SEATTLE, May 27, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global pharmacogenomics market is estimated to be valued at US$ 14,028.01 million in 2022 and is expected to exhibit a CAGR of 11.1% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Pharmacogenomics Market:
Key trends in market include inorganic strategies by key players such as acquisitions, which is expected to drive the market growth over the forecast period. For instance, in September 2021, Abbott, an U.S. multinational medical devices and health care company, announced the acquisition of Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove peripheral blood clots. Walk Vascular's peripheral thrombectomy systems will be incorporated into Abbott's existing endovascular product portfolio. Financial terms were not disclosed.
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Pharmacogenomics Market Report Coverage
| Report Attributes | Details |
| Market Size in 2022 | $14,028.01 Million |
| Market Size Projection in 2030 | $33,014.72 Million |
| CAGR (2022-2030) | 11.1 % |
| Largest Market | North America |
| Growth Drivers |
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| Segmentation |
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| Regional Analysis |
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| Key Companies Covered | Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx |
Key Market Takeaways:
Global pharmacogenomics market is expected to exhibit a CAGR of 11.1% during the forecast period due to increasing prevalence of cardiovascular disease, which is expected to drive the global pharmacogenomics market growth over the forecast period. For instance, an article published in Elsevier B.V., a Netherland-based publishing company, in 2018, estimated that 10,000 cardiothoracic surgeons in 6,000 centers globally perform more than 2 million open heart operations each year.
Among application, oncology segment is estimated to hold a dominant position in the global pharmacogenomics market in 2022, owing to rising adoption of pharmacogenomics-based treatment of cancer along with the introduction of several novel products associated with this approach and the support of the regulatory agencies, which are expected to drive the market growth over the forecast period. Currently, several clinical trials are investigating pharmacogenomics technology for developing precise medications and improving the overall response rate of the treatment. In May 2021, the U.S. Food and Drug Administration (FDA) approved Lumakras (Sotorasib) for a targeted therapy for non-small cell lung cancer patients with tumors that express the G12C mutation in the KRAS gene.
On the basis of region, North America is estimated to hold a dominant position in the global pharmacogenomics market over the forecast period due to key players in the market focusing on growth strategies such as collaboration. For instance, in September 2021, Admera Health, a precision-medicine company and genetics laboratory, announced that it is collaborated with Back Bay Life Science Advisors, a strategic advisory and investment banking firm, to explore strategic alternatives for its pharmacogenomics and clinical services business as part of a company-wide strategic review. Admera offers the most comprehensive clinical pharmacogenomics test in the industry, covering 62 genes, over 270 medications, and over 20 therapeutic areas, including: psychiatry, cardiology, pain management, and oncology. Admera Health’s clinical services portfolio is built on a strong foundation of next-generation sequencing (NGS) and data analysis capabilities.
Competitive Landscape:
Key players operating in the global pharmacogenomics market include Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx
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Market Segmentation:
- Global Pharmacogenomics Market, By Technology :
- DNA Sequencing
- Microarray
- Polymerase Chain Reaction
- Electrophoresis
- Mass Spectrometry
- Other Technologies
- Global Pharmacogenomics Market, By Application :
- Cardiovascular Diseases
- Infectious Diseases
- Oncology
- Neurological Diseases
- Psychiatry
- Pain Management
- Others
- Global Pharmacogenomics Market, By End User :
- Hospitals & Clinics
- Research Institutions and Academic Institutes
- Others
- Global Pharmacogenomics Market, By Region:
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- North America
- By Country
- North America
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- U.S.
- Canada
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- Latin America
- By Country
- Latin America
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- Brazil
- Mexico
- Argentina
- Rest of Latin America
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- Europe
- By Country
- Europe
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- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
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- Asia Pacific
- By Country
- Asia Pacific
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- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
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- Middle East
- By Country
- Middle East
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- GCC
- Israel
- Rest of Middle East
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- Africa
- By Country/Sub-region
- Africa
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- South Africa
- Central Africa
- North Africa
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