The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s pharmacogenomics market report forecasts the pharmacogenomics market size to grow to $11.67 Billion by 2027, with a CAGR (compound annual growth rate) of 10%.

Learn More On The Pharmacogenomics Market Report 2023 – https://www.thebusinessresearchcompany.com/report/pharmacogenomics-global-market-report

Pharmacogenomics Market Size Forecast
The global pharmacogenomics market is expected to grow from $7.26 billion in 2022 to $7.97 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmacogenomics market size is expected to grow to $11.67 billion in 2027 at a CAGR of 10.0%.

North America held the largest pharmacogenomics market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Pharmacogenomics Market Driver ­– Rise In Demand For Precision Medicine
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 get diagnosed and treated where precision medicine provides individualized treatment and will re-calibrate current treatment practices. Hence, the increasing demand for precision medicine will drive the pharmacogenomics market.

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Key Pharmacogenomics Market Trend – Technological Advancement
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. For instance, in May 2021, Integrated Prescription Management (IPM), a USA-based pharmacy benefits management (PBM) company, and Myriad Genetics Inc., a genetic testing and precision medicine, launched GeneSight® test, a pharmacogenomics testing for patients suffering from depression or anxiety.

Pharmacogenomics Market Segment
1) By Technology: Next Generation Sequencing, Polymerase Chain Reaction, Gel Electrophoresis, Mass Spectrometry, Microarray, Other Technologies
2) By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Retail Pharmacy
3) By Applications: Neurology, Drug Discovery, Oncology, Cardiology, Pain Management, Other Applications
4) By End User: Hospitals And Clinics, Research Institutions, Academic Institutes

Pharmacogenomics Market Major Players and Strategies
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.

In April 2020, Castle Biosciences, Inc. a US-based company that offers diagnostic tests and tumor-specific information, acquired AltheaDx for an undisclosed amount. With this acquisition, AltheaDx to perhaps create a mental health franchise beginning with a test that is now covered by Medicare for depression. AltheaDx is a US-based commercial-stage molecular diagnostics company specializing in the field of pharmacogenomics (PGx) testing services focused on mental health.

The Pharmacogenomics Global Market Report 2023 covers regional data on pharmacogenomics market size, pharmacogenomics market trends and drivers, opportunities, strategies, and pharmacogenomics market competitor analysis. 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, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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 to each person or a group of people.

View More Reports Related To The Pharmacogenomics Market –
Molecular Diagnostics Devices And Equipment Global Market Report 2023
Pharmacovigilance Global Market Report 2023
Genomics Global Market Report 2023

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