REDDING, Calif., May 9, 2024 /PRNewswire/ -- According to a
new market research report, 'Pharmacogenomics Market by Offering
(Instrument, Consumables, Software), Technology (PCR, Sequencing,
Microarray), Application (Oncology, Mental Health, Cardiology,
Neurology, Infectious Disease), End User (Hospitals,
Academic)–Global Forecast to 2031', published by
Meticulous Research®, the pharmacogenomics market is
projected to reach $19.5 billion by
2031, at a CAGR of 8.9% during the forecast period 2024–2031.
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Pharmacogenomics plays a pivotal role in the identification of
response and non-response from an individual toward a particular
drug. This helps in avoiding adverse events and optimizing drug
dose. Drugs labeled with pharmacogenomic biomarkers provide
information on drug exposure and clinical response variability,
risk for adverse events, genotype-specific dosing, mechanisms of
drug action, polymorphic drug target and disposition genes, and
trial design features. Pharmacogenomic biomarkers are highly
focused on oncological applications. With increasing knowledge of
the human genome and its correlation with disease progression, the
focus is increasing on biomarkers of non-oncology therapeutic
areas.
The pharmacogenomics market is driven by 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.
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Growing Awareness Regarding Adverse Drug
Reactions (ADRs) Generating Opportunities for Market
Players
The incidences of ADRs vary and depend on factors such as age,
sex, ethnicity, existing disorders, genetic and environmental
factors, administration route, treatment duration, dosage, and drug
type. Moreover, increased age and polypharmacy also lead to ADRs.
Pharmacogenomics helps in the development of medicines tailored to
individuals' distinctive genetic factors. The data obtained from
pharmacogenomic testing can be used to initiate personalized
treatment regimens for individuals, drastically reduce the
probability of ADRs, and improve treatment outcomes. For instance,
pharmacogenomic testing for Abacavir or Carbamazepine can greatly
reduce the incidence of potentially life-threatening, delayed
cutaneous hypersensitivity reactions.
The efficacy of the most widely used FDA-approved drugs is
around 50%, with a range of 25% for chemotherapeutics and up to 80%
for analgesics. Hence, there is a need to improve the therapeutic
index of drug stems. The incidence of serious ADRs is estimated at
two million per year in the U.S., causing 100,000 deaths annually.
The need to prevent serious ADRs is expected to drive the demand
for pharmacogenomic solutions, generating growth opportunities for
the players operating in the pharmacogenomics market.
The key players profiled in this market study 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.).
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The global pharmacogenomics market is segmented by offering
(consumables, instruments, and software & services) technology
(polymerase chain reaction, sequencing, microarray,
electrophoresis, microarray, mass spectrometry, and other
technologies), application (oncology, mental health cardiology,
neurological disorders, infectious diseases, and other
applications), end user (hospitals & diagnostic laboratories,
academic & research institutes, and other end users), and
geography. The study also evaluates industry competitors and
analyzes the market at regional and country levels.
Based on offering, the pharmacogenomics market is segmented into
consumables, instruments, and software & services. In 2024, the
consumables segment is expected to account for the largest share of
71% of the pharmacogenomics 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.
An increase in the prevalence of chronic disease cases has
triggered the demand for precision medicine, leading to the
adoption of pharmacogenomics, including consumables used for
research and pharmacogenomic testing. For instance, according to
the data reported by WHO in 2023, cardiovascular diseases cause
most non-communicable diseases (NCD) deaths, accounting for 17.9
million people per year, followed by cancers (9.3 million), chronic
respiratory diseases (4.1 million), and diabetes (2.0 million
including kidney disease deaths caused by diabetes).
Based on technology, the pharmacogenomics market is segmented
into polymerase chain reaction (PCR), sequencing, microarray, mass
spectrometry, electrophoresis, and other technologies. The
sequencing segment is expected to register the fastest CAGR of
11.6% during the forecast period of 2024-2031. The fast
growth of this segment is attributed to the benefits provided by
newer technologies such as next-generation sequencing (NGS).
These benefits include less turnaround time, multiple sample
analyses in a single run, and a single system required for running
a sample-to-end analysis.
The factors contributing to the increased adoption of NGS
sequencing in pharmacogenomics include rising cancer prevalence and
increasing application of NGS in cancer research, the declining
costs of NGS, and technological advancements in NGS. For instance,
companies are actively collaborating to improve their technological
capabilities to develop innovative NGS products.
Based on application, the pharmacogenomics market is segmented
into oncology, mental health cardiology, neurological disorders,
infectious diseases, and other applications. In 2024, the oncology
segment is expected to account for the largest share of 35%
of the pharmacogenomics market. The segment is also expected to
register the fastest CAGR during the forecast period. 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. The number of cancer cases is estimated to
increase in the future. According to the International Agency for
Research on Cancer, the number of new cancer cases is expected to
be 24.1 million by 2030 from 19.2 million cases in 2020,
representing an increase of 24.6% by 2030.
Based on end user, the 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 61% of the 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 these
facilities, and the focus of pharmacogenomic testing service
companies on acquisitions and launches of pharmacogenomic testing
services.
Hospitals are taking initiatives to launch pharmacogenomic
testing services as there is an increasing demand for precision
medicine and growing awareness about pharmacogenomic testing
amongst healthcare providers. For instance, in May 2023, the University of
California Health (UCSF), one of the leading hospitals in
California, U.S., launched a
pharmacogenomic testing service. This service was launched for
smarter prescribing and improved clinical outcomes.
Based on geography, in 2024, North
America is expected to account for the largest share of the
global pharmacogenomics market. The North American pharmacogenomics
market is estimated be worth USD 4.45
billion in 2024. The large market share of this region
is attributed to the increased cases of genetic diseases, awareness
about early genetic disease diagnosis, government promoting certain
genetic testing in case of hereditary cancers and newborn
screening, and the presence of major market players.
However, the Asia-Pacific
pharmacogenomics market is expected to register the highest CAGR of
20.0% during the forecast period.
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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
(Note: Other Technologies include nucleic acid amplification
technology and in situ hybridization)
Pharmacogenomics Market, by Application
- Oncology
- Mental Health
- Cardiology
- Neurological Disorders
- Infectious Diseases
- Other Applications
(Note: Other Applications include pain management, adverse
drug reactions, autoimmune diseases, metabolic disorders, pulmonary
diseases, hematology, dermatology, transplantation, urology,
analgesia, anesthesiology, antidotal therapy, and forensic
pathology)
Pharmacogenomics Market, by End User
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutions
- Other End Users
(Other End Users include pharmaceutical & biotechnology
companies, clinical research organizations (CROS), and forensic
laboratories)
Pharmacogenomics Market, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of Asia-Pacific
(RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
(RoLATAM)
- Middle East & Africa
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Related Reports:
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(Diagnostics, Life Science Research), End User (Pharmaceutical
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Clinical Genomics Market By Test Type (Diagnostic, Genetic,
Newborn Screening, Prenatal, Carrier Screening), Software, Method
(Molecular, Chromosomal, Biochemical Tests), End User (Hospitals
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Instruments, Services), Test Type (Diagnostic, Prenatal, Carrier,
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Direct-to-consumer (DTC) Laboratory Testing Market by
Application (Genetic Testing {Ancestry, Carrier Status, Disease
Risk [Cancer, Neurological, Cardiac]}, Diabetes, COVID, STD,
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to 2030
Related Blogs:
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Top 10 Companies in Pharmacogenomics Market
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