Pharmacogenomics Market Analysis

Global Pharmacogenomics Market Overview

Pharmacogenomics Market Size was valued at USD 4.4 Billion in 2023. The Pharmacogenomics market industry is projected to grow from USD 4.77 Billion in 2024 to USD 8.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.47% during the forecast period (2024 - 2032).Personalized medicine, rising prevalence of chronic diseases, advancements in genomic technologies, drug development and clinical trials, government support and regulatory initiatives, increasing awareness among healthcare professionals, growing direct-to-consumer (DTC) genetic testing, precision medicine initiatives, strategic collaborations and partnerships, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally useful in the treatment of cancer, pharmacogenomics has been shown to increase patient survival. Additionally, it has been discovered to lower the wasteful expense of treating individuals who do not respond. As its name suggests, pharmacogenomics is the area of genetics that predicts a person's response to medications. The global pharmacogenomics market is expanding as a result of factors including an aging population, a rise in healthcare professionals using the pharmacogenomics procedure, a rise in patient awareness of personalized therapy, and an increase in the number of instances of chronic diseases like tuberculosis, lung cancer, HIV, and others. Additionally, molecular diagnostics technology developments for a better knowledge of the genetic makeup of each patient are also anticipated to increase the pharmacogenomics market during the forecast period.

Pharmacogenomics is a technology that is employed in the creation of secure and efficient medications for treating a variety of illnesses and disorders. Precision medicine is becoming increasingly popular, and research and development spending on pharmacogenomics technologies is also rising. These factors drive the rapid creation of new products and the pharmacogenomics market. The key market factors boosting market growth are personalized medicine, the rise in chronic disease prevalence, genomic technology advancements, drug development, and clinical trials, government support and regulatory initiatives, precision medicine initiatives, strategic collaborations, growing direct-to-consumer (DTC) genetic testing, and partnerships. The increased frequency of adverse medication reactions also drives the widespread use of pharmacogenomics on the international market. 

Sanger technology and next-generation sequencing are also used in academic and institutional research projects. The demand for these organizations' DNA sequencing products also rises due to increased funding and investment programs. The demand for pharmacogenomics is anticipated to rise as the precision medicine movement gains momentum since it aims to incorporate genetic and environmental data about ailments and how they respond to treatment. The pharmacogenomics market is anticipated to expand rapidly due to the quick development of digital technologies and improvements in biology.

June 2023,The NHS will conduct a pilot study to determine if it is feasible to provide pharmacogenomic testing for patients using statins, antidepressants, and proton pump inhibitors (PPIs). To ensure patients are taking the proper prescription and are not at risk for adverse effects when they start using a specific antidepressant, a fresh statin, or a proton pump inhibitor, the pilot will screen them.

By May 2022, there was an improved Invitae Pharmacogenomics (PGx) Panel that had an exclusive Invitae Pharmacogenomics Mental Health Panel and a clinical decision support tool (CDST).

They were caught by March 2022 in their desire to create pharmacogenomic testing services based at community pharmacies.

On the other hand, QIAGEN announced a partnership with Helix in January 2023. This move was aimed at hastening companion diagnostics for genetic diseases.

In July 2023, Pillar Biosciences Inc. entered into a partnership with Illumina Inc. so as to make available globally Pillar's range of oncology assays as part of Illumina’s oncology offering. This combination will bring together various sequencing options for next-generation, making them the most effective complementary tools ever assembled.

Pharmacogenomics Market Trends

• Increased demand for personalized medicine is driving the market growth

Precision medicine, commonly referred to as personalized medicine, is a cutting-edge method of providing healthcare that customizes medical therapy to each patient based on their particular genetic, genomic, and clinical characteristics. The pharmacogenomics business has advanced significantly as a result of this paradigm change in healthcare. The convergence of pharmacogenomics and personalized medicine has created new opportunities for enhancing patient outcomes, lowering adverse events, and maximizing medication therapy, changing the face of contemporary medicine.

The pharmacogenomics market is being driven by personalized medicine, which improves the effectiveness of treatments. In traditional medicine, conventional doses of drugs are frequently prescribed without taking into account individual variations in drug metabolism and reaction. However, genetic variations impacting drug absorption, metabolism, and target interactions cause not all people to react to a given medicine in the same way. Pharmacogenomics is essential in finding genetic variants that affect drug response and aids medical professionals in choosing the best treatments for each patient. Personalized medicine enabled by pharmacogenomics ensures that patients receive the correct drug at the right dose from the beginning, improving therapeutic outcomes by reducing trial and error in therapy selection.

