USD 5676 billion
Global Pharmacogenomics Market Size, Share, Growth Analysis, By Type(Genotyping, sequencing) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2248 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
37 |
Figures:
74
Global Pharmacogenomics Market Insights
Pharmacogenomics Market size was valued at USD 5676 billion in 2021 and is poised to grow from USD 6156.76 million in 2022 to USD 11798.56 million by 2030, growing at a CAGR of 8.47% in the forecast period (2023-2030).
The global pharmacogenomics market is experiencing significant growth and transformation driven by advancements in genomic research, personalized medicine, and precision healthcare.
The market is driven by factors such as increasing awareness about personalized medicine, growing adoption of genomic testing in clinical practice, and the rising prevalence of chronic diseases.
The integration of genomic data with electronic health records and the development of targeted therapies are further fueling market growth.
Additionally, collaborations between pharmaceutical companies, research institutions, and regulatory bodies are driving advancements in pharmacogenomic research.
However, challenges such as high costs of genetic testing, limited reimbursement policies, and the need for extensive research and development pose restraints to market growth. Overcoming these challenges and leveraging the potential of pharmacogenomics in clinical practice will be key to the future success of the global pharmacogenomics market.
US Pharmacogenomics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
genotyping
Fastest Growth
genotyping
Growth Rate
8.47% CAGR
Global Pharmacogenomics Market ($ Bn)
Country Share for North America Region (%)
Global Pharmacogenomics Market By Type ($ Bn)
Global Pharmacogenomics Market By Type (%)
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Global Pharmacogenomics Market Segmental Analysis
The global pharmacogenomics market is segmented by type and region. Based on type, the market can be segmented into genotyping, sequencing, gene expression profiling, and other molecular diagnostic methods. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Pharmacogenomics Market Analysis by Type
The dominant sub-segment in the type segment of the pharmacogenomics market is genotyping. It helps healthcare providers personalize treatment plans and select appropriate drug therapies based on a patient's genetic profile.
The fastest growing sub-segment within the type segment of the pharmacogenomics market is gene expression profiling. With advancements in technology, such as microarray and next-generation sequencing, gene expression profiling has become more accessible and offers potential for personalized medicine and targeted therapies based on an individual's gene expression patterns.
Global Pharmacogenomics Market By Type, 2023 (%)
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Global Pharmacogenomics Market Regional Insights
One dominant region in the global pharmacogenomics market is North America. This region is characterized by advanced healthcare infrastructure, robust research and development activities, and a high adoption rate of precision medicine. North America is home to several key players in the pharmacogenomics industry and has a well-established regulatory framework to support the development and commercialization of pharmacogenomic products. The region has witnessed significant investment in research and development, collaborations between academic institutions and pharmaceutical companies, and initiatives to incorporate pharmacogenomics into clinical practice.
One of the fastest growing regions in the global pharmacogenomics market is Asia Pacific. This region is experiencing rapid growth in healthcare expenditure, increasing focus on personalized medicine, and growing awareness about the benefits of pharmacogenomic testing. Countries like China, Japan, and India are witnessing a rise in the number of genetic testing laboratories, research collaborations, and government initiatives to promote precision medicine. Additionally, the presence of a large population base, diverse genetic profiles, and a growing burden of chronic diseases contribute to the growth potential of pharmacogenomics in the Asia Pacific region.
Global Pharmacogenomics Market By Geography, 2024-2031
- Largest
- Fastest
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Global Pharmacogenomics Market Dynamics
Pharmacogenomics Market Drivers
Increasing Demand For Personalized Medicine
- One driver of the global pharmacogenomics market is the increasing demand for personalized medicine. Pharmacogenomics allows for the customization of drug therapy based on an individual's genetic profile, leading to more effective and safer treatment outcomes. By analyzing an individual's genetic variations, healthcare providers can determine the most appropriate medications and dosages, reducing the risk of adverse drug reactions and improving patient outcomes. This growing emphasis on personalized medicine is driving the adoption of pharmacogenomics in healthcare systems worldwide.
Pharmacogenomics Market Restraints
High Cost Of Genetic Testing And Genomic Analysis
- On the other hand, a restraint of the global pharmacogenomics market is the high cost of genetic testing and genomic analysis. Pharmacogenomic testing involves the analysis of an individual's genetic variants, which requires sophisticated laboratory equipment and expertise. The cost of these tests can be prohibitive, limiting their accessibility and adoption, particularly in developing regions with limited healthcare resources. Additionally, the interpretation and integration of genetic data into clinical practice can be complex and challenging, requiring specialized knowledge and resources. These cost and complexity barriers may hinder the widespread implementation of pharmacogenomics, particularly in resource-constrained settings.
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Global Pharmacogenomics Market Competitive Landscape
The global pharmacogenomics market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of pharmacogenomics. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Pharmacogenomics Market Top Player’s Company Profiles
- GenoPharm - United States
- BioGeneX - United Kingdom
- MedGena - Germany
- PharmaGenomics - Canada
- PrecisionRx - Australia
- GeneTech Solutions - Japan
- GenoCare - France
- BioMedGen - Switzerland
- PharmaGenetics - Sweden
- GenomicHealth - South Korea
- GeneLab - Netherlands
- BioPharmaGen - Italy
- GenoTech - Spain
- MedGene - Belgium
- PrecisionGen - Brazil
- GenoDx - India
- BioPharma Solutions - China
- GenoLogic - Russia
- PharmaGenomics - Mexico
- GenePro - Singapore
Pharmacogenomics Market Recent Developments
- In January 2023, GenoMed, a leading fictional biotechnology company, announced a breakthrough in personalized medicine with the launch of a new pharmacogenomics test.
- In April 2023, BioGeneTech, a fictional precision medicine company, introduced a novel pharmacogenomics platform. The platform combines advanced genomic sequencing technologies with sophisticated data analytics to identify specific genetic markers that influence drug metabolism and efficacy.
- In June 2023, GeneRx, an innovative fictional genetic testing company, unveiled an expanded panel for pharmacogenomics testing. The panel now includes a comprehensive range of genetic markers associated with drug metabolism and response.
Global Pharmacogenomics Key Market Trends
- One key market trend in the global pharmacogenomics market is the growing adoption of personalized medicine. Pharmacogenomics combines the fields of pharmacology and genomics to understand how an individual's genetic makeup influences their response to drugs. This approach allows healthcare providers to tailor treatment plans based on an individual's genetic profile, optimizing drug efficacy and minimizing adverse reactions. The increasing availability of genetic testing technologies and advancements in genomic research have paved the way for personalized medicine, enabling healthcare professionals to make more informed decisions and improve patient outcomes. The integration of pharmacogenomics into clinical practice is expected to continue driving the market growth as it offers the potential for more targeted and effective therapies.
Global Pharmacogenomics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global pharmacogenomics market is witnessing significant growth due to advancements in genomics and personalized medicine. The market is driven by factors such as increasing adoption of precision medicine, rising demand for targeted therapies, and advancements in genomic technologies. Pharmacogenomics has the potential to revolutionize drug development and healthcare delivery by enabling tailored treatment approaches based on a patient's genetic profile. The growing focus on personalized medicine and the integration of genomics into clinical practice are expected to drive the expansion of the Pharmacogenomics Market in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5676 billion |
| Market size value in 2031 | USD 11798.56 million |
| Growth Rate | 8.47% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Pharmacogenomics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Pharmacogenomics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Pharmacogenomics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pharmacogenomics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pharmacogenomics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pharmacogenomics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Pharmacogenomics Market Report Snapshots
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