How Will the Pharmacogenomics Market Grow? Key Trends and Opportunities for 2025 and Beyond
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How Will the Pharmacogenomics Market Grow Over the Forecast Period Based on Its Expected CAGR?
There has been a swift expansion in the market size of pharmacogenomics in the past few years. It is projected to balloon from the valuation of $8.94 billion in 2024 to reach approximately $9.92 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.9%. Various elements have contributed to the observed growth in this historical timeframe, including significant economic advancements in emerging markets, a growing interest in personalized healthcare, evolving healthcare structures, and an upsurge in healthcare spending.
Expectations are high for the pharmacogenomics market to experience a significant upswing in the next few years. Analysts forecast a growth trajectory culminating in a value of $14.81 billion in 2029, representing a compound annual growth rate (CAGR) of 10.5%. The predicted increase throughout this period can be linked to factors such as the rise in the aging population, escalating chronic illnesses, burgeoning global populace and an increased demand in cancer treatment modalities. Peak trends for the forecast period involve the unveiling of genome editing solutions to enable more comprehensive analysis of sophisticated therapies, incorporation of artificial intelligence (AI) in genomics for genetic data scrutiny, emerging innovations in metagenomics, strategic alliances and collaborations within the market sphere, the advent of three-dimensional (3D) genomics to explore effects on gene expression and functionality, product breakthroughs concentrating on infectious diseases and gene editing, and the inception of psychotropic pharmacogenomics tests to facilitate informed decisions.
What Are the Primary Drivers Supporting the Growth of the pharmacogenomics Market?
The escalating need for precision medicine is fuelling the pharmacogenomics market’s growth. Precision medicine, a healthcare model that supports individualized care, suggests custom-made medical decisions, treatments, practices, or products for a specific patient group, deviating from a generic drug approach. Precision medicine, predominantly exceptional in oncology, exhibits promising potential in other areas like late-stage diseases and unique genetic diseases too. The primary goal of precision medicine is to amalgamate genetic and environmental information concerning specific diseases and their response to certain treatments. For instance, a Linchpinseo article posted in March 2022 indicates an anticipated 1/3 increase in precision medicine funding from leading pharmaceutical firms over the next five years. Additionally, in the USA, precision medicine is bringing about significant changes in the treatment of the 30 million type 2 diabetes patients, offering personalized care that will alter existing treatment protocols. Therefore, the growing need for precision medicine is projected to propel the pharmacogenomics market.
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Who Are the Dominant Players Expanding Their Reach in the Pharmacogenomics Market?
Major companies operating in the pharmacogenomics market include:
• Illumina Inc_x000D_
• Eurofins Scientific_x000D_
• Myriad Genetics Inc_x000D_
• PerkinElmer Inc_x000D_
• Centogene N.V_x000D_
What Are the Top Trends Shaping the Evolution of the Pharmacogenomics Market?
The uptick in the use of cutting-edge technology is a significant development witnessed in the pharmacogenomics market. Pharmaceutical manufacturers are emphasizing different methods of pharmacogenomics examination to offer cost-efficient results for known polymorphisms screening and new variants discovery. For instance, a medical laboratory company based in the United States, Invitae, introduced its enlarged Pharmacogenomics Panel in May 2022. This panel, otherwise known as the Pharmacogenomics (PGx) Panel, also includes the Mental Health Panel and provides genetic reactions to medications across various specialties such as primary care, cardiology, and oncology. Given that genetic factors cause unusual drug responses in nearly 25% of patients, PGx testing is on the road to becoming a standard procedure. For a seamless integration into healthcare, it’s essential to have strengthened backing for health providers to comprehend and utilize PGx testing in their healthcare practices.
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What Are the Core Segments of the Pharmacogenomics Market, and How Do They Contribute to Growth?
The pharmacogenomics market covered in this report is segmented –
1) By Technology: Next Generation Sequencing, Polymerase Chain Reaction, Gel Electrophoresis, Mass Spectrometry, Microarray, Other Technologies
2) By Application: Neurological Diseases, Infectious Diseases, Oncology, Cardiovascular Diseases, Pain Management, Other Applications
3) By End User: Hospitals and Clinics, Research Institutions, Academic Institutes, Other End Users
Subsegments:
1) By Next Generation Sequencing (NGS): Whole Genome Sequencing, Targeted Sequencing, Exome Sequencing
2) By Polymerase Chain Reaction (PCR): Quantitative PCR (qPCR), Reverse Transcription PCR (RT-PCR), Digital PCR
3) By Gel Electrophoresis: Agarose Gel Electrophoresis, Polyacrylamide Gel Electrophoresis, Capillary Gel Electrophoresis
4) By Mass Spectrometry: LC-MS/MS (Liquid Chromatography-Tandem Mass Spectrometry), MALDI-TOF MS (Matrix-Assisted Laser Desorption/Ionization Time of Flight), HRMS (High-Resolution Mass Spectrometry)
5) By Microarray: SNP Microarrays, Expression Microarrays, Comparative Genomic Hybridization (CGH) Arrays
6) By Other Technologies: Sanger Sequencing, CRISPR-Based Technologies, Bioinformatics Tools
Which Regions Are Setting the Pace for Pharmacogenomics Market Growth?
North America was the largest region in the pharmacogenomics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacogenomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Pharmacogenomics Market Defined Across Different Regions?
Pharmacogenomics is a field of research that studies how a patient’s genes affect and how they respond to medications. The long-term aim of pharmacogenomics is to help doctors select the drugs and doses best suited for each person. Pharmacogenomics is used to create customized drugs to treat a variety of health issues, including cardiovascular disease, Alzheimer’s disease, cancer, and asthma. The pharmacogenomics marker refers to precise medical treatment for each person or a group of people.
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