Pharmacogenomics Market Size, Share, Growth Analysis, By Type(Genotyping, sequencing) - Industry Forecast 2024-2031

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.