The decline in adverse drug reactions (ADRs) is another important factor. ADRs are a significant problem in the healthcare industry because they increase hospitalizations, medical expenses, and patient morbidity. Pharmacogenomics-based personalized therapy can identify people who have a higher risk of ADRs based on their genetic makeup. Healthcare professionals can protect patients and improve patient safety by avoiding drugs that are likely to have negative side effects. This strategy is crucial for medications with a limited therapeutic index or those that are frequently linked to serious adverse effects.

Innovative remedies can be developed thanks to personalized medicine. Traditional drug development encounters difficulties proving efficacy in a variety of patient populations, resulting in medications that are useful for only a select group of patients. Pharmacogenomics data can be used into drug development processes to help pharmaceutical companies identify patient subgroups that are most likely to benefit from a new treatment. This focused strategy speeds up clinical studies, improves the chances that a treatment will be approved, and maximizes drug use. There is an increasing need for pharmacogenomics tools and services to support these innovative medicines as precision medicine gains popularity.

Additionally, personalized medicine gives people the power to actively take part in their healthcare decisions. Patients who have access to pharmacogenomics testing learn more about their genetic tendencies and how their bodies react to drugs. Armed with this information, patients can have intelligent conversations with their healthcare professionals that result in a shared choice of possible treatments. Patients take a greater interest in their health, which results in better treatment compliance and better health outcomes. The pharmacogenomics industry is boosted by the patient-centered approach, which increases demand for pharmacogenomics services.

Another aspect boosting market expansion is tailored medicine's affordability. Pharmacogenomics testing is expensive up front, but it can result in significant savings over time. Healthcare systems can cut down on emergency room visits, needless diagnostic testing, and hospitalizations by avoiding hazardous or ineffective medications and streamlining treatment. Additionally, tailored medicine lessens the financial burden brought on by unsuccessful therapies and adverse drug reactions, making healthcare costs more manageable. Healthcare stakeholders are investing in pharmacogenomics solutions to reduce overall healthcare costs as they become more aware of the potential cost-savings of tailored medicine. Thus, driving the Pharmacogenomics market revenue.

Pharmacogenomics Market Segment Insights

Pharmacogenomics Technology Insights

The Pharmacogenomics market segmentation, based on Technology, includes Microarray, Sequencing, and Polymerase Chain Reaction. The microarray segment dominated the market in 2022. Using microarray technology, thousands of genetic variations (also known as single nucleotide polymorphisms, or SNPs) throughout a patient's genome can be examined concurrently. The fast screening of many pharmacogenomics markers in a single experiment and the expedited genotyping process make this method efficient and time-saving.

Pharmacogenomics Application Insights

The Pharmacogenomics market segmentation, based on Application, includes Oncology, Cardiology, and Neurological Disorders. The oncology category generated the most income in 2022. Improvements in genetic testing technologies, such as microarrays and next-generation sequencing, have made pharmacogenomics testing more generally accessible and cheaply priced. These developments have simplified the process of integrating pharmacogenomics into common cancer practice.

Figure 1: Pharmacogenomics Market, by Application, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Pharmacogenomics End User Insights

The Pharmacogenomics market segmentation, based on End User, includes Hospitals, Research Organizations and Academic Institutes. The hospitals category generated the most income in 2022. Patients are increasingly asking for personalized medicine options, including pharmacogenomics testing, to obtain more specific and effective therapies. Hospitals are expanding their array of medical services to include pharmacogenomic testing in order to meet this demand. Adopting pharmacogenomics helps hospitals build their reputations and attract patients looking for tailored care, which boosts revenue generation.

News:To make it clear which pharmacogenomic study results and data ought to be included in regulatory paperwork for investigational drug applications (INDs), innovative drug applications (NDAs), and biologics license applications (BLAs), the Food and Drug Administration of the United States (FDA) has released draft recommendations.    The advice, released on March 16, 2023, also offers suggestions to sponsors regarding the structure and amount of detail for reporting pharmacogenomic data proposals, which would differ depending on how the genomic biomarkers are employed and the possible dangers. When it is complete, this new guideline will replace the FDA's 2005 final recommendation for the industry.

Pharmacogenomics Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Pharmacogenomics Market dominated this market in 2022 (45.80%). The pharmacogenomics research and applications have largely benefited from the regulatory framework in North America. In order to encourage businesses to engage in this area, the U.S. Food and Drug Administration (FDA) and Health Canada have set guidelines and methods for the creation and approval of pharmacogenomic testing. Further, the U.S. Pharmacogenomics market held the largest market share, and the Canada Pharmacogenomics market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PHARMACOGENOMICS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Asia-Pacific Pharmacogenomics Market accounts for the second-largest market share. The economies of APAC nations have been growing steadily, which has raised healthcare spending. Pharmacogenomics has gained popularity as a viable method to enhance healthcare outcomes and cost-effectiveness as the region invests more in healthcare infrastructure and cutting-edge technologies. Moreover, China’s Pharmacogenomics market held the largest market share, and the Indian Pharmacogenomics market was the fastest growing market in the Asia-Pacific region.

