The Global Pharmacogenomics Market was estimated to reach USD 10.8 Bn by 2027, growing at a CAGR of 8.2% during the forecast period.
The global pharmacogenomics market is propelling due to an increase in the elderly population, and an increase in the prevalence of chronic diseases such as cancer, HIV, tuberculosis, and other diseases. For instance, according to the data published by department of economic and social affairs, in 2020, there were 727 million people aged 65 and above worldwide. The number of people above aged 65 across the globe is expected to be doubled the number in coming next three decades, that will be reaching over 1.5 billion in 2050. Therefore, the adoption of pharmacogenomics will be increasing among the elderly population during the forecast period. The survey of “frontier in pharmacology’’ in 2019, indicates that in United States around 97.6% of physician believed that the hereditary or genetic factors could influence the drug therapy. Therefore, the adoption of pharmacogenomics procedures by healthcare professionals increases which is the driving factor for the growth of the pharmacogenetics market. Furthermore, technological improvements such as connection with molecular diagnostics procedures for a better understanding of the genetic structure of patients are likely to drive pharmacogenomics market growth throughout the forecast period.
The increased prevalence of numerous infectious and non-infectious disorders, rising usage in drug discovery processes, expanding demand for tailored medications, and growing knowledge about the benefits of pharmacogenomics are the boosting factors for the growth of pharmacogenomics market. Pharmacogenomics also faces obstacles, such as forecasting the relationship between a genetic marker and phenotypic drug response in situations where other variables are also needed. The increase in worldwide population disposable income is estimated to project tremendous growth opportunities for the pharmacogenomics industry in near future.
Global Pharmacogenomics Market, by Region Outlook (Revenue, USD Million, 2021-2027)
The North America is estimated to dominate the pharmacogenomics market over the forecast period due to high per capita healthcare expenditure, high patient awareness levels, and the high prevalence of target diseases. For instance, according to the American Cancer Society, approximately 1.8 million new patients of cancer were identified in 2020, with 606,520 people dying due to cancer. Therefore, increased inclination for tailored treatment, as well as a high adoption rate that expand the pharmacogenomics market in this region. This rising adoption of pharmacogenomics and also estimated to increase demand for pharmacogenomics in the North America over the forecast period.
However, the Asia Pacific (APAC) is the fastest growing market over the forecast period due to rising need for better, safer, and more cost-effective medicines for a variety of infectious and non-infectious disorders prevalent in the region. Increased health-care awareness, improved investments on health-care, an increase in the number of R&D centres, and desire for tailored pharmaceuticals are driving factors for the growth of APAC region.
The Global Pharmacogenomics Market Segmentation:
Global Pharmacogenomics Market, by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Pharmacogenomics Market, by Applications Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the pharmacogenomics market are: