The “Global Pharmacogenomics Market Analysis and Forecast, 2019-2028” report by RationalStat assesses the regional market based on technology, application, end user, and region. A detailed market analysis report provides an overall historical and future market size in terms of market value (US$ Million) and with a comprehensive market trend analysis (year-on-year growth). The market share analysis, growth of the insurance industry, an overview of the competition, strategic imperatives, plans and strategies, key application, potential growth driver, recent R&D of pharmacogenomics across the globe, and competition analysis for the target players evaluated in the global pharmacogenomics market study.
Market Overview and Dynamics
The global pharmacogenomics market was valued at US$ 6.4 billion in 2022 and is expected to grow at a robust growth rate of around 8.4% during the forecast period 2022-2028. The global pharmacogenomics market is primarily driven by technological advancements coupled with growing government initiatives globally.
In addition, the customer and patients are becoming aware of the use cases of pharmacogenomics. Therefore, the health-focused and fitness freak population are expected to create demand for pharmacogenomics as they are specific about the ingredient of the medication.
Market Drivers and Trends of the Global Pharmacogenomics Market
The rapidly growing government initiatives are expected to fuel the adoption of pharmacogenomics through funding research, providing reimbursement for pharmacogenomics-based tests, and promoting the use of pharmacogenomics in clinical practice.
Governments across the globe are focusing on the use of pharmacogenomics as it is backed by extensive research and supported by multiple clinical studies published in peer-reviewed journals, which helps doctors and healthcare professionals to make informed decisions about medication selection.
All these factors are anticipated to drive the demand for pharmacogenomics and bring revenue from the healthcare industry as well as healthcare professionals. Moreover, new drugs are being developed that are specifically designed to be used in conjunction with pharmacogenomics. These drugs are designed to target specific genetic variants that are associated with drug response. This will further fuel the sales revenue for the global pharmacogenomics market in the upcoming years.
Segmental Analysis: Global Pharmacogenomics Market
- On the basis of technology, DNA sequencing dominates the global pharmacogenomics market, as DNA sequencing is gaining traction and demand from hospitals, clinics, and healthcare professionals due to the growing awareness about the benefits of pharmacogenomics.
- Based on end users, Hospitals and Clinics hold the majority share of the global pharmacogenomics market, owing to the growing awareness among healthcare professionals, and other end users like Research Institutions & Academic Institutes are expected to grow at a significant rate in the forthcoming years.
Competition Analysis and Market Structure
The global pharmacogenomics market is fragmented in nature with the presence of various players operating in the region. Leading companies operating in the pharmacogenomics market are focusing on providing coverage for all kinds of liabilities that hamper the process of pharmacogenomics.
Moreover, these players adopt various strategies to increase their market share and gain a competitive edge over other competitors in the global pharmacogenomics market. Mergers and acquisitions, partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the global pharmacogenomics market include,
- In March 2023, Astellas Pharma announced that it had entered into a partnership with Verily to develop and commercialize pharmacogenomics-based medicines for cancer.
- In January 2023, Guardant Health announced that it had acquired Genome Medical, a personalized medicine company that offers pharmacogenomics testing and consulting services.
- In February 2023, GeneDx announced that it has acquired SureGenomics, a leading provider of pharmacogenomics testing services.
- In February 2023, Illumina announced that it had entered into a collaboration with WuXi NextCODE to develop and commercialize pharmacogenomics-based products and services.
- In December 2022, Novartis announced a partnership with Verily to develop and commercialize pharmacogenomics-based medicines.
- In November 2022, Pfizer announced the launch of its new pharmacogenomics test, the Indivior PrecisionRx.
Some of the key players operating in the global pharmacogenomics market include Dynamic DNA Laboratories, Illumina Inc, OneOme LLC, Myriad Genetics Inc, Thermo Fisher Scientific Inc., AltheaDX, PacBio, Qiagen NV, Abbott Laboratories, Agilent Technologies, Novartis AG, Empire Genomics, among others.
RationalStat has segmented the global pharmacogenomics market on the basis of technology, application, end user, and region.
- Global Pharmacogenomics Market Value (US$ Million), and Market Share (2019-2028) Analysis by Technology
- DNA Sequencing
- Polymerase Chain Reaction
- Mass Spectrometry
- Other Technologies
- Global Pharmacogenomics Market Value (US$ Million), and Market Share (2019-2028) Analysis by Application
- Cardiovascular Diseases
- Infectious Diseases
- Neurological Diseases
- Pain Management
- Global Pharmacogenomics Market Value (US$ Million), and Market Share (2019-2028) Analysis by End User
- Hospitals & Clinics
- Research Institution & Academic Institutes
- Global Pharmacogenomics Market Value (US$ Million), and Market Share (2019-2028) Analysis by Region
- North America Pharmacogenomics Market
- Latin America Pharmacogenomics Market
- Rest of Latin America
- Western Europe Pharmacogenomics Market
- Rest of Western Europe
- Eastern Europe Pharmacogenomics Market
- Rest of Eastern Europe
- Asia Pacific Pharmacogenomics Market
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa Pharmacogenomics Market
- South Africa
- Rest of the Middle East & Africa
- North America Pharmacogenomics Market
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