Europe Pharmacogenomics market is expected to grow at the fastest CAGR from 2024 to 2032. European nations actively engage in pharmacogenomics research and have robust research infrastructures. Studying genetic differences and pharmacological reactions in various populations involves collaboration between academic institutions, research facilities, and pharmaceutical businesses. The expansion of the market is fueled by these research initiatives that help create innovative pharmacogenomic testing and treatments. Further, the German Pharmacogenomics market held the largest market share, and the UK Pharmacogenomics market was the fastest growing market in the European region.

Pharmacogenomics Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Pharmacogenomics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Pharmacogenomics industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Pharmacogenomics industry to benefit clients and increase the market sector. In recent years, the Pharmacogenomics industry has offered some of the most significant advantages to medicine. Major players in the Pharmacogenomics market, including Myriad Genetics, Inc. (U.S.), 23andMe, Inc. (U.S.), Pathway Genomics (U.S.), GeneTech (U.S.), Future Science Group (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health, Inc. (U.S.), Bristol-Myers Squibb Company, Hoffmann-La Roche Ltd., Merck & Co., Inc., Johnson & Johnson, Abbott Laboratories, Inc. and others, are attempting to increase market demand by investing in research and development operations.

Myriad Genetics Inc. (Myriad) is a specialist molecular diagnostic business that creates and markets molecular diagnostic assays, engages in personalized medicine, and provides clinical and pharmaceutical therapies for critical disorders. The company's product range comprises molecular diagnostic testing tools that analyze genes, genetic expressions, and related proteins to determine a person's risk of developing diseases later in life. Additionally, it offers products for diagnosing illnesses and determining a patient's likelihood to respond to a certain treatment. Myriad offers its products through sales reps in Europe and Canada as well as distributor alliances in the Middle East, Asia, and Australia. The company has operations in the United States, Spain, France, Switzerland, the United Kingdom, Canada, Italy, and Germany in addition to the Netherlands. The headquarters of Myriad are located in the US city of Salt Lake City.

Genentech USA Inc. (Genentech) is a biotechnology company that finds, develops, produces, and distributes medicines to address urgent medical needs. It is a branch of F. Hoffmann-La Roche Ltd. It offers drugs for oncology, immunology, ophthalmology, metabolism, neurology, and infectious disease in addition to other therapeutic fields. Entrectinib (RXDX-101, RG6268), a CNS-active tyrosine-kinase inhibitor designed to treat non-small cell lung cancer, and Emicizumab (RG6013, ACE910), a bispecific monoclonal antibody used to replace the role of protein in the blood clotting process, are two products in the company's pipeline. Collaborations between the company with entities like BioLineRx, Charles River Laboratories International, and Amunix are common. The headquarters of Genentech are located in South San Francisco in the US state of California.

Key Companies in the Pharmacogenomics market include

• Myriad Genetics, Inc. (U.S.)


• 23andMe, Inc. (U.S.)


• Pathway Genomics (U.S.)


• GeneTech (U.S.)


• Future Science Group (U.S.)


• Teva Pharmaceutical Industries Ltd. (Israel)


• Assurex Health, Inc. (U.S.)


• Bristol-Myers Squibb Company


• Hoffmann-La Roche Ltd.


• Merck & Co., Inc.


• Johnson & Johnson


• Abbott Laboratories, Inc.

Pharmacogenomics Industry Developments

May 2022:Invitae unveiled the enlarged Invitae Pharmacogenomics (PGx) Panel, which offers access to a clinical decision support tool (CDST) and a separate Invitae Pharmacogenomics Mental Health Panel.

March 2022:Day-Lewis announced their intention to open a for-profit pharmacogenomic testing facility in a neighborhood pharmacy.

Pharmacogenomics Market Segmentation

Pharmacogenomics Technology Outlook

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  Microarray

  
  


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  Sequencing

  
  


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  Polymerase Chain Reaction

  
  

Pharmacogenomics Application Outlook

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  Oncology

  
  


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  Cardiology

  
  


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  Neurological Disorders

  
  

Pharmacogenomics End User Outlook

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  Hospitals

  
  


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  Research Organizations

  
  


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  Academic Institutes

  
  

Pharmacogenomics Regional Outlook

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  North America

  
  

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  U.S.

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America