Redding, California, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a new market research report, ‘Pharmacogenomics Market by Technology (PCR, Sequencing, Spectrometry, Electrophoresis), Application (Cancer, Cardiology, Neurology, Infectious Diseases), End User (Hospitals, Diagnostic Laboratories, Research Institutes) - Global Forecast to 2029’, published by Meticulous Research®, the pharmacogenomics market is projected to reach $13.16 billion by 2029, at a CAGR of 8.6% during the forecast period 2022–2029.
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Pharmacogenomics plays a pivotal role in the identification of response and non-response from an individual toward a particular drug. This helps in avoiding adverse events and optimizing drug dose. Drugs labeled with pharmacogenomic biomarkers provide information on drug exposure and clinical response variability, risk for adverse events, genotype-specific dosing, mechanisms of drug action, polymorphic drug target and disposition genes, and trial design features. Pharmacogenomic biomarkers are highly focused on oncological applications. With increasing knowledge of the human genome and its correlation with disease progression, the focus is increasing on biomarkers of non-oncology therapeutic areas.
Pharmaceutical and diagnostic companies are increasing their investments in exploratory biomarkers that focus on non-oncology areas by understanding the genetic condition or disease biomarkers, thereby developing specific biomarker treatments for patients with infectious diseases, central nervous system (CNS) conditions, and cardiovascular diseases, among others. The U.S. FDA has approved several drugs with pharmacogenomic labeling for various therapeutic applications. As of 11th August 2022, 516 drugs were approved by the U.S. FDA with pharmacogenomic biomarker labels for use in various therapeutic areas, including oncology, neurology, psychiatry, infectious diseases, and hematology.
Impact of the COVID-19 Pandemic on the Pharmacogenomics Market
The COVID-19 virus spread globally, and the World Health Organization (WHO) declared it a pandemic and a public health emergency. According to the WHO, as of 5th October 2022, COVID-19 has infected more than 616 million individuals globally. The pandemic affected several economies, with disruption in distribution channels and production and supply and demand leading to a financial crisis in several industries.
Additionally, the transportation of drugs was a huge challenge to the companies due to nationwide lockdowns and travel restrictions. The players operating in the pharmacogenomics market faced major challenges in supplying raw materials for drug development and manufacturing processes. Research & development is one of the important aspects of pharmacogenomics. During the COVID-19 pandemic, all the R&D resources were directed toward finding effective treatments for the disease. This affected the development and introduction of new biomarkers and technologies for pharmacogenomics.
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As the COVID-19 pandemic progressed, hospitals saw an influx of patients in emergency units, leading to the reallocation of all healthcare resources toward diagnosing and treating COVID-19-affected individuals. Similarly, diagnostic laboratories were burdened with sample testing for the diagnosis of COVID-19, leading to reduced focus on testing for other diseases and disorders. However, as industries and nations recover from the pandemic, the pharmacogenomics market is expected to grow in the future.
Based on technology, in 2022, the polymerase chain reaction segment is expected to account for the largest share of the pharmacogenomics market. The large market share of this segment is attributed to the high availability and usage of PCR across all end users. PCR is a cost-effective alternative to NGS and other technologies. Moreover, PCR is a highly sensitive technology and provides results with high accuracy and low sample volume requirement. These benefits of PCR allow for its high adoption across all end users. However, the DNA sequencing segment is expected to register the fastest CAGR during the forecast period. The fast growth of this segment is attributed to the benefits provided by newer technologies such as next-generation sequencing (NGS). These benefits include less turnaround time, multiple sample analyses in a single run, and a single system required for running a sample-to-end analysis.
Based on application, in 2022, the oncology segment is expected to account for the largest share of the pharmacogenomics Market. The segment is also expected to register the fastest CAGR during the forecast period. The fast growth of this segment is attributed to the increasing prevalence of cancer cases and the need for targeted cancer treatment. The number of cancer cases is estimated to increase in the future. According to the International Agency for Research on Cancer, the number of new cancer cases is expected to be 24.1 million by 2030 from 19.2 million cases in 2020, representing an increase of 24.6% by 2030.
Based on end user, in 2022, the hospitals segment is expected to account for the largest share of the global pharmacogenomics Market. Hospitals equipped themselves with molecular diagnostics tools at the time of the COVID-19 pandemic, and the presence of certified medical practitioners in the hospitals allows the higher adoption of pharmacogenomics testing.
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Based on geography, in 2022, North America is expected to account for the largest share of the global pharmacogenomics market. The largest market share of this region is attributed to factors such as the presence of key market players, a well-established healthcare system, high healthcare expenditure, a rise in the geriatric population and the associated burden of chronic conditions. The availability of suitable R&D infrastructure and the high adoption of precision medicine also contributes to the large market share of the region.
The report includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments of the industry's leading market participants in the last three years (2019–2022). The pharmacogenomics market has witnessed several product launches, approvals, partnerships & agreements, expansions, and acquisitions. For instance, in August 2021, BioReference Laboratories, Inc. (U.S.), a subsidiary of OPKO Health, Inc. (U.S.), acquired U.S. Ariosa centralized laboratory prenatal testing business from F. Hoffmann-LA Roche Ltd (Switzerland). This acquisition is intended to help the company expand its offerings for prenatal testing portfolio.
The key players operating in the global pharmacogenomics Market are F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), OPKO Health, Inc. (U.S.), Dynamic DNA Laboratories (U.S.), Admera Health (U.S.), Qiagen N.V. (Netherlands), and Myriad Genetics, Inc. (U.S.).
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Scope of the Report:
Pharmacogenomics Market, by Technology
- Polymerase Chain Reaction
- DNA Sequencing
- Electrophoresis
- Microarray
- Mass Spectrometry
- Other Technologies
(Note: Other Technologies include nucleic acid amplification technology, hybridization, and pyrosequencing)
Pharmacogenomics Market, by Application
- Oncology
- Cardiology
- Neurologic Diseases
- Infectious Diseases
- Other Applications
(Note: Other Applications include pain management, psychiatry, forensic pathology, and basic research & drug development)
Pharmacogenomics Market, by End User
- Hospitals
- Diagnostic Laboratories
- Academic & Research Institutions
- Other End Users
(Other End Users include biopharmaceutical companies, clinical research organizations (CROS), and forensic laboratories)
Pharmacogenomics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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