Pharmacogenomics Market To Cross $10,505.3 Million Value by 2030, says P&S Intelligence

NEW YORK, May 2, 2022 /PRNewswire/ -- In 2021, the global pharmacogenomics market was worth $5,527.2 million, which is set to reach $10,505.3 million, rising at a CAGR of 7.4% from 2021 to 2030, according to P&S Intelligence. The growing use of pharmacogenomics in the development and discovery of medicines, increasing rate of adverse drug reactions (ADRs), shift from reactive to preventive care, and growing prevalence of cancers and infectious diseases are the key drivers for market growth.

Therefore, key players are extensively involved in seeking approvals and product launches to remain competitive. They include Thermo Fisher Scientific Inc., Hoffmann-La Roche Ltd., Myriad Genetics Inc., Abbott Laboratories, Admera Health LLC, QIAGEN N.V., Laboratory Corporation of America Holdings, 23andMe Inc., Exact Sciences Corporation, and Mesa Laboratories Inc.

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Key Findings of Pharmacogenomics Market Report

• The sequencing category is expected to experience the highest CAGR due to the growing emphasis on sequencing analysis for various genetic patterns. Furthermore, sequencing approaches have had a significant influence on healthcare by revolutionizing treatment techniques, as genetic information has become more prominent in diagnosis.
• Genotyping services hold the largest share in the pharmacogenomics market due to the acquisition of individual genomics profiles by health providers, to offer better services.
• Moreover, the United States Clinical Laboratory Improvement Amendments (CLIA) and FDA have been at the forefront of developing effective and acceptable recommendations and regulations, to encourage end users to employ pharmacogenomic tests.
• Thus, North America dominated the global pharmacogenomics market in 2021, and it is expected to maintain its dominance in the next years. The government's attempts to incorporate targeted medicine techniques into the mainstream healthcare sector are driving the use of pharmacogenomic procedures in the region.
• A key solution provider, Foundation Medicine Inc. gained the FDA clearance for its FoundationOne CDx in December 2021, which will be used as a companion diagnostic (CDx) for two sets of future and existing FDA-approved melanoma treatments.
• Similarly, Thermo Fisher Scientific Inc. released the latest version of SeqStudio Flex Series Genetic Analyzer in March 2022, allowing researchers to conduct research on infectious disease diagnostics and gene editing. The SeqStudio Flex Series Genetic Analyzer features a more-efficient workflow, improved accuracy, and multiple applications.

Diagnostic facilities are expected to grow at the highest pharmacogenomics market CAGR in the coming years. Diagnostic centers account for the majority of these items in use, owing to the considerable research, which has resulted in highly complex tests and systems. Furthermore, technological improvements have transformed the services offered by diagnostic centers, thus resulting in higher patient traffic.

Browse detailed report on Pharmacogenomics Market Size and Demand Forecast Through 2030

Direct-to-consumer (DTC) tests are in vitro diagnostic (IVD) tests that are sold directly to consumers without the involvement of healthcare practitioners. The user is often asked to take a specimen (saliva, urine, or other) and send it straight to the corporation for analysis and testing. The number of people who may now obtain genetic information on themselves is growing because of DTC testing, which offers opportunities to market players.

Pharmacogenomics Market Segmentation Analysis

By Service

• Genotyping
• SNP Identification
• Pharmacogenetic Testing

By Technology

• Polymerase Chain Reaction (PCR)
• Microarray
• Sequencing

By Application

• Oncology
• Infectious Diseases
• Neurology
• Cardiovascular Diseases

By End User

• Research Organizations
• Pharmaceutical Companies
• Diagnostic Centers

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific (APAC)
• China
• India
• Japan
• Latin America (LATAM)
• Brazil
• Mexico
• Middle East and Africa (MEA)
•  Saudi Arabia
• South Africa

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About P&S Intelligence

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SOURCE P&S Intelligence