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The pharmacogenomics market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 9%, as per The Business Research Company’s market report!

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The Pharmacogenomics Market Size In 2022 And Forecast

The global pharmacogenomics market is expected to grow from $6.64 billion in 2021 to $7.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.93%. The global pharmacogenomics market size is expected to reach $10.51 billion in 2026 at a compound annual growth rate (CAGR) of 9.80%.

The pharmacogenomics marker consists of the sale of pharmacogenomics testing by entities (organizations, sole traders, and partnerships) that refer to precise medical treatment for each person or a group of people.

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Rise In Demand For Precision Medicine Is Driving The Growth Of The Pharmacogenomics Market

For instance, according to the article published on Linchpinseo in March 2022, the increasing demand for precision medicine investment from leading pharmaceutical companies is experiencing a 1/3 increase in the next five years. Furthermore, in the USA, 30 million people with type 2 diabetes are diagnosed and treated. Precision medicine provides individualized treatment and will re-calibrate current treatment practices. Hence, the increasing demand for precision medicine will drive the pharmacogenomics market.

Competitive Landscape And The Regional Analysis Of The Pharmacogenomics Market

Major players in the pharmacogenomics market are Abbott Laboratories, AstraZeneca plc, Becton Dickinson and Company, Bayer AG, F Hoffmann-La Roche AG, Illumina Inc, GlaxoSmithKline plc, Merck KGaA, Myriad Genetics Inc, Thermo Fisher Scientific Inc, OPKO Health Inc, Assurex Health Inc, Empire Genomics LLC, Future Science Group, and Pathway Genomics Corporation.

Additionally, as per TBRC’s research – North America was the largest region in the pharmacogenomics market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The Pharmacogenomics Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the pharmacogenomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the pharmacogenomics market.

Technological Advancement – A Key Trend In The Pharmacogenomics Market

Medicine manufacturers are focusing on various approaches to pharmacogenomics analysis to provide cost-effective solutions for screening known polymorphisms and the discovery of novel variants.

Pharmacogenomics Market Segmentation By The Business Research Company

1) By Technology: Next Generation Sequencing, Polymerase Chain Reaction, Gel Electrophoresis, Mass Spectrometry, Microarray, Others

2) By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Retail Pharmacy

3) By Applications: Neurology, Drug Discovery, Oncology, Cardiology, Pain Management, Others

4) By End User: Hospitals and Clinics, Research Institutions, Academic Institutes

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