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

Pharmacogenomics Market Forecast to 2028 - COVID-19 Impact and Global 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 pharmacogenomics market is projected to reach US$ 14,107.80 million by 2028 from US$ 7,087.81 million in 2021; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028. Several factors such as the increasing prevalence of chronic diseases, rising demand for precision medicine, and the growing funding for pharmacogenomic research activities boost the market growth. However, the lack of skilled professionals hampers the market growth.

Pharmacogenomics (Pharmacogenetics) is the study of the role of genes in manipulating the activity of drugs, which assists the researchers in predicting the drug response to develop personalized medicines. It involves proactive testing of single or multiple genes to improve the therapeutic response of treatments and reduce the severity of adverse events. Pharmacogenomic technologies also have the potential to reduce the overall cost of the treatment.

Based on technology, the pharmacogenomics market is segmented into PCR, sequencing, microarray, gel electrophoresis, mass spectrometry, and others. The market for the PCR segment is further segmented into standard PCR, real-time PCR, and digital PCR. The PCR segment held the largest share of 37.71% of the pharmacogenomics market in 2021. Based on application, the pharmacogenomics market is segmented into drug discovery, oncology, neurology and psychiatry, pain management, cardiovascular diseases, and others. The oncology segment accounted for the largest market share in 2021, whereas the drug discovery segment is expected to register the highest CAGR in the market during the forecast period.

Based on end user, the pharmacogenomics market has been segmented into hospitals and clinics, biopharmaceutical companies, CROs and CDMOs, and others. The CROs and CDMOs segment accounted for the largest market share in 2021. However, the hospitals and clinics segment is expected to register the highest CAGR in the market during the forecast period.

National Centre of Excellence in Genomic Medicine Research, World Health Organization, Indian Council of Medical Research, and National Center for Health Statistics are among the primary and secondary sources referred to while preparing the pharmacogenomics market report.

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