The global pharmacogenomics market is poised for significant growth, driven by the increasing adoption of personalized medicine approaches and advancements in genomic technologies. Pharmacogenomics studies how an individual’s genetic makeup influences their response to drugs, enabling more effective and safer treatment options.
Market Overview:
The global pharmacogenomics market size was valued at USD 4.03 billion in 2023 and is anticipated to grow from USD 4.47 billion in 2024 to USD 10.43 billion by 2032, exhibiting a CAGR of 11.2% during the forecast period. This robust growth reflects the increasing recognition of the importance of pharmacogenomics in improving patient outcomes.
Some of the major players operating in the global market include:
- Bio-Rad Laboratories, Inc.
- Charles River Laboratories
- Danaher Corporation
- Eurofins Scientific
- Illumina, Inc.
- IQVIA Inc
- Laboratory Corporation of America Holdings
- Medpace
- Mesa Labs, Inc.
- Novogene Co., Ltd.
- PacBio
- Personalis Inc.
- QIAGEN
- Roche Diagnostics
- SOPHiA GENETICS
- Thermo Fisher Scientific Inc.
Key Market Drivers:
- Personalized Medicine: The increasing focus on personalized medicine, which tailors treatment plans to individual patient characteristics, is a major driver of market growth. Pharmacogenomics plays a crucial role in enabling personalized medicine by identifying patients who are most likely to benefit from specific drugs and predicting potential side effects.
- Technological Advancements: Advancements in genomic technologies, such as next-generation sequencing (NGS), are enabling faster, more accurate, and more cost-effective genetic testing, driving the adoption of pharmacogenomics in clinical practice.
- Growing Prevalence of Chronic Diseases: The rising prevalence of chronic diseases, such as cancer, cardiovascular diseases, and neurodegenerative disorders, is increasing the demand for effective and personalized treatment options, driving the growth of the pharmacogenomics market.
- Stringent Regulatory Support: Growing regulatory support for pharmacogenomics, including the development of guidelines and the approval of pharmacogenomic-based companion diagnostics, is fostering market growth.
πππ π’π¨π§ππ₯ ππ―ππ«π―π’ππ°:
Pharmacogenomics Market, Regional Outlook (Revenue, USD Billion, 2019-2032)
- North America
- Disease Area Outlook
- Cancer
- Cardiovascular
- Neurological Diseases
- Other Disease Areas
- Product & Service Outlook
- Kits & Reagents
- Sequencing Kits and Reagents
- PCR Kits and Reagents
- Microarray Kits and Reagents
- Other Kits and Reagents
- Service
- Technology Outlook
- Sequencing
- PCR
- Microarray
- Other Technologies
- Application Outlook
- Personalized Medicine
- Clinical Research
- Drug discovery & Preclinical Development
- End Use Outlook
- Academic & Research Institutes
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Disease Area Outlook
- Europe
- Disease Area Outlook
- Cancer
- Cardiovascular
- Neurological Diseases
- Other Disease Areas
- Product & Service Outlook
- Kits & Reagents
- Sequencing Kits and Reagents
- PCR Kits and Reagents
- Microarray Kits and Reagents
- Other Kits and Reagents
- Service
- Technology Outlook
- Sequencing
- PCR
- Microarray
- Other Technologies
- Application Outlook
- Personalized Medicine
- Clinical Research
- Drug discovery & Preclinical Development
- End Use Outlook
- Academic & Research Institutes
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Disease Area Outlook
This section of the research report provides an analysis of the geographic landscape of the Pharmacogenomics Market. It covers several aspects like industry share, gross margin and growth rate for all the major regions of the industry. By going through the regional analysis section, businesses can better understand the needs and wants of their target market. Also, it enables companies to make informed decisions about the products or services theyβre providing. Furthermore, the research report provides an in-depth analysis of all the major sub-regions for a comprehensive understanding of the market.
ππ±π©π₯π¨π«π ππ‘π ππ¨π¦π©π₯πππ ππ¨π¦π©π«ππ‘ππ§π¬π’π―π πππ©π¨π«π πππ«π:
https://www.polarismarketresearch.com/industry-analysis/pharmacogenomics-market
Recent Developments:
- Illumina’s Partnership with Pillar Biosciences: In July 2023, Illumina Inc. entered into a partnership with Pillar Biosciences Inc. to integrate Pillar’s oncology assays into Illumina’s global oncology product portfolio. This collaboration will provide a comprehensive suite of tools for cancer research and diagnostics.
- Integrated DNA Technologies’ Acquisition of Archer NGS Research Assays: In April 2023, Integrated DNA Technologies, Inc. acquired Archer NGS research assays from Invitae Corporation. This acquisition strengthens IDT’s position in the NGS market and will accelerate advancements in oncology research, particularly in the discovery of novel cancer fusions.
Conclusion:
The global pharmacogenomics market is poised for continued growth, driven by the increasing adoption of personalized medicine approaches, advancements in genomic technologies, and growing regulatory support. These factors are expected to drive further innovation in the field of pharmacogenomics, leading to improved patient outcomes and a more effective healthcare system.
More Trending Latest Reports By Polaris Market Research: