Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) – Global Forecast to 2031

Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) – Global Forecast to 2031

Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) – Global Forecast to 2031

The pharmacogenomics market is expected to reach $19.5 billion by 2030, at a CAGR of 8.9% from 2024 to 2031.

With extensive primary and secondary research and in-depth analysis of the market scenario, the report studies the key industry drivers, restraints, challenges, and opportunities. The growth of the pharmacogenomics market is attributed to the growing therapeutic applications of pharmacogenomic biomarkers, the increasing adoption of personalized medicines, the rising geriatric population and chronic disease prevalence, and the U.S. FDA’s and EMA’s recommendations for using pharmacogenomic data in drug discovery & development. However, the high costs of personalized medicines restrain the growth of this market.

Furthermore, the increasing application of pharmacogenomics in the treatment of neurological disorders and cancers, the development of new, more advanced diagnostic tools with improved accuracy, and growing awareness regarding adverse drug reactions are expected to generate growth opportunities for the players operating in the pharmacogenomics market. However, low awareness about pharmacogenomics and personalized medicine, the limited understanding of genetic testing and its benefits, and the lack of reimbursements for genetic testing and precision medicine are major challenges impacting market growth.

Based on offering, the global pharmacogenomics market is segmented into consumables, instruments, and software & services. In 2024, the consumables segment is expected to account for the largest share of the market. The largest market share of this segment is attributed to the recurrent use of consumables over instruments and the high burden of chronic diseases. Moreover, the high increasing prevalence of chronic diseases coupled with the focus of players for the launch of advanced and better reagents & kits drives the segment growth.

Based on technology, the global pharmacogenomics market is segmented into polymerase chain reaction (PCR), sequencing, microarray, mass spectrometry, electrophoresis, and other technologies. In 2024, the polymerase chain reaction (PCR) 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 sensitivity, accuracy, low sample volume requirements, and cost-effectiveness coupled with the high presence of PCR base across all the end users, initiatives by players to launch and get approvals for new PCR products for pharmacogenomics, and a wide range of applications of the PCR.

Based on application, the global pharmacogenomics market is segmented into oncology, mental health cardiology, neurological disorders, infectious diseases, and other applications. The oncology segment is expected to register the fastest CAGR during the forecast period of 2024-2031. The fast growth of this segment is attributed to the increasing prevalence of cancer cases and the need for targeted cancer treatment, growing demand for precision oncology, and growing research activities for precision oncology.

Based on end user, the global pharmacogenomics market is segmented into hospitals & diagnostic laboratories, academic and research institutes, and other end users. In 2024, the hospitals & diagnostic laboratories segment is expected to account for the largest share of the global pharmacogenomics Market. The large market share of this segment is attributed to the growing adoption of precision medicine, the growing prevalence of chronic diseases, the large number of clinical trials conducted at hospitals and diagnostic laboratories, and the focus of pharmacogenomic testing services companies on acquisitions and launches of pharmacogenomic testing services. For instance, in 2023, Incite Health Pty Limited (Australia), a pharmacogenomic testing company, acquired CNSDose LLC (U.S.), a pharmacogenomic test provider.

An in-depth analysis of the geographical scenario of the pharmacogenomics market provides detailed qualitative and quantitative insights into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, along with the coverage of major countries in each region. Asia-Pacific is slated to register the highest CAGR during the forecast period. Rising government spending to increase testing capacities; increasing cases of inherited diseases such as Down Syndrome, cystic fibrosis, sickle cell disease, colon (colorectal) cancer, and breast cancer; growing awareness about the significance of genetic tests; and increasing government initiatives promoting genetic testing contribute to the growth of the market.

Some of the key players operating in the global pharmacogenomics market are F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), QIAGEN N.V. (Netherlands), and Pacific Biosciences of California, Inc. (U.S.).

Scope of the Report:

Pharmacogenomics Market, by Offering

Instruments
Consumables
Software & Services

Pharmacogenomics Market, by Technology

Polymerase Chain Reaction
DNA Sequencing
Electrophoresis
Microarray
Mass Spectrometry
Other Technologies

(Note: Other Technologies include nucleic acid amplification technology and in situ hybridization)

Pharmacogenomics Market, by Application

Oncology
Mental Health
Cardiology
Neurological Disorders
Infectious Diseases
Other Applications

(Note: Other Applications include pain management, adverse drug reactions, autoimmune diseases, metabolic disorders, pulmonary diseases, hematology, dermatology, transplantation, urology, analgesia, anesthesiology, antidotal therapy, and forensic pathology)

Pharmacogenomics Market, by End User

Hospitals & Diagnostic Laboratories
Academic & Research Institutes
Other End Users

(Other End Users include pharmaceutical & biotechnology 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

Pharmacogenomics Market - Report Summary

Report Metrics	Details
Years Considered	2022 - 2031
Base Year	2023
Forecast Period	2024-2031
Page Count	210
Units Referenced	Value (USD Million)
Segments/Key Topics	Offering, Technology, Application, End User
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), QIAGEN N.V. (Netherlands), and Pacific Biosciences of California, Inc. (U.S.).

FAQs About the Report

What is the focus of the pharmacogenomics market?

The pharmacogenomics market covers the market sizes & forecasts of offerings, including consumables, instruments, and software & services. The pharmacogenomics market studied in this report involves the value analysis of various segments and sub-segments of the pharmacogenomics market at regional and country levels.

What is the value of revenue generated from sales of pharmacogenomics products across the globe for the pharmacogenomics industry? At what rate is their demand expected to grow for the next 5-7 years?

The global pharmacogenomics market is projected to reach $19.5 billion by 2031, at a CAGR of 8.9% during the forecast period.

Which application segment held the major share of the market in 2024?

Based on the application, in 2024, the oncology segment is expected to account for the largest share of the pharmacogenomics market due to the rising need for more targeted approaches, benefits offered by pharmacogenomics, such as the ability to predict cancer susceptibility, tumor progression & recurrence, patient survival, and response and toxicity to chemotherapy.

Which technology segment is projected to create more traction in the global pharmacogenomics market?

Based on the technology, the sequencing segment is projected to create more traction as the benefits provided by the newer technologies, such as next-generation sequencing (NGS), which include less turnaround time, multiple sample analysis in a single run, and a single system required for running a sample-to-the-end analysis.

What are the key factors supporting the growth of this market? Also, what are the major opportunities for existing market players and new entrants in the global pharmacogenomics market?

The pharmacogenomics market is driven by the growing therapeutic applications of pharmacogenomic biomarkers, the increasing adoption of personalized medicines, the rising geriatric population and chronic disease prevalence, and the U.S. FDA’s and EMA’s recommendations for using pharmacogenomic data in drug discovery & development. Furthermore, the increasing application of pharmacogenomics in the treatment of neurological disorders and cancers, the development of new, more advanced diagnostic tools with improved accuracy, and growing awareness regarding adverse drug reactions are expected to generate growth opportunities for the players operating in the pharmacogenomics market.

Who are the major players operating in the global pharmacogenomics market?

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.).

Which regions/countries are likely to offer significant growth opportunities for the vendors in this market during the analysis period?

Asia-Pacific is projected to offer significant growth opportunities for the vendors in this market due to factors such as the increasing prevalence of infectious & chronic diseases, supporting government initiatives, and rising healthcare expenditure.