberculosis have increased the demand for new drug development drives the pharmacogenomics market to grow high. Increase research and developing more drugs and technologies with higher efficacy to different genomes have raised the market growth. Market Players involved in introducing new drugs helps to boost the pharmacogenomics market high.

Restraints

Increase population with increased number of chronic disorders among the individuals such as HIV, AIDS, cancer, tuberculosis and many moored disorders have contributed for the increasing the pharmacogenomics market with rising demands from the health professionals but increased costing may led to hamper the growth of the market. Lack of skill among the people due to developed technologies professional skill workers are required to perform the procedure or may decrease the growth. Old infrastructure to be developed to the new with new facilities and development to improve the market growth.

Opportunities

The developing of underdeveloped countries with increased facilities and opportunities have increased the growth of the market. Advanced developed features with improved pharmacogenomics market with new technologies with higher efficacy of the drugs developed considering the genomes. Increasing chronic disorders such as cancer, tuberculosis, AIDS, HIV and many more rise the market. Market players involved in introducing new drug developments and increased research have helps to boost the market growth of pharmacogenomics.

Challenges

The increased drug development process considering the genomes and increased research development also led to the increased costing of the new drug therapies developed can be challenge to increase the market growth of pharmacogenomics.

The old infrastructures of the heath care centers with new drug developments can affect the pharmacogenomics market rate. The old infrastructure should be newly developed to increase the patient’s safety. Newly developed technologies and drug developments also requires skill for performing the new procedures. Lack of skill may affect the market growth with decreased rate of the pahrmacogenomics during the forecast period.

Report Highlights

• Pharmacogenomics based on newly developed technology such as sequencing, microarray, mass spectrometer, electrophoresis, polymerase chain reaction. Polymerase chain reaction to be top to hold the highest market revenue share and to rise the market. Utilized in amplification of small segment of DNA. Polymerase chain reaction increases the pharmacogenomics market with developed technology.
• Pharmacogenomics based on applications it is widely used in cardiovascular diseases, neurological disease, oncology disease, psychiatry, infectious diseases, pain managing, HIV, AIDS, tuberculosis and many more diseases with increased pharmacogenomics market rate.
• Pharmacogenomics based on end users divided in to hospitals, health clinics, research and development sector, laboratories, medical institutes. Whereas the hospitals and clinics to be driving force to increase the market of pharmacogenomics.
  
  

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Recent Developments

• In the year2022 March, in community pharmacy Day-Lewis was the first to introduce the private pharmacgenomics testing service.
• In the year 2022 May, Invitae Pharmacogenomics (PGx) was introduced by Invitae. Panel involves the special Invitae Pharmacogenomics Mental Health Panel and access to a clinical decision support tool (CDST).

Market Segmentation

By Technology

• DNA Sequencing
• Microarray
• Polymerase Chain Reaction
• Electrophoresis
• Mass Spectrometry
  
  

By Applications

• Drug Discovery
• Pain management
• Neurology
• Oncology
• Cardiovascular diseases
• Infectious diseases
• Psychiatry
• Others

By End User 

• Hospitals
• Clinics
• Research institute
• Medical, academic institute

By Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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