North America Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (PCR, Sequencing, Microarray, Gel Electrophoresis, Mass Spectrometry, and Others), Application (Drug Discovery, Oncology, Neurology and Psychiatry

North America Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (PCR, Sequencing, Microarray, Gel Electrophoresis, Mass Spectrometry, and Others), Application (Drug Discovery, Oncology, Neurology and Psychiatry, Pain Management, Cardiovascular Diseases, and Others), and End User (Hospitals and Clinics, Biopharmaceutical Companies, CROs and CDMOs, and Others)

The North America pharmacogenomics market is expected to reach US$ 6,534.83 million by 2028 from US$ 3,333.43 million in 2021. it is estimated to grow at a CAGR of 10.1% from 2021 to 2028.

The key factors driving the growth of this market are the increasing prevalence of chronic diseases, the surge in demand for precision medicines, and the rise in funding for pharmacogenomic research activities. However, the shortage of skilled professionals is expected to restrict the market growth during the forecast period.

Many older adults (>60%) suffer from two or more chronic conditions. Twin studies have established that genes cause chronic conditions, such as cardiovascular disease (CVDs), diabetes, obesity, RA, Alzheimer's disease (AD), and depression. Using molecular genetic data from genome-wide association studies (GWAS), it is now possible to measure individual-level risks for these chronic diseases. According to the Centers for Disease Control and Prevention (CDC), in 2020, nearly 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions.

CVDs, such as atherosclerosis, angina pectoris, and acute myocardial infarction, due to a hectic lifestyle result in high mortality rates. As per the data provided by the World Health Organization (WHO), CVDs are the leading cause of death, taking ~17.9 million lives each year. Diabetes is one of the life-threatening diseases with no functional cure. Diabetes of all types can lead to various complications in different parts of the body and increase the risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications associated with diabetes. The significant increase in diabetes cases leads to life-changing complications among people. According to the International Diabetes Federation (IDF), in 2017, 46 million diabetic patients were reported in North America, which is expected to reach 62 million by 2045.

The data also reported that ~425 million people had diabetes in 2017, which is expected to reach 629 million by 2045. The disease prevalence will account for a ~35% increase during the forecast period. According to the Alzheimer's Association, in 2020, 55 million people worldwide had Alzheimer's disease. As chronic diseases are increasing quickly, the research on genomics for treating life-threatening illnesses has progressed rapidly over the last five years, driving the market's growth.

Moreover, pharmacogenomics is rapidly transitioning into clinical practice and implementation in healthcare systems supported by government investment totaling over US$ 4 billion in at least 14 countries. These national genomic-medicine initiatives drive transformative change under real-life conditions while simultaneously addressing barriers against implementation and gathering evidence for broader adoption.

In August 2018, Boston Scientific Corporation, a Massachusetts-based company, announced that it landed US$ 4.3 million in seed funding and partnered with Veritas Genetics. With this fund, the company plans to support its mission to enter the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data. Thus, the continuous funding by manufacturers and governments in the genomics field is driving the pharmacogenomics market.

North America Pharmacogenomics Market Revenue and Forecast to 2028 (US$ Mn)

NORTH AMERICA PHARMACOGENOMICS MARKET SEGMENTATION

By Technology

Hospitals & Clinics Biopharmaceutical Companies CROs and CDMOs Others By Application

PCRSequencing Microarraygel electrophoresismass spectrometry Others By End User

Drugs Discovery Oncology Neurological & Psychiatry Pain Management Cardiovascular Others By Country

USCanada Mexico Company Profiles

Abbott F. HOFFMANN-LA ROCHE LTD.Oxford Nanopore Technologies THERMO FISHER SCIENTIFIC INC.Illumina, Inc.QIAGENAgilent Technologies, Inc.Myriad Genetics, Inc.Admera Healt

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America pharmacogenomics market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the North America pharmacogenomics market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.