Pharmacogenomics Market Size, Share & Analysis By Technology (Microarray, Polymerase Chain Reaction (PCR), Sanger Sequencing, Next-Generation Sequencing (NGS), and Others), By Application (HIV/AIDS, Cardiovascular Disease, Cancer, Tuberculosis, Alzheimer Disease, and Others), By End-user (Pharmacogenomics Service Provider, Pharmaceutical & Biotechnology Companies, and Academic & Research institutes), and Regional Forecast, 2024-2032

Pharmacogenomics is a study to identify genomic response in specific drug treatment for making clinical and diagnostic decisions to further treat a person with effective variation and dosage. It aims to provide a more personalized approach to treating patients with various life-threatening diseases by determining the susceptibility of certain disease and to analyze efficacy of developed drugs.

The pharmacogenomics market growth is driven by higher adoption of target drug therapies in the geriatric patient population, higher demand for pharmacogenomics in drug development, and the predominance of chronic diseases like cardiology, neurological disorder, tuberculosis, HIV, and others. Moreover, the increasing focus of the market players on R&D launches of new products, and increasing government focus on growing accessibility of care & treatment for a patient population are expected to boost the market growth during the forecast period.

• For instance, in 2018, according to National Centre for Biotechnology Information, pharmacogenomics was extensively used to make personalized medicine based on a patient's genetic information, which was used to build a therapeutic decision and is a huge part of drug development.

However, factors such as adverse reactions associated with drug therapies and lesser number of skilled and highly trained healthcare professionals to perform the pharmacogenomics diagnostics test are expected to negatively impact the market growth.  

Impact of COVID-19 on the Pharmacogenomics Market

The COVID-19 pandemic had a positive impact on the pharmacogenomics market globally. The sudden outbreak of the virus caused a surge in R&D for effective diagnosis and treatment of SARS-CoV-2. Pharmacogenomics plays a key role in target drug therapy development for COVID-19 treatment.

• For instance, in February 2021, according to National Center for Biotechnology Information, the development of a new pharmacogenomics marker was helpful for drug designing for SARS-CoV-2.

The significant importance of pharmacogenomics for drug development of COVID-19 increased the demand for pharmacogenomics for effective treatment development and diagnosis of the virus.

Key Insight

• Prevalence of Chronic Disease.


• Key Development.


• Technological Advancement in Pharmacogenomics.


• Impact of COVID-19 on the pharmacogenomics market.

Analysis by Technology

On the basis of technology, the market is segmented into microarray, polymerase chain reaction (PCR), Sanger’s sequencing, next-generation sequencing (NGS), and others. The polymerase chain reaction segment is expected to hold a significant market share during the forecast period owing to its use for the amplification of a small segment of DNA.

Furthermore, Sanger’s sequencing technology is expected to grow at a significant growth rate during the forecast period due to its use in variant identification testing in pharmacogenomics clinical studies.

Analysis by Region

North America accounts for a significant share of the global pharmacogenomics market. This is due to the increasing R&D investment, new product launches, and rising pharma sectors in the region.

• In April 2021, according to a Congressional Budget Office article, drug approvals increased by 60.0%. As per the same data, each year 38 new drugs are approved in the U.S.


• Additionally, in August 2018, Nebula Genomics announced seed funding of USD 4.3 million & collaborated with Veritas Genetics to enter into genome sequencing, creating a marketplace for genomic data.

Furthermore, Europe accounted for a considerable market share in 2021 owing to the increasing prevalence of chronic disease thus increasing the need for precision medicine in the region.

Key Players Covered

The report will include key players such as Thermo Fisher Scientific, Illumina, Inc., MedicalExpo, Twist Bioscience, BIOplastics, Analytik Jena GmbH, Agilent, Bio-Rad Laboratories, Inc., Promega Corporation, and others.

Segmentation

Key Industry Development

The increasing ubiquity of chronic diseases like cancer and neurological diseases encourages the demand for the precise combination of drugs in the form of medicine.

• In June 2022, Bio-Rad launched a SEQuoia Express Stranded RNA Library Prep Kit at Advances in Genome Biology and Technology (AGBT). The kit provides an easy-to-use solution for constructing robust libraries to support efficient RNA-Seq workflows for comprehensive transcriptome profiling.


• In February 2022, Agilent Technologies announced the partnership with Element Biosciences to validate the AVITI system with SureSelect hybrid-capture target enrichment solutions, a pre-sequencing DNA preparation method.


• In April 2018, ThermoFisher Scientific with the University of Pittsburgh established the pharmacogenomics center to enhance the scope of research & development in genomics, bioinformatics, and others. This center accelerated the innovation of personalized medicine in the market.