Pharmacogenomics Market Size, Share, Global Forecast 2032

Pharmacogenomics Market: Industry Perspective

The global pharmacogenomics market size was worth around USD 3.45 Billion in 2023 and is predicted to grow to around USD 8.36 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 10.33% between 2024 and 2032. The report analyzes the global pharmacogenomics market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the pharmacogenomics industry.

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The report covers forecasts and analyses for the pharmacogenomics market on a global and regional level. The study provides historical data from 2018 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The study includes drivers and restraints for the pharmacogenomics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the pharmacogenomics market on a global as well as regional level.

In order to give the users of this report a comprehensive view of the pharmacogenomics market we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the Technology and services segment is benchmarked based on their market size, growth rate, and general attractiveness.

The report provides a company market share analysis in order to give a broader overview of the key players in the pharmacogenomics market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the pharmacogenomics market on a global and regional basis.

Pharmacogenomics Market: Overview

Pharmacogenomics is the combination of pharmacology and genomics. Pharmacogenomics studies the effect of genes on drug response. Pharmacogenomics aims to develop safe and effective doses and medication tailored to the genetic makeup of a person.

Pharmacogenomics Market: Growth Factors

Factors such as increasing implementation of pharmacogenomics procedures, growing geriatric population, increasing adoption of personalized therapy, rapidly rising incidence of chronic disorders, and growing rate of adverse reactions will act as major driving factors in the growth of the global pharmacogenomics market.

Technological advancements in the field of pharmacogenomics and increasing awareness will act as an opportunity for the market players in the pharmacogenomics market. Nonetheless, the high cost of diagnosis, lack of skilled professionals, and low awareness in developing regions will restrict the growth of the global pharmacogenomics market.

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Pharmacogenomics Market: Segmentation Analysis

The global pharmacogenomics market has been split into technology, application, end-user, and region.

Based on technology, the pharmacogenomics market has been segmented into microarray, polymerase chain reaction, sequencing, electrophoresis, mass spectrometry, and others. The polymerase chain reaction segment accounted for the highest market share in 2023 due to its irreplaceable nature.

The application segment has been divided into infectious diseases, oncology, neurological diseases, cardiovascular diseases, pain management, psychiatry, and others.

The end user segment has been divided into research institutions, hospitals and clinics, and academic institutes. The hospitals and clinics segment accounted for the highest market share in 2023 due to the presence of the latest molecular diagnostic infrastructure in hospitals.

Pharmacogenomics Market: Report Scope

Pharmacogenomics Market: Regional Landscape

North America will be the leading region during the forecast period. The U.S. accounted for the highest share in the North American region due to the growing execution of pharmacogenomics and quick implementation of the latest healthcare technologies. Europe is likely to be the succeeding key market. The crucial reasons are the existence of skilled healthcare professionals and the increasing acceptance of personalized medicine.

Asia Pacific will develop at the highest growth rate owing to the presence of the large patient group, rise in consciousness regarding pharmacogenomics, and high incidence of chronic diseases. Latin America region will propagate at a noteworthy rate through the assessment time. Middle East & Africa will show positive advancement in the projected time frame.

Pharmacogenomics Market: Competitive Space

The report also includes detailed profiles of key players such as

• Dynamic DNA Laboratories
• Abbott Laboratories
• Empire Genomics, LLC
• Illumina. Inc.
• F. Hoffmann-La Roche Ltd.
• Myriad Genetics Inc.
• OneOme LLC
• Thermo Fisher Scientific. Inc.
• OPKO Health. Inc.

The global pharmacogenomics market is segmented as follows;

By Technology

• Microarray
• Polymerase Chain Reaction (PCR)
• Sequencing
• Electrophoresis
• Mass Spectrometry
• Others

By Application

• Infectious Diseases
• Oncology
• Neurological Diseases
• Cardiovascular Diseases
• Pain Management
• Psychiatry
• Others

By End-User

• Research Institutions
• Hospitals and Clinics
• Academic Institutes

By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa