Pharmacogenomics Market Forecasts to 2030 – Global Analysis By Distribution Channel ( Hospital Pharmacy, Retail Pharmacy and Online Pharmacy), Technology ( DNA Sequencing, Polymerase Chain Reaction, Microarray, Mass Spectrometry and Electrophoresis),

Pharmacogenomics Market Forecasts to 2030 – Global Analysis By Distribution Channel ( Hospital Pharmacy, Retail Pharmacy and Online Pharmacy), Technology ( DNA Sequencing, Polymerase Chain Reaction, Microarray, Mass Spectrometry and Electrophoresis), Application, End User and By Geography

According to Stratistics MRC, the Global Pharmacogenomics Market is accounted for $16.66 billion in 2023 and is expected to reach $34.81 billion by 2030 growing at a CAGR of 11.1% during the forecast period. The study of developing drugs by analysing genetic variations in humans that affect an individual's response to a particular drug is known as pharmacogenomics. This approach is vital for precision medicine, offering personalised treatment plans based on genetic markers. It is essential to improving patient outcomes, reducing adverse drug reactions, enhancing medication efficacy, and providing more cost-effective healthcare.

According to data published by National Cancer Institute in September 2020, stated that an estimated 1,806,590 new cases of cancer will be diagnosed in the U.S. and 606,520 people will die from the disease in 2020.

Market Dynamics:

Driver:

Increasing adoption of personalized medicine

Personalised medicine is an approach that tailors medical treatments to an individual's genetic, genomic, and clinical characteristics. It aims to maximise treatment effectiveness, minimise side effects, and improve patient outcomes by customising healthcare interventions. As patients and healthcare providers become more aware of the potential benefits of pharmacogenomics, the demand for genetic testing and personalised treatment plans is on the rise. Furthermore, pharmaceutical companies are also investing in targeted therapies based on genomic data. This convergence of patient demand, clinical relevance, and industry innovation is propelling the growth of the pharmacogenomics market.

Restraint:

Cost barriers

Cost barriers pose a significant restraint on the Pharmacogenomics market. Genetic testing and pharmacogenomic services can be expensive, making them inaccessible to many patients and healthcare systems. The high costs of DNA sequencing, data analysis, and interpretation can limit the adoption of pharmacogenomics, especially in resource-constrained environments. This financial burden can result in unequal access to the benefits of personalised medicine, exacerbating healthcare disparities.

Opportunity:

Advancements in genetic testing technologies

Developments in genetic testing can spur growth by lowering the cost, increasing accessibility, and expanding the availability of testing. Genetic testing is getting easier to obtain, less expensive, and more accurate as technology advances. Furthermore, the process is made easier for patients and healthcare professionals by the creation of user-friendly at-home testing kits and mobile health applications. Moreover, these developments not only simplify genetic information availability for individuals but also make it easier to incorporate pharmacogenomic data into standard therapeutic procedures. Growing pharmacogenomics market share and wider adoption of personalised medicine are made possible by the increasing prevalence of genetic testing.

Threat:

Data privacy and security

Genetic information is highly sensitive, and the mishandling or unauthorised access to this data could lead to privacy breaches, identity theft, or discrimination. Patients may be hesitant to undergo genetic testing or share their data, fearing potential misuse. Furthermore, regulatory frameworks for safeguarding genetic information are continually evolving and can create compliance challenges for healthcare providers and pharmaceutical companies. Hence, it will lead to a decrease in market growth.

Covid-19 Impact


The COVID-19 pandemic has had a multifaceted impact on the market. On one hand, it accelerated the adoption of digital health, including telehealth and remote monitoring, which can complement pharmacogenomics by facilitating data sharing and patient consultations. The urgency of the pandemic also led to increased research and investment in healthcare and pharmaceuticals, potentially driving advancements in pharmacogenomics. However, there were negative effects as well. Many healthcare resources and research efforts were redirected toward COVID-19, potentially slowing the progress of pharmacogenomics projects. Clinical trials for pharmacogenomic therapies may have been delayed or disrupted due to lockdowns and safety concerns.

