Pharmacogenomics Technologies Market Size/Share Expected to Exceed USD 14.10 Billion By 2032, With 9.1% CAGR: Report by Polaris Market Research

NEW YORK, Nov. 20, 2023 /PRNewswire/ -- A latest research report [110+] pages with 360-Degree visibility, titled "Pharmacogenomics Technologies Market Share, Size, Trends, Industry Analysis Report, By Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, Others); By Therapeutic Area; By Region; And Segment Forecasts, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global pharmacogenomics technologies market size/share was valued at USD 5.90 Billion in 2022 and is expected to touch USD 14.10 Billion By 2032, growing at a CAGR of 9.1% during the forecast period."

What is Pharmacogenomics Technologies? How Big is Pharmacogenomics Technologies Market Size & Share?

• Overview

Pharmacogenomics technologies are a speedily growing area that concentrates on the communication between genetics and drugs. It includes the study of how genetic variations can impact drug reaction and the advancement of customized treatment propositions depending on a patient's genetic outline. The rapidly rising demand for pharmacogenomics technologies market can be attributed to the fact that anew technology known as CRISPR-Cas9 technology is a comprehensive gene editing tool that has the probability to convert pharmacogenomics research. It operates utilizing a system of proteins and RNA molecules to select particular genes and render compact edits to the DNA sequence.

Advancement in genomics has dilated understanding of genetic variation and their impact on drug responses, aiding as a foremost incentive for expanding the market. The growing cases of detrimental illnesses has caused a vast requirement for personalized medicine thus reinforcing market augmentation. Further, the reducing prices linked with genomic sequencing and continuing technological advancements for additionally pushing market growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Market's Key Understanding from the Report

• Market expectations are inspiring small scale players to focus on generating contemporary tests for drugs that are already licensed which is anticipated to push the market growth.
• The pharmacogenomics technologies market segmentation is primarily based on technology, therapeutic area, and region.
• North America dominated the largest market in 2022.

Pharmacogenomics Technologies Market Report Highlights

• The oncology segment is expected to witness the fastest growth during the forecast period, as there is growing onset of cancer, increasing need for personalized treatment, tumor profiling, rise in diagnosis rate, across the globe.
• In 2022, PCR segment held the largest market share, as there are significant advancements in theranostics, advantages associated with its higher efficiency and high throughput screening coupled with adoption among end users.
• In 2022, North America held the largest market share, owing to presence of key players, well developed industry big and small players, huge pool of researchers, and extensive network of industry academia.

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Market Growth Drivers and Trends

• The growing acquisition of customized care has made a sizeable benefaction to the augmentation of the market. The pharmacogenomics technologies market size is expanding as the prominence of modifying medical cure for discrete patients has led to customized care with an increasing consciousness of the impact of genetic elements on drug responses. These technologies execute a crucial part in identifying genetic divergence that influence drug efficacy and metabolism. In May 2022, Invitae revealed its panoramic 38 gene examining console for pharmacogenomics, known as Invitae Pharmacogenomics (PGx) Panel, for Mental Health Panel in a merger with a clinical selection reinforcement instrument. The acquisition of theragnostic by pharmaceutical companies is propelled by its probability to lessen R&D prices and speed up the rapidity of clinical trials. It motivates small scale players in the market to focus on generating inventive tests for drugs that have already acquired consent eventually encouraging growth in the near future.
• Pharmacogenomics technologies can improvise cure efficacy and lessen unfavourable drug reactions leading to improved patient results which is a notable propeller for their acquisition. The pharmacogenomics technologies market sales are soaring as there is a growing consciousness amongst healthcare professionals and patients about the influence of genetic differences and drug responses for encouraging the usage of pharmacogenomics to maximize treatments. It enacts an important role in drug advancements and clinical attempts, assisting pharmaceutical firms recognize and aid particular patient population for their medications. Progressions in genomics have notably improved the comprehension of the influence of genes on health. The advancement of progenies sequencing technologies has speeded up the investigation of DNA and RNA sequencing, authorizing the scrutiny of extensive proportions of genetic data. Genome wide alliance studies have enacted a crucial role in determining particular gene variations connected to several illnesses providing premium perception into the genetic foundation of diseases.

Prominent Players in the Market

• Agilent Technologies, Inc.
• F. Hoffmann-La Roche Ltd
• Foundation Medicine, Inc.
• GE HealthCare,
• Illumina, Inc
• Leica Biosystems Nussloch GmBH,
• MDPI
• Pfizer Inc.
• QIAGEN
• Thermo Fisher Scientific Inc.

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Pharmacogenomics Technologies Market Outlook

Significant Segmental Breakdown

• PCR segment held the largest market share

Based on technology, the PCR segment held the largest market share. The pharmacogenomics technologies market demand is on the rise due to it playing an important part in genetic analysis and diagnostics. PCR sanctions the elaboration of exact DNA sequences, rendering it an essential instrument for genotyping and recognizing genetic variations connected to drug response. Its sizeable usage includes the observation of single nucleotide polymorphisms (SNPs) and genetic mutations that impact drug ingestion and productiveness. In September 2021, Thermo Fisher Scientific Inc. initiated the QuantStudio Absolute Q Digital PCR System, a panoramic digital PCR technology anticipated to offer excessively exact results speedily. This inventive structure does not depend on intricate multi-instrument assignments. Rather, it amalgamates microfluidic array technology with easy procedures, improvising data evenness and precision,

• Oncology segment dominated the market

Based on the therapeutic area, the oncology segment dominated the market. The pharmacogenomics technologies market trends include dilating the scope of therapies advanced utilizing molecular diagnostics principles for cancer cure. The solution to executing associate diagnostics in cancer testifies in the cautious choosing of conjecturing biomarkers. These biomarkers are particular genetic or molecular features that can be recognized through diagnostic tests. They enact an important part in recognizing the patients are disposed to profit from a specific cure. To put it in another way, associate diagnostics assist decide if a particular drug or therapy is appropriate and impactful for a specific person's cancer.

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Regional Analysis

• North America: This region held the largest pharmacogenomics technologies market share due to the existence of entrenched industry prominent players functioning within the region. These prominent contenders have been diligently following alliances to established their base in the pharmacogenomics associate diagnostics market. The US has witnessed a notable upswing in non-segregated medicine research and development. It has been made possible by the operative inclusion of regulatory bodies and government resourcefulness targeted at advancing this field. The FDA has enacted an important role by furnishing advice charters to make possible landmark evaluation teamwork covering several agencies, initiate execution needs, shed light on regulatory schemes, and explain timelines.
• Asia Pacific: This region held the fastest market share. The region's speedy growth in the market can be attributed to its manifold population, the growing existence of detrimental illnesses, a concentration on precision medicine, and notable funding in research and infrastructure. These elements broadly push the demand for pharmacogenomics solutions and assist the region's proliferating market.

Current Improvements

• In January 2023, QIAGEN unveiled a strategic collaboration with Helix, a company specializing in population genomics. This partnership aims to facilitate the development of companion diagnostics for genetic diseases.

Browse the Detail Report "Pharmacogenomics Technologies Market Share, Size, Trends, Industry Analysis Report, By Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, Others); By Therapeutic Area; By Region; And Segment Forecasts, 2023 - 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/pharmacogenomics-technologies-market

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What can the Report Help you Find?

• Who are the key companies in the pharmacogenomics technologies market?
• What is the CAGR estimated to be calculated for the pharmacogenomics technologies market?
• What are the key segments covered?
• What are the key driving factors in the market?
• What will be the market value estimated by the end of the forecast period?

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research