Global Pharmacogenomics Technology Market Size study & Forecast, by Therapeutic Area (Oncology, Neurological Disorders, Cardiovascular Disease, Immunological Disorders, Infectious Diseases, Others), by Technology (PCR, In-situ Hybridization, Immunohistoch

Global Pharmacogenomics Technology Market Size study & Forecast, by Therapeutic Area (Oncology, Neurological Disorders, Cardiovascular Disease, Immunological Disorders, Infectious Diseases, Others), by Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, Others) and Regional Analysis, 2023-2030

Global Pharmacogenomics Technology Market is valued at approximately USD 6.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 8.7% over the forecast period 2023-2030. Pharmacogenomics technology is a field of study that combines pharmacology (the study of how drugs interact with the body) and genomics (the study of an individual's genes and their functions) to tailor medical treatments and medications to an individual's genetic makeup. This technology aims to better understand how variations in a person's genes can influence their response to drugs, both in terms of efficacy and potential side effects. The Pharmacogenomics Technology market is expanding because of factors such as rising development of personalized medicine, advancements in genomics, and increasing research and development spending.

The rising development of personalized medicine and advancements in genomics are driving the market growth. According to the May 2022 report of the NIH of the United States, the spending on research in cancer genomics has increased significantly over the years from USD 1,160 million in 2021 to USD 1,220 million in 2022. Moreover, In October 2021, the Israel Precision Medicine Partnership (IPMP) granted approximately USD 9.9 million in funding to support 11 research projects in Israel focused on personalized medicine, encompassing areas such as cancer, Crohn's disease, and rare diseases. This data shows significant investment in genomics and personalized medicine which is expected to have a positive impact on the growth of the pharmacogenomics market. In addition, the increasing adoption of technology and next-generation sequencing in academic and institutional research projects and increasing investment in drug discovery projects are creating new opportunities for market growth. However, the high cost of Pharmacogenomics Technology stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Pharmacogenomics Technology Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to factors such as significant investments in personalized medicine, extensive efforts in drug discovery and development, a well-established healthcare infrastructure, and the widespread occurrence of numerous chronic illnesses all contribute to this phenomenon. Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as rising healthcare spending, rising research and development activities, rising government funding for genomics and personalized medicine research and more.

Major market player included in this report are:
Abbott Laboratories Inc.
Agilent Technologies Inc.
Becton, Dickinson and Company
Biomerieux
Bio-Rad Laboratories Inc.
Eurofins Scientific
F. Hoffmann-La Roche Ltd
Illumina Inc.
Merck KgAA
Pacific Biosciences of California Inc.

Recent Developments in the Market:
 In February 2023, MyRx, a service provided by UF Health and developed by pharmacists from the University of Florida Faculty of Pharmacy, was introduced with the aim of simplifying the interpretation of pharmacogenetic test results for patients and improving their medication management. This initiative was launched against the backdrop of research showing that nearly nine out of ten individuals possess genetic variations that can influence their response to commonly prescribed medications. Pharmacogenetic testing plays a crucial role in helping both physicians and patients comprehend the reasons behind non-responsiveness to certain drugs or the occurrence of unwanted side effects. By analyzing specific genes, this test determined the appropriate types and dosages of medications that would be most suitable for each patient.
 In April 2022, Blue Care Network launched Blue Cross Personalized Medicine, marking Michigan's inaugural and all-encompassing pharmacogenomics precision medicine initiative. Grounded in a comprehensive examination of prescribed medications for mental health, cardiology, and oncology conditions, this program employed genetic testing to tailor pharmaceutical treatments to individual patients.
Global Pharmacogenomics Technology Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Therapeutic Area, Technology, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Therapeutic Area:
Oncology
Neurological Disorders
Cardiovascular Disease
Immunological Disorders
Infectious Diseases
Others

By Technology:
PCR
In-situ Hybridization
Immunohistochemistry
Sequencing
Others


By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Abbott Laboratories Inc.
Agilent Technologies Inc.
Becton, Dickinson and Company
Biomerieux
Bio-Rad Laboratories Inc.
Eurofins Scientific
F. Hoffmann-La Roche Ltd
Illumina Inc.
Merck KgAA
Pacific Biosciences of California Inc.

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