The Global Pharmacogenomics (PGx) Market size is forecasted to reach USD 11.01 billion from USD 5.66 billion in 2019, delivering a CAGR of 8.7% through 2027.
The Global Pharmacogenomics (PGx) Market size is forecasted to reach USD 11.01 billion from USD 5.66 billion in 2019, delivering a CAGR of 8.7% through 2027. The market growth is driven by the increasing prevalence of chronic diseases, expanding research and development activities, rising patient awareness, and an associated demand for personalized therapy.
Pharmacogenomics is the study of the effect of individual genetic make-up, which indicates the therapeutic effect of the medication on a specific patient. Genetic variation is directly linked to the effects on the human body. Pharmacogenomics testing is witnessing massive adoption in medical settings for supplementing translational and pharmaceutical research.
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The increasing use of the patient-specific treatment by healthcare professionals to minimize severe adverse reactions of medication that varies from person to person tremendously will boost the pharmacogenomics market growth over the coming years. The increasing emphasis on a patient-specific approach for the treatment of chronic diseases and the study of factors that can impact treatment like genetic factors is influencing the desired action of medication in the modern medical landscape. Growing preference for pharmacogenomics testing by physicians to choose better-suited treatment for the particular patient to attain a better therapeutic effect will foster the global pharmacogenomics market share through 2027.
Further key findings from the report suggest:
- In the product and services segment, the kits segment accounted for USD 2.70 billion in 2019 and is estimated to hold a major share of the pharmacogenomics market share through 2027 due to high product demand in research organizations for providing better insight for therapeutic decisions based on the genetic test.
- The assays segment is estimated to witness the maximum growth rate of nearly 8.4% through 2027 on account of the increasing interest of researchers, increasing preference for personalized treatment, and investment in the safety and efficiency of drugs.
- In terms of technology, the Polymerase Chain Reaction (PCR) segment is expected to account for major pharmacogenomics market revenue share through 2027. The technology has the potential to aid the development of effective and safe medications tailored to an individual’s genetic make-up, which is leading to high demand.
- On the basis of application, the cardiovascular segment is estimated to contribute significantly to the pharmacogenomics market share, exhibiting a CAGR of 8.1% through 2027 due to the increasing prevalence of cardiovascular diseases across the globe.
- In the regional landscape, North America dominated the market share with a revenue generation of USD 2.33 billion in 2019 and is set to witness a substantial growth due to the availability of the best in class healthcare infrastructure along with increased demand for pharmacogenomics for the treatment of chronic diseases in the region.
- The Asia Pacific region is estimated to witness major growth through 2027 due to changing lifestyles and a rise in the patient pool suffering from various target diseases. A recent study indicated that the current growth rate for federal research funding in China has exponentially exceeded that in the European Union and the U.S.
- Europe accounted for 27.5% of the pharmacogenomics market share in 2019 and is set to witness a growth rate of 8.4% over the analysis period.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Admera Health, Abbott Laboratories, Agena Biosciences, Inc., Dynamic DNA Laboratories, Cancer Genetics, Inc., F. Hoffmann-La Roche Ltd, Genomic Health, Inc., geneOmbio Technologies Pvt Ltd., Laboratory Corporation of America Holdings, and Illumina, Inc., among others.
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Pharmacogenomics Market Segmentation:
Products and Services Outlook (Revenue, USD Billion; 2017-2027)
- Products
- Services
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- DNA Sequencing/Next Generation Sequencing (NGS)
- Nucleic Acid Amplification Tests (NAATs)
- Mass Spectrometry
- Gel Electrophoresis
- Hybridization
- Microarray
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Infectious Diseases
- Neurology/Psychiatry
- Cardiovascular
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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