The DNA Sequencing segment is expected to be the largest during the forecast period

The DNA Sequencing segment is estimated to hold the largest share. DNA sequencing involves determining the precise order of DNA bases in an individual's genome. By analysing genetic variations, researchers and healthcare providers can identify specific genes and genetic markers relevant to drug response and disease susceptibility. This information enables the customization of medical treatments, ensuring the most effective and safe therapeutic options for patients. In addition, advances in DNA sequencing technologies, such as next-generation sequencing, have made it faster and more cost-effective to obtain genomic data, driving the growth of this segment and expanding the potential applications of pharmacogenomics in healthcare.

The Hospitals & Clinics segment is expected to have the highest CAGR during the forecast period

The Hospitals & Clinics segment is anticipated to have lucrative growth during the forecast period. The healthcare facilities utilise pharmacogenomic testing to customise drug treatment plans, ensuring that medications are both effective and safe for individual patients. Pharmacogenomics can help clinicians identify the most suitable drug therapies and dosages, minimising adverse reactions and optimising patient outcomes. Furthermore, it aids in the selection of treatments for various medical conditions, from cancer to cardiovascular diseases. As the demand for personalised medicine grows, hospitals and clinics are essential in integrating pharmacogenomics into routine clinical practice, revolutionising healthcare by providing individualised, data-driven treatment plans.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period. The Asia-Pacific region is a significant and rapidly growing market for pharmacogenomics. The region faces a rising burden of chronic diseases, including cancer, cardiovascular diseases, and diabetes, which has led to a growing demand for personalised medicine and pharmacogenomic solutions. Countries in the Asia-Pacific region, such as China, Japan, and South Korea, have made substantial investments in genomics research, leading to significant advancements in understanding genetic factors influencing drug responses and diseases.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period. North America boasts advanced healthcare systems, including well-established hospitals, research institutions, and pharmaceutical companies, providing a solid foundation for the growth of pharmacogenomics. Regulatory agencies, such as the FDA in the United States, have been proactive in recognising the importance of pharmacogenomics in drug development, approval, and labelling, which accelerates its adoption. Furthermore, North American pharmaceutical companies have heavily invested in pharmacogenomics, resulting in the development of numerous personalised therapies. The region is at the forefront of pharmacogenomic research, with substantial investments in genomic studies, clinical trials, and the development of targeted therapies.

Key players in the market

Some of the key players in the Pharmacogenomics Market include Novartis AG, Ferndale Pharma Group, Inc., Mylan N.V., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Pfizer Inc., AstraZeneca, Merck & Co., Inc., Eli Lilly and Company, Sun Pharmaceutical Industries Ltd., Lupin, NATCO Pharma Limited, Teva Pharmaceutical Industries Ltd, AbbVie Inc., Boehringer Ingelheim International GmbH, Abbott, Bayer AG, Thermo Fisher Scientific, Inc., Admera Health and Agilent Technologies.

Key Developments:

In October 2023, Novartis, a global leader in immuno-dermatology and rheumatology, announced that the US Food and Drug Administration (FDA) has approved Cosentyx® (secukinumab) to treat moderate to severe hidradenitis suppurativa (HS) in adults. Cosentyx is the only FDA-approved fully human biologic that directly inhibits interleukin-17A (IL-17A), a cytokine believed to be involved in the inflammation of HS.2

In October 2023, Pfizer Inc. and BioNTech SE announced positive topline results from a Phase 1/2 study evaluating the safety, tolerability and immunogenicity of mRNA-based combination vaccine candidates for influenza and COVID-19 among healthy adults 18 to 64 years of age.

In October 2023, Pfizer Inc. announced that the U.S. Food and Drug Administration (FDA) has approved PENBRAYA (meningococcal groups A, B, C, W and Y vaccine), the first and only pentavalent vaccine that provides coverage against the most common serogroups causing meningococcal disease in adolescents and young adults 10 through 25 years of age.

Distribution Channels Covered:
• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

Technologies Covered:
• DNA Sequencing
• Polymerase Chain Reaction
• Microarray
• Mass Spectrometry
• Electrophoresis

Applications Covered:
• Drug Discovery
• Oncology
• Neurology
• Pain Management
• Cardiovascular diseases
• Psychiatry
• Infectious diseases
• Other Applications

End Users Covered:
• Hospitals & Clinics
• Research Institutions and Academic Institutes
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements