Rising incidences of adverse drug reactions and resistance to the treatments in patients, coupled with high investment in the study of pharmacogenomics, is driving the market growth.
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.
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.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
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.
Market Segmentation by Types:
Products and Services Outlook (Revenue, USD Billion; 2017-2027)
- Assay & Reagents
- SNP Identification
- Pharmacogenetics Testing
- Other Services
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- Real Time PCR
- Digital PCR
- DNA Sequencing/Next Generation Sequencing (NGS)
- Nucleic Acid Amplification Tests (NAATs)
- Mass Spectrometry
- Gel Electrophoresis
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Infectious Diseases
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Organisation
- Pharmaceutical Companies
- Diagnostic Centers
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Pharmacogenomics (PGx) market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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.
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