Pharmacogenomics Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What key factors are powering the surge in the pharmacogenomics market right now?
In recent years, there has been considerable expansion in the size of the pharmacogenomics market. The market, which was valued at $8.94 billion in 2024, is estimated to surge to $9.92 billion in 2025, with a compound annual growth rate (CAGR) of 10.9%. Factors such as robust economic development in emerging markets, a heightened emphasis on personalized medicine, evolving advanced healthcare infrastructure, and greater investments in healthcare could be credited for this surge over the historic period.
How fast Is the pharmacogenomics market expected to grow, and what’s its future value?
The market for mental wellness is predicted to experience substantial expansion in the upcoming years, anticipated to reach a size of $262.65 billion by 2029, rising at a compound annual growth rate (CAGR) of 8.9%. This projected growth during the forecasting period can be credited to factors such as the growing use of wearable devices, worldwide advocacy for mental health, emphasis on preventive mental health measures, virtual reality therapies, and custom mental wellness solutions. The future trends expected to shape this market include digital platforms for mental health, mental health initiatives within the corporate sector, incorporation of artificial intelligence (AI), and an overall focus on holistic wellness ecosystems that promote cultural diversity and inclusivity.
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What are the leading drivers of growth in the pharmacogenomics market?
The pharmacogenomics market is experiencing a surge in demand due to the compelling need for precision medicine. This healthcare model suggests a customized approach, wherein individual patients are treated with specific medical treatments, practices, or products, as opposed to utilizing a universal drug approach. Precision medicine, particularly ground-breaking within the realm of oncology, has promising applications extending even beyond oncology and into fields such as genetic and rare diseases. Precision medicine’s primary goal is to incorporate specific genetic and environmental information about diseases or their response to certain treatments. According to a Linchpinseo article in March 2022, the enhanced demand for precision medicine investments from top pharmaceutical firms is anticipated to rise by one third in the next five years. Additionally, in the USA, precision medicine’s capability to provide personalized treatment protocols has impacted the diagnosis and treatment of 30 million type 2 diabetes patients. Hence, the growth of the precision medicine sector will undeniably propel the pharmacogenomics market.
What are the key segments defining the pharmacogenomics market?
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
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Who are the key players steering the development of the pharmacogenomics market?
Major companies operating in the pharmacogenomics market include Illumina Inc, Eurofins Scientific, Myriad Genetics Inc, PerkinElmer Inc, Centogene N.V, Invitae Corporation, Genomind, Pacific Biosciences of California Inc, Oneome LLC, Admera Health, MapMyGenome, Positive Bioscience, Xcode Life Sciences, Xcelris Labs, Takeda Pharmaceutical Company Limited, Garvan Institute of Medical Research, 3D Medicines Inc, Berry Genomics, BGI, GenomiCare Biotechnology, Bayer AG, GlaxoSmithKline plc (GSK), F Hoffmann-La Roche AG, Merck KGaA, QIAGEN N.V, Centro de Genoma e Biologia de Sistemas (CGBS), Dasa Group, Datar Cancer Genetics Limited, MedGenome Labs, 23andMe, Color Genomics, Pathway Genomics, Laboratório Richet, Laboratório Exame, Genomika Diagnósticos
What emerging trends are influencing the growth of the pharmacogenomics market?
The growth in technology is becoming a prevalent trend in the pharmacogenomics sector. Drug makers are increasingly turning to different strategies for pharmacogenomics evaluations to offer economical methods for detecting existing polymorphisms and identifying new variants. For instance, Invitae, a medical laboratory firm based in the US, unveiled its broader Pharmacogenomics Panel in May 2022. The Invitae PGx Panel, featuring the Mental Health Panel, offers insights into how genes react to medications across a range of fields such as primary care, cardiology, and oncology. As approximately 25% of patients exhibit unusual drug reactions due to their genetic makeup, PGx testing is on track to become routine procedure. However, for this to be effectively incorporated into healthcare, there needs to be increased support for care providers to comprehend and implement PGx testing in their clinical environments.
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Which regions are most influential in expanding the pharmacogenomics market?
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.
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