Pharmacogenomics Market Share, Size, Trends, Industry Analysis Report, By Disease Area (Cancer, Cardiovascular, Neurological Diseases, Other Disease Areas); By Product & Service; By Technology; By Application; By End-Use; By Region.; Segment Forecast, 202

Pharmacogenomics Market Share, Size, Trends, Industry Analysis Report, By Disease Area (Cancer, Cardiovascular, Neurological Diseases, Other Disease Areas); By Product & Service; By Technology; By Application; By End-Use; By Region.; Segment Forecast, 2024- 2023

The global pharmacogenomics market size is expected to reach USD 10.43 billion by 2032, according to a new study by Polaris Market Research. The report “Pharmacogenomics Market Share, Size, Trends, Industry Analysis Report, By Disease Area (Cancer, Cardiovascular, Neurological Diseases, Other Disease Areas); By Product & Service; By Technology; By Application; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rise in popularity of pharmacogenomics (PGx) has accelerated advancements in precision medicine. PGx plays a crucial role in determining whether individuals respond well to specific drugs, avoiding adverse reactions, and determining optimal therapeutic doses. Widely utilized in various government programs, pharmacogenomic technologies contribute significantly to industry strength. To ensure the safety and efficacy of approved medications, the FDA mandates the inclusion of pharmacogenomic information on drug labels. Consequently, incorporating pharmacogenomics market data into pharmaceutical labeling in the United States becomes a noteworthy driver for market expansion.

The increasing prevalence of personalized care has been a significant driver in fueling the growth of the pharmacogenomics technology market. With a growing emphasis on tailoring medical treatments to individual patients, there has been a heightened recognition of the impact of genetic factors on drug response. Pharmacogenomics technologies play a crucial role in this landscape by determining genetic deviations that influence drug metabolism and efficacy.

Furthermore, market opportunities are incentivizing smaller participants to focus on developing novel tests for already licensed drugs, fostering growth in the years ahead. Collaboration and pipeline development for upcoming products are pivotal drivers in the pharmacogenomics technology market. Collaborative efforts among companies aim to identify appropriate tumor targets through the expansion of known modifications associated with inadequate DNA repair. Moreover, companies are actively engaged in developing single comprehensive tests capable of capturing a large amount of relevant content, further propelling market advancement.

Pharmacogenomics is poised with a significant market opportunity fueled by the transition from disease-focused to patient-centered treatment approaches, underpinning the era of personalized medicine. This transformative strategy enhances treatment effectiveness, mitigates side effects, and streamlines drug selection by customizing medical decisions and therapies to individual genetic profiles. Pharmacogenomic testing is increasingly acknowledged as crucial in pediatric care, psychiatry, and chronic disease management, facilitating the assessment of medication dosages and efficacy. With ongoing technical advancements and increasing awareness among both patients and healthcare professionals, genetic testing and personalized treatment plans are expected to witness a surge, revolutionizing healthcare delivery and fostering improved patient outcomes.

Pharmacogenomics Market Report Highlights

• In 2023, the sequencing segment accounted for the largest market share and has significant advancements in terms of throughput, speed, and cost-effectiveness. These technological improvements have made sequencing more accessible and scalable, driving its widespread adoption in pharmacogenomics research and clinical applications.
• The personalized medicine segment is expected to grow at the fastest CAGR during the forecast period. The growing availability of pharmacogenomics testing services and the integration of genomic data into clinical decision-making processes are further driving the adoption of personalized medicine approaches.
• In 2023, North America dominated the largest market due to healthcare providers in the region recognizing the potential of pharmacogenomics to optimize drug therapy, reduce adverse drug reactions, and improve patient outcomes, leading to widespread adoption.
• Asia Pacific is expected to grow at the fastest CAGR during the forecast period. Supportive government policies, increasing awareness among healthcare professionals and patients, and collaborations between academia, industry, and government entities are also contributing to the growth of the pharmacogenomics market in the Asia Pacific region.
• The global key market players Bio-Rad Laboratories, Inc., Charles River Laboratories, Danaher Corporation, Eurofins Scientific, Illumina, Inc., IQVIA Inc, Laboratory Corporation of America Holdings, Medpace, Mesa Labs, Inc., and more.

Polaris Market Research has segmented the pharmacogenomics market report based on disease area, product & service, technology, application, end use, and region.

Pharmacogenomics, Disease Area Outlook (Revenue - USD Billion, 2019 - 2032)

• Cancer
• Cardiovascular
• Neurological Diseases
• Other Disease Areas

Pharmacogenomics, Product & Service Outlook (Revenue - USD Billion, 2019 - 2032)

• Kits & Reagents

- Sequencing Kits and Reagents

- PCR Kits and Reagents

- Microarray Kits and Reagents

- Other Kits and Reagents

• Service

Pharmacogenomics, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Sequencing
• PCR
• Microarray
• Other Technologies

Pharmacogenomics, Application Outlook (Revenue - USD Billion, 2019 - 2032)

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

Pharmacogenomics, End Use Outlook (Revenue - USD Billion, 2019 - 2032)

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

Pharmacogenomics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

- U.S.

- Canada

• Europe

- Germany

- UK

- France

- Italy

- Spain

- Russia

- Netherlands

- Rest of Europe

• Asia Pacific

- China

- India

- Japan

- South Korea

- Indonesia

- Malaysia

- Australia

- Rest of Asia Pacific

• Latin America

- Argentina

- Brazil

- Mexico

- Rest of Latin America

• Middle East & Africa

- UAE

- Saudi Arabia

- Israel

- South Africa

- Rest of Middle East & Africa