Pharmacogenomics Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global pharmacogenomics market growth forecasted to transform from $3.5 Billion in 2023 to $5.8 Billion by 2028, driven by a CAGR of 10.6%. The expansion of the market is primarily propelled by a surge in genomic projects, augmented R&D investments, and the rising prevalence of cancer. Additionally, the substantial growth of pharmacogenomics in the past decade can be attributed to an intensified emphasis on translational research for drug discovery and development.

Pharmacogenomics Market- Global Forecast to 2028

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Attractive Opportunities in the Pharmacogenomics Market

Global Pharmacogenomics Market Dynamics

DRIVER: Growing prevalence of chronic and genetic diseases

The increasing incidence and prevalence of chronic and genetic diseases is a pivotal driving factor behind the burgeoning growth of the market. As diseases such as cancer, cardiovascular disorders, and diabetes become more prevalent, personalized medicine approaches facilitated by pharmacogenomics are gaining prominence. For instance, the rising number of cancer cases has led to a demand for tailored treatments based on individual genetic profiles, driving the adoption of pharmacogenomic strategies. According to World Health Organization estimates, worldwide, an estimated 20 million new cancer cases and 10 million cancer-related deaths occurred in 2020. Projections suggest a frightening 60% surge in the cancer burden within the next two decades, imposing greater strain on healthcare systems, individuals, and communities. This market growth is further fueled by the need for more effective and personalized therapeutic interventions in the face of a growing global health burden.

RESTRAINT: Concern related to drug response variability

The complexities associated with variabilities in drug responses pose substantial challenges to the progress of pharmacogenomics. Factors such as genetic elements, metabolism variations, and ethnic differences contribute to individualized responses, hindering accurate prediction and interpretation. The limited availability of drug-specific and gene-tailored pharmacogenomic tests impedes the comprehensive implementation of genotype-based drug stratification. Additionally, the complexity of interpreting genetic variants, establishing their clinical validity and utility, and integrating this knowledge into routine clinical practices creates obstacles for the widespread adoption of pharmacogenomics in healthcare. These challenges, rooted in the complexities of drug response variabilities, impede the broad utilization and integration of pharmacogenomics into standardized healthcare practices.

OPPORTUNITY: Utilization of genomics in personalized medicine

The utilization of genomics and pharmacogenomics in personalized medicine is a driving fueling the growth of the market. As healthcare increasingly shifts toward personalized treatment approaches, the ability to tailor medical interventions based on an individual's genetic makeup becomes crucial. Pharmacogenomic insights enable healthcare providers to predict how individuals may respond to specific medications, optimizing treatment plans for efficacy and minimizing adverse reactions. This paradigm shift towards precision medicine is propelling the demand for pharmacogenomic solutions, fostering innovation, and driving advancements in the market.

CHALLENGE: Growing concern related to patient privacy and data access

The pharmaceutical industry faces significant challenges in leveraging pharmacogenomics due to evolving concerns about patient data privacy and restricted data access. Collecting DNA samples for pharmacogenomic studies is now standard practice, yet navigating global regulatory landscapes, especially regarding DNA collection, usage, and export, poses hurdles. In addition, implementing pharmacogenomic findings into clinical practice faces barriers such as limited genetic test use, lack of consensus guidelines, and challenges in demonstrating clinical utility and economic value. The complexity of drug responses due to various factors necessitates exploring emerging opportunities like polygenic risk scores and machine learning for more precise patient stratification. Leveraging large genomic databases presents a promising avenue for drug development, aiding in identifying disease-associated genes, novel drug targets, and supporting ongoing clinical trials.

Global Pharmacogenomics Industry Ecosystem Analysis

The ecosystem of pharmacogenomics consists of end users from academic & research institutes, pharmaceutical & biotechnology companies and contract research organization, pharmacogenomics product & service providers, kits & reagent suppliers, technology providers, data management & analysis providers, regulatory authorities (ensuring compliance and safety), and collaborative networks promoting knowledge sharing and collaboration. These stakeholders interact and collaborate to drive the advancement of pharmacogenomics products, enhance drug discovery processes, and develop new therapeutics.

