Pharmacogenomics Market is expected to reach USD 10.8 Bn by 2027, growing at a CAGR of 8.2%

The Global Pharmacogenomics Market was estimated to reach USD 10.8 Bn by 2027, growing at a CAGR of 8.2% during the forecast period.  

The global pharmacogenomics market is propelling due to an increase in the elderly population, and an increase in the prevalence of chronic diseases such as cancer, HIV, tuberculosis, and other diseases. For instance, according to the data published by department of economic and social affairs, in 2020, there were 727 million people aged 65 and above worldwide. The number of people above aged 65 across the globe is expected to be doubled the number in coming next three decades, that will be reaching over 1.5 billion in 2050. Therefore, the adoption of pharmacogenomics will be increasing among the elderly population during the forecast period. The survey of “frontier in pharmacology’’ in 2019, indicates that in United States around 97.6% of physician believed that the hereditary or genetic factors could influence the drug therapy. Therefore, the adoption of pharmacogenomics procedures by healthcare professionals increases which is the driving factor for the growth of the pharmacogenetics market. Furthermore, technological improvements such as connection with molecular diagnostics procedures for a better understanding of the genetic structure of patients are likely to drive pharmacogenomics market growth throughout the forecast period.

The increased prevalence of numerous infectious and non-infectious disorders, rising usage in drug discovery processes, expanding demand for tailored medications, and growing knowledge about the benefits of pharmacogenomics are the boosting factors for the growth of pharmacogenomics market. Pharmacogenomics also faces obstacles, such as forecasting the relationship between a genetic marker and phenotypic drug response in situations where other variables are also needed. The increase in worldwide population disposable income is estimated to project tremendous growth opportunities for the pharmacogenomics industry in near future.

Global Pharmacogenomics Market, by Region Outlook (Revenue, USD Million, 2021-2027)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

The North America is estimated to dominate the pharmacogenomics market over the forecast period due to high per capita healthcare expenditure, high patient awareness levels, and the high prevalence of target diseases. For instance, according to the American Cancer Society, approximately 1.8 million new patients of cancer were identified in 2020, with 606,520 people dying due to cancer. Therefore, increased inclination for tailored treatment, as well as a high adoption rate that expand the pharmacogenomics market in this region. This rising adoption of pharmacogenomics and also estimated to increase demand for pharmacogenomics in the North America over the forecast period.

However, the Asia Pacific (APAC) is the fastest growing market over the forecast period due to rising need for better, safer, and more cost-effective medicines for a variety of infectious and non-infectious disorders prevalent in the region. Increased health-care awareness, improved investments on health-care, an increase in the number of R&D centres, and desire for tailored pharmaceuticals are driving factors for the growth of APAC region.  

The Global Pharmacogenomics Market Segmentation:

Global Pharmacogenomics Market, by Technology Outlook (Revenue, USD Million, 2021-2027)

• Microarray
• DNA Sequencing
• Electrophoresis
• Polymerase Chain Reaction
• Mass Spectrometry

Global Pharmacogenomics Market, by Applications Outlook (Revenue, USD Million, 2021-2027)

• Neurology
• Drug Discovery
• Oncology
• Cardiology
• Pain Management
• Others (Infectious Diseases, Psychiatry)

Key Findings:

• Based on technology, the polymerase chain reaction segment is projected to dominate the market during the forecast period
• Based on applications, the oncology segment is estimated to dominate the market over the forecast period due to increasing cases of oncology and rising awareness about personalized therapy for the early diagnosed cancer
• Based on regions, the North America is projected to dominate in the global pharmacogenomics market during the forecast period

Company Profiles and Competitive Intelligence

The key players operating in the pharmacogenomics market are:

• Abbott Laboratories
• Bayer AG
• Johnson & Johnson
• Myriad Genetics Inc.
• AstraZeneca plc.
• Becton Dickinson and Company
• F. Hoffmann-La Roche AG
• Bio-Rad Laboratories Inc.
• Thermo Fisher Scientific Inc.
• Illumina Inc.
• Qiagen N.V.
• GlaxoSmithKline plc
• Merck KGaA
• Dynamic DNA Laboratories
• OPKO Health, Inc. (GeneDx)
• OneOme LLC.
• Assurex Health Inc.
• Empire Genomics, LLC.
• Future Science Group
• Pathway Genomics Corporation

Recent News:

• In November 2021, Fluidigm Corporation (South San Francisco, CA, United States) launched BiomarkTM X, which is revolutionary biotechnology product that improve individual’s life. BiomarkTM perform various tasks such as strain ID, sample ID, conservation biology, gene expression, pathogen detection, personal genomics, transplant prognostics and pharmacogenomics tests are all performed by Biomark X, an intuitive and integrated system. This launch expanded the product portfolio of the company.
• In May 2021, Myriad Genetics, Inc., (Salt Lake City, UT) launched the GeneSight program for pharmacogenomics testing to help patients and doctors to better understand how a certain individual may respond to different medications. Due to this launch, pharmacogenomics testing is available for patients suffering from anxiety or depression through Integrated Prescription Management (IPM), which is major pharmacy benefits management (PBM) firm. This is expected to expand the sales of the company and increase the customer’s base.