Global Pharmacogenomics Market, by Technology; by Applications; and by Region (North America, Europe, Asia Pacific, Latin America, MEA); - Global Forecasts 2021 to 2027

The Global Pharmacogenomics Market was valued at USD 6.3 Bn in 2020 and is expected to reach USD 10.8 Bn by 2027, growing at a CAGR of 8.2% during the forecast period.

Pharmacogenomics is the study of gene responds to the drugs to avoid side effect of the medicines among the individuals. Pharmacogenomics is helpful for various diseases such as oncology, cardiology, and others to enhance the survival rate of patients.

Pharmacogenomics Market Dynamics

The increasing demand for pharmacogenomics among the population due to growing knowledge of pharmacogenomics and it’s advantages drives the global market. Pharmacogenomics aid clinicians in the treatment of a specific population segment by examining their responses to specific medications is the major market growth accelerating factor. Furthermore, having knowledge about drug's effectiveness in a patient will increase its reliability and reduce the number of pharmaceuticals withdrawn from the market due to various adverse reactions in a small number of patients. A number of pharmacogenomics tests have been developed since last five years which also drives the market. Excessive clotting condition, autoimmune/childhood leukaemia, cardiovascular, cancer, HIV, epilepsy, and mental and associated illnesses can diagnose with help of pharmacogenomics tests. However, factors such as a scarcity of skilled and highly trained healthcare professionals to perform pharmacogenomics diagnostics tests, the high cost of tests, and a lack of funding for research and development are expected to limit the global pharmacogenomics market's growth during the forecast period.  

The Global Pharmacogenomics Market Segmentation:

By Technology

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

By Applications

• Neurology
• Drug Discovery
• Oncology
• Cardiology
• Pain Management
• Others (Infectious Diseases, Psychiatry)

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Company Profiles and Competitive Intelligence

The key players operating in the pharmacogenomics market are:

• Abbott Laboratories
• Bayer AG
• Johnson & Johnson
• Myriad Genetics Inc.
• AstraZeneca plc
• Becton Dickinson and Company
• F. Hoffmann-La Roche AG
• Bio-Rad Laboratories Inc.
• Thermo Fisher Scientific Inc.
• Illumina Inc.
• Qiagen N.V.
• GlaxoSmithKline plc
• Merck KGaA
• Dynamic DNA Laboratories
• OPKO Health, Inc. (GeneDx)
• OneOme LLC.
• Assurex Health Inc.
• Empire Genomics, LLC.
• Future Science Group
• Pathway Genomics Corporation

Based on technology, polymerase chain reaction segment dominates the pharmacogenomics market due to high demand of PCR for pharmacogenomics owing to it’s associated advantages over other tests

Based on technology, the global pharmacogenomics market is segmented into microarray, DNA sequencing, electrophoresis, polymerase chain reaction, and mass spectrometry. The Polymerase Chain Reaction (PCR) segment is dominate in the market over the forecast period owing to the increasing demand among the old-age population for detection of early-staged cancer. Polymerase chain reaction extract and amplify the DNA directly from the biological samples without any need for sequencing passages which proves as a better technology for the pharmacogenomics tests. This factor drives the growth of polymerase chain reaction in the market over the forecast period.

Based on applications, oncology segment holds the largest share in the pharmacogenomics market over the forecast period due to increasing prevalence of cancer patients

Based on applications, the global market is segmented into neurology, drug discovery, oncology, cardiology, pain management, others. The others are further sub-segmented into infectious diseases and psychiatry. The oncology is the highest growing segment over the forecast period owing to increasing demand for personalized medicine among the cancer patients. Increasing pharmacogenomics tests in oncology that are used to know correlation among the effects of drugs based on the genomic profile that boosts the oncology segment for the growth of market during forecast period.

The report also provides an in-depth analysis of the global pharmacogenomics market dynamics such as drivers, restraints, opportunities, and challenges

Drivers

• Increasing adoption of pharmacogenomics
• Increasing prevalence of chronic diseases such as cancer, cardiovascular disorders and others
• Technological advancement such as improvement in pharmacogenomics testing in oncology

Restraints

• Lack of skilled professionals
• High cost for diagnostics tests

Opportunities

• Growing knowledge about pharmacogenomics
• Increasing disposable income among the population

Challenges

•   Difficulty in tracing gene variations           

COVID-19 Impact on the Global Pharmacogenomics Market

Outbreak of COVID-19 has positive impact on the growth of pharmacogenomics industry. Pharmacogenomics has made significant progress in the field of medicine, involving both pharmacology and genetics, from reaction to prevention. There is constant research study going on, to analyse the genomic structure, function, and impact of the SARS-CoV-2 genome using immunogenomic and pharmacogenomics analysis on the samples obtained from COVID patients. The huge number of people were subjected to highly specialised clinical studies to test the vaccine's positive and negative responses when it was being developed for the coronavirus. These factors are driving the growth of the global market.

The report also provides an in-depth analysis of key trends in global pharmacogenomics market

The report also provides an in-depth analysis of recent news developments and investments

• In August 2021, GetMyDNA (Covington, Kentucky) has announced the release of its Pharmacogenetics at-home collection test kit. Pharmacogenetics (PGx) testing determines how the body reacts to certain medicines. GetMyDNA now examines for 88 different medicines, but as additional FDA guidance is received, the number of pharmaceuticals screening will rise.   
• In June 2021, Intelliseq, (Krakow) has launched IntelliseqFlow, a novel SaaS platform for raw NGS data processing with a variety of genomic applications. IntelliseqFlow is a flexible, high-throughput, low-cost solution for genome-based medical applications such as genetic diseases, pharmacogenomics, somatic cancer, and polygenic risk scores for wellness and health attributes. It helps laboratories to enter and grow in the market for genome-based diagnostics.   

The unique insights provided by this report also includes the following:

• In-Depth Value Chain Analysis
• Opportunity Mapping
• Sector Snapshot
• Key Players Positioning Matrix
• Regulatory Scenario
• Strategies Adopted-Benchmarking Heat Map
• Market Trends
• COVID-19 Impact Analysis
• Product Comparison
• Pre & Post COVID 19 Impact on the Global Pharmacogenomics Market 
• Competitive Landscape

Frequently Asked Questions (FAQs)

Related Reports