Sequencing segment held a dominant share in the technology segment in the pharmacogenomics industry

Based on the technology, the pharmacogenomics market has been segmented into sequencing, PCR, microarray, and other technologies. In 2022, sequencing accounted for the largest share of the market. This is attributed to its capacity to offer in-depth insights into individual genetic variations, enabling personalized medicine by optimizing drug selection based on unique genetic profiles. High-throughput sequencing's efficiency and cost-effectiveness contribute significantly to advancing precision medicine within pharmacogenomics.

The personalized medicine segment of pharmacogenomics industry is expected to register fastest growth during the forecast period.

Based on the application of pharmacogenomics, the market has been segmented into personalized medicine, clinical research, and drug discovery & preclinical development. In 2022, personalized medicine accounted for the largest share and is expected to achieve the highest CAGR during the projected period. The key drivers of personalized medicine in the pharmacogenomics market include the ability to tailor drug treatments to individual genetic profiles, enhancing treatment efficacy and minimizing adverse reactions. This patient-centric approach, made possible by pharmacogenomics, is revolutionizing healthcare by optimizing drug selection, dosage, and treatment strategies based on an individual's unique genetic makeup. The growing emphasis on precision medicine is propelling the integration of personalized medicine within the field of pharmacogenomics.

North America accounted for the largest share in pharmacogenomics industry in 2022

Geographically, the pharmacogenomics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held the dominant share followed by Europe. North America has been a leader in supporting research for the development of innovative genomics and gene therapy. Thus, the development of novel therapies and R&D efforts taken by countries such as US and Canada, and rising number of genomic projects in the region are contributing to the growth of the North America market.

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Key players in the global pharmacogenomics market include Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Eurofins Scientific (Luxembourg), Bio-Rad Laboratories, Inc. (US), Agilent Technologies, Inc. (US), BD (US), QIAGEN (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity (US), IQVIA Inc. (US), Mesa Labs, Inc. (US), Medpace (US), MGI Tech Co., Ltd. (China), Takara Bio Inc. (Japan), PacBio (US), New England Biolabs (US), BGI (China), Novogene Co., Ltd. (China), SOPHiA GENETICS (Switzerland), Fios Genomics (UK), Personalis, Inc. (US), BioAI Health Inc. (US), NeoGenomics Laboratories (US), and Macrogen, Inc. (South Korea).

Scope of the Pharmacogenomics Industry

This report categorizes the pharmacogenomics market to forecast revenue and analyze trends in each of the following submarkets:

By Product & Service

• Kits & Reagents
  • Sequencing Kits and Reagents
  • PCR Kits and Reagents
  • Microarray Kits and Reagents
  • Other Kits and Reagents
• Service

By Technology

• Sequencing
• PCR
• Microarray
• Other Technologies

By Disease Area

• Cancer
• Cardiovascular
• Neurological Diseases
• Other Disease Areas

By Application

• Personalized Medicine
• Clinical Research
• Drug discovery & Preclinical Development

By End User

• Academic & Research Institutes
• Pharmaceutical & Biotechnology Companies
• Contract Research Organizations

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa
  • Middle East
    • GCC
    • Rest of Middle East (RoME)
  • Africa

Recent Developments of Pharmacogenomics Industry:

• In July 2023, Illumina Inc. partnered with Pillar Biosciences Inc. to globally offer Pillar’s range of oncology assays as an integral part of Illumina’s oncology product portfolio. This partnership will combine various next generation sequencing solutions, creating an unparalleled collection of complementary tools. These advancements in sequencing techniques are poised to elevate the efficiency, precision, and affordability of oncology testing. This collaboration aims to broaden patient access to personalized cancer treatment options.
• In April 2023, Integrated DNA Technologies, Inc. acquired Archer NGS research assays from Invitae Corporation, which amplifies the xGen NGS lineup, fast-tracking oncology research, notably in discovering new cancer fusions. This addition to IDT’s comprehensive xGen NGS portfolio empowers researchers with unified solutions for uncovering crucial biomarkers, particularly significant cancer fusions.
• In January 2023, QIAGEN acquired Verogen, a provider of next-generation sequencing (NGS) technologies for application in human identification (HID) and forensic investigation.
• In October 2021, Roche launched AVENIO Tumor Tissue CGP Kit. It is a research-use-only next-generation sequencing test that provides an end-to-end workflow from DNA extraction and library preparation.

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