The global pharmacogenomics market is estimated to be valued at USD 17.19 Bn in 2024 and is expected to exhibit a CAGR of 11.7% during the forecast period (2024-2031). Pharmacogenomics is the branch of science that analyzes how genes affect a person's response to medications. It works on the principle that each person's genetic make-up can influence how their body metabolizes and responds to drugs. With advancements in genetic screening and testing technologies, pharmacogenomics aims to develop personalized prescription approaches that factor in patients' individual genetic profiles. This enables the selection of effective medicines tailored to patients' specific needs while reducing trial-and-error prescribing practices and adverse drug reactions. The global pharmacogenomics market is expected to grow significantly in the coming years as more healthcare systems recognize the clinical utility of this approach in optimizing pharmacotherapy outcomes.

Market Dynamics:

The global pharmacogenomics market is driven by factors such as rising incidences of adverse drug reactions, growing need for personalized medicine, and increasing uptake of companion diagnostics. High research and development expenditures by pharmaceutical companies to develop targeted therapies using pharmacogenomics approaches are also fueling the market growth. However, lack of clinical validation and standardization of genetic tests remains a challenge limiting widespread clinical adoption. Data privacy and ethical concerns related to genetic screening further hamper market expansion. Opportunities lie in incorporating pharmacogenomic testing and profiling into drug trials and regulatory approval processes. Developing affordable pharmacogenetic diagnostic kits and services especially for underpenetrated emerging markets also presents an avenue for market growth.

Key Features of the Study:

• This report provides an in-depth analysis of the global pharmacogenomics market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global pharmacogenomics market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this includes Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Pharmigene, Abbott, Agilent Technologies, Inc., QIAGEN, GE HealthCare, Empire Genomics, Inc., Bio-Rad Laboratories, Inc., Oxford Nanopore Technologies plc., PerkinElmer Inc. , Myriad Genetics, Inc., Illumina, Inc., Macrogen, Inc. , BGI Genomics, Eurofins Scientific, MapMyGenome, and Invitae Corporation.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global pharmacogenomics market caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global pharmacogenomics market.

Detailed Segmentation-

• By Technology:
  • DNA Sequencing
  • Microarray
  • Polymerase Chain Reaction
  • Electrophoresis
  • Mass Spectrometry
  • Others
• By Application:
  • Cardiovascular Diseases
  • Infectious Diseases
  • Oncology
  • Neurological Diseases
  • Pain Management
  • Others
• By End User:
  • Hospitals & Clinics
  • Research Institutions and Academic Institutes
  • Diagnostic Laboratories
  • Others
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Company Profiles:

• Thermo Fisher Scientific Inc.
• Hoffmann-La Roche Ltd
• Pharmigene
• Abbott
• Agilent Technologies, Inc.
• QIAGEN
• GE HealthCare
• Empire Genomics, Inc.
• Bio-Rad Laboratories, Inc.
• Oxford Nanopore Technologies plc.
• PerkinElmer Inc.
• Myriad Genetics, Inc.
• Illumina, Inc.
• Macrogen, Inc.
• BGI Genomics
• Eurofins Scientific
• MapMyGenome
• Invitae Corporation