Pharmacogenomics Market is Expected to Reach $5.8 Billion | MarketsandMarkets™

Chicago, March 04, 2024 (GLOBE NEWSWIRE) -- Pharmacogenomics market in terms of revenue was estimated to be worth $3.5 billion in 2023 and is poised to reach $5.8 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Factors like increasing incidences of chronic diseases, rising cancer research activities, and growing investments and fundings in the field of genomics are driving the growth of pharmacogenomics market.

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Pharmacogenomics Market Scope:

Report Coverage	Details
Market Revenue in 2023	$3.5 billion
Estimated Value by 2028	$5.8 billion
Growth Rate	Poised to grow at a CAGR of 10.6%
Market Size Available for	2021–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product & Service, Technology, Disease Area, Application, and End User
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Utilization of genomics in personalized medicine
Key Market Driver	Growing prevalence of chronic and genetic diseases

Advancements in pharmacogenomics, driven by breakthroughs in DNA sequencing and data analytics, are revolutionizing drug development and personalizing patient treatment. Precision medicine platforms leverage genetic information to tailor drug therapies, minimizing adverse reactions and optimizing efficacy. This transformative shift in healthcare is reshaping the pharmaceutical industry, fostering a more targeted and efficient approach to drug discovery and delivery.

Based on product & service, the pharmacogenomics market is segmented into kits & reagents and service. Kits & reagents accounted for the largest share of the global pharmacogenomics market in 2022. The kits & reagents segment is further categorized as sequencing kits & reagents, PCR sequencing kits & reagents, microarray sequencing kits & reagents, and other sequencing kits & reagents. The large share of this segment can primarily be attributed the advantages associated with kits & reagents, such as ultra-high-throughput, scalability, and high speed, enable researchers to perform a wide range of applications, more comprehensive, and cost and time effective.

Based on technology, the pharmacogenomics market is segmented into sequencing, PCR, microarray, and other technologies. In 2022, sequencing accounted for the largest share of the pharmacogenomics market. The large share of this segment can be attributed to the high adoption of sequencing in personalized medicine, human genomics, heightened genomics research. Additionally, increased availability of funds, investments, and grants, are anticipated to propel the market for sequencing technology in the forecast period.

Based on diseases area, the pharmacogenomics market is segmented into cancer, cardiovascular, neurological diseases, and other diseases. In 2022, cancer accounted for largest share of the pharmacogenomics market due to increasing prevalence of cancer. Moreover, growing cancer research activities are expected to drive the demand for segment during the forecast period.
Based on application, the pharmacogenomics market has been segmented into personalized medicine, clinical research, and drug discovery & preclinical development. In 2022, personalized medicine accounted for the largest market share owing to increasing demand for advanced drug products for the treatment of chronic and genetic diseases.

Based on end user, the pharmacogenomics market has been segmented into academic & research institutes, pharmaceutical & biotechnology companies, and contract research organizations. In 2022, academic & research institutes accounted for the largest share of the pharmacogenomics market. The growing research activities, supported by rising fundings for research drives the growth of pharmacogenomics market among academic and research institutes.

The key regional markets for the global pharmacogenomics market are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the market. The large share of this region can be attributed to the increasing research funding and government initiatives for promoting precision medicine and the presence of leading pharmacogenomic product and service providers in the region. However, during the forecast period, the Asia Pacific is expected to be the fastest-growing regional market. Factors such as the increasing research activities in the field of genomics and increasing research fundings and investments by pharmaceutical and biotechnology companies for the advancement of the healthcare sector are projected to drive the growth of pharmacogenomics market in Asia Pacific.

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Pharmacogenomics market major players covered in the report, such as:

• Illumina, Inc. (US)
• Thermo Fisher Scientific Inc. (US)
• Danaher Corporation (US)
• Laboratory Corporation of America Holdings (US)
• Charles River Laboratories (US)
• Eurofins Scientific (Luxembourg)
• Bio-Rad Laboratories, Inc. (US)
• Agilent Technologies, Inc. (US)
• BD (US)
• QIAGEN (Netherlands)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• Revvity (US)
• IQVIA Inc. (US)
• Mesa Labs, Inc. (US)
• Medpace (US)
• MGI Tech Co., Ltd. (China)
• Takara Bio Inc. (Japan)
• PacBio (US)
• New England Biolabs (US)
• BGI (China)
• Novogene Co., Ltd. (China)
• SOPHiA GENETICS (Switzerland)
• Fios Genomics (UK)
• Personalis, Inc. (US)
• BioAI Health Inc. (US)
• NeoGenomics Laboratories (US)
• Macrogen, Inc. (South Korea)
• and Among Others

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This report categorizes the pharmacogenomics market into the following segments:

Pharmacogenomics Market, by Product & Service

• Kits & Reagents
  • Sequencing Kits and Reagents
  • PCR Kits and Reagents
  • Microarray Kits and Reagents
  • Other Kits and Reagents
• Service

Pharmacogenomics Market, by Technology

• Sequencing
• PCR
• Microarray
• Other Technologies

Pharmacogenomics Market, by Disease Area

• Cancer
• Cardiovascular
• Neurological Diseases
• Other Disease Areas

Pharmacogenomics Market, by Application

• Personalized Medicine
• Clinical Research
• Drug discovery & Preclinical Development

Pharmacogenomics Market, by End User

• Academic & Research Institutes
• Pharmaceutical & Biotechnology Companies
• Contract Research Organizations

Pharmacogenomics Market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa
  • Middle East
    • GCC
    • Rest of Middle East (RoME)
  • Africa

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Key Market Stakeholders:

• Academic & Research Institutes
• Biotechnology Companies
• Pharmaceutical & Biopharmaceutical Companies
• Contract Research Organizations (CROs)
• Genomics Product & Service Providers
• Market Research & Consulting Firms
• Venture Capitalists & Investors
• Government Associations
• Manufacturers of Pharmacogenomics Testing Products

Report Objectives:

• To define, describe, and forecast the global pharmacogenomics market based on product & service, technology, application, disease area, end user, and region
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
• To profile the key players in the global pharmacogenomics market and comprehensively analyze their core competencies2 and market shares
• To track and analyze competitive developments such as acquisitions, product launches, expansions, agreements, partnerships, and collaborations in the pharmacogenomics market
• To benchmark players in the pharmacogenomics market using the “Company Evaluation Matrix” framework, which analyzes market players based on various parameters, including product portfolio, geographic reach, and market share

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