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

Published In : Apr 2024

Code : CMI1053

Pages :156

Formats :

Excel and PDF

Industry : Biotechnology

Pharmacogenomics Market Size and Trends

The global pharmacogenomics market is estimated to be valued at USD 17.19 Bn in 2024 and is expected to reach USD 37.32 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.7% from 2024 to 2031.

Pharmacogenomics Market Key Factors

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Pharmacogenomics is focused on understanding how genes affect individual responses to drugs. This information helps doctors to select effective medications and design treatment regimens based on patients' genetic makeup. The market is driven by factors such as rising prevalence of chronic diseases, growth in genomics application, and increased R&D investments in precision medicine. The market trend in the pharmacogenomics space has seen swift adoption of pharmacogenomic testing. There is a growing shift from trial and error to a more proactive approach that leverages genetic insights to determine the drug, dose, and duration of treatment tailored to individual patients. Vendors are focused on developing comprehensive genetic testing panels that can efficiently guide medication selection. The genomic approach is showing promise in improving outcomes and quality of life for patients with conditions like cancer, cardiovascular diseases, diabetes, and neurological disorders

Rising Demand for Precision Medicine

Surge in global incidence of cancer and increasing aging population susceptible to disease are expected to boost the demand of precision medicines, which is expected to drive the market growth over the forecast period. For instance, according to the data published by the American Cancer Society, in 2022, it was stated that over 1.9 million new cancer cases are expected to be diagnosed in the U.S. in 2023. Approximately, 609,820 deaths from cancer are expected in the U.S. in 2023, which is about 1,670 deaths per day.

/p>Increasing Inorganic Growth Strategies

Increasing inorganic growth strategies by key market players is expected to drive the market growth over the forecast period. For instance, in November 2021, Agena Bioscience, a provider of genetic testing solution, announced a partnership with Manchester University, to expand awareness and access to pharmacogenomics educational resources. The partnership enabled Agena Bioscience to promote and offer its customers, the established MU PGx programs including the Graduate Certification in PGx or Master of Science PGx degree.