Pharmacogenomics Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.67 Billion |
| Market Size (2029) | USD 11.67 Billion |
| CAGR (2024 - 2029) | 6.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pharmacogenomics Market Analysis
The Pharmacogenomics Market size is estimated at USD 8.67 billion in 2024, and is expected to reach USD 11.67 billion by 2029, growing at a CAGR of 6.12% during the forecast period (2024-2029).
The pharmacogenomics market is driven by the rising popularity of precision medicine, coupled with growing research and development expenditures on pharmacogenomics technologies, which is accelerating the development of novel products. The high incidence rate of adverse drug reactions is also driving the higher adoption of pharmacogenomics in the global market.
The increasing focus on precision medicine is expected to augment the pharmacogenomics market, as the precision medicine approach aims to integrate genetic and environmental information about diseases and their responses to treatments. For instance, in June 2023, the National Cancer Institute introduced a precision medicine initiative known as Combination Therapy Platform Trial with Molecular Analysis for Therapy Choice (ComboMATCH), which can evaluate the different drug combinations for cancer patients based on tumor biology. With the rapid growth in digital technologies and advances in biology, the pharmacogenomics market is projected to grow significantly.
Additionally, increasing research and development spending is contributing to the adoption of pharmacogenomics and driving the market's growth. For instance, in March 2023, Allroion Therapeutics, the next-generation precision medicine company focusing on oncology and autoimmune disorders, completed a USD 50 million Series B financing round to develop upcoming clinical trials in phase I/II in China and the United States. This increase in R&D spending is expected to boost the market’s growth during the forecast period.
Sanger technology and next-generation sequencing are increasingly adopted in academic and institutional research projects. Additionally, a rise in funding and investment programs augment these entities' demand for DNA sequencing products. For instance, in January 2024, according to the National Cancer Institute, the spending on cancer research funding increased significantly from USD 6.72 billion in 2022 to USD 7.10 billion in 2023 in the United States. This data shows significant investment in genomics and personalized medicine, which is expected to impact the pharmacogenomics market's growth positively. Pharmacogenomics is also helpful in cancer treatment and has proved to improve the survival of patients. At the same time, it has also been found to reduce the unnecessary cost of unresponsive therapy by patients.
Therefore, factors such as increasing focus on precision medicine and growing research and development spending are expected to enhance the growth of the pharmacogenomics market during the forecast period. However, issues related to reimbursement and problems associated with the detection of gene variation that affects drug response may restrain the growth of the pharmacogenomics market during the forecast period.
Pharmacogenomics Market Trends
Drug Discovery Segment is Expected to Occupy a Significant Share in the Pharmacogenomics Market During the Forecast Period
- Drug discovery is a process that aims to identify a compound that helps treat and cure diseases therapeutically. Typically, a drug discovery effort addresses a biological target that plays a role in developing the disease or starts from a molecule with enjoyable biological activities. In clinical studies, pharmacogenetic testing can group people according to their genotype, reflecting how well they metabolize drugs. The clinical trials that result in adverse drug reactions are avoided. This can also reduce the attrition of drug compounds.
- Factors such as the rising incidence of cancer and other chronic diseases, increasing R&D activities for developing potential new drugs for these diseases, and increased demand for precision medicine are expected to enhance the segment's growth during the forecast period. For instance, in January 2024, according to the American Cancer Society, it was estimated that there would be more than 2 million cancer cases diagnosed in the United States in 2024, an increase from the previous years' reported cancer cases of 1.9 million. Thus, the growing number of cancer cases is expected to contribute to the segment’s growth.
- However, pharmacogenomics improves the drug's efficacy and reduces the chances of adverse effects, thus boosting its adoption in clinical trials. For instance, in October 2023, according to an article published in Frontiers in Pharmacology, pharmacogenomics studies are practical in determining reactions associated with genetic causes and help understand the impact of multiple mutations in the genome to evaluate an individual's response to drugs. Additionally, as of June 2023’s database results, there was an increase in clinical trials, particularly in the areas of oncology (28.43%) and mental health (10.66%), in which the most identified genes were CYP2D6 (mental health and pain), CYP2C9 (hematology), CYP2C19 (cardiology and mental health), and ABCB1 and CYP3A5 (transplantation and cardiology). This boosted the adoption of pharmacogenomics in clinical trials.
- The increasing investment in drug discovery processes and development activities will further increase the adoption of pharmacogenomics technology, which is anticipated to have a significant and positive impact on the drug discovery segment in the pharmacogenomics market. For instance, according to the 2023 annual report of Eli Lilly and Company, its research and development expenditure increased by 30%, which accounted for USD 9,313.4 million in 2023, and it has increased over the years owing to the high investment in the new drug discovery and development activities.
- Therefore, owing to increasing investment in drug discovery processes and development activities and the rising incidence of cancer and other chronic diseases, the drug discovery segment is expected to hold a significant share of the pharmacogenomics market during the forecast period.
North America is Anticipated to Hold a Significant Market Share in the Pharmacogenomics Market During the Forecast Period
- North America is expected to register a significant share in the pharmacogenomics market during the forecast period owing to factors such as high investment in personalized medicine and drug discovery and development activities, robust healthcare infrastructure, and the high prevalence of several chronic diseases. For instance, according to the data published by the Canadian Cancer Society in November 2023, an estimated 239,100 Canadians were expected to be diagnosed with cancer in 2023, and around 45% of the individuals in Canada will be diagnosed with cancer in their lifetime. These factors are expected to drive demand for advanced and effective therapeutics where pharmacogenomics can play a crucial role. Thus, the market studied is expected to grow in North America.
- The large number of research institutes involved in research and development activities for developing novel therapeutics contributes to the market’s growth in the region. For instance, in August 2023, the University of Montana granted USD 8 million to the L.S.Skaggs for health innovation and innovative research programs comprising precision medicine and pharmacogenomics to address healthcare challenges.
- Further, the launch of new products and services in the country is expected to fuel growth in the pharmacogenomics market as it will increase the adoption of pharmacogenomics products and services in the region. For instance, in July 2023, Maryland Community Health System expanded pharmacogenomics testing for all its employees with no out-of-pocket costs and insured patients in particular programs. This will improve the patients' affordability and accessibility to pharmacogenomics testing. Additionally, in February 2023, the University of Florida College of Pharmacy pharmacists launched a new health service, MyRx, to provide virtual consultation to patients, help them understand the pharmacogenetic testing results, and improve drug therapeutics. Thus, such new innovative product launches are expected to be adopted and contribute to the region's market growth.
- Therefore, owing to factors such as high investment in personalized medicine and drug discovery and development activities, and the high prevalence of several chronic diseases, North America is expected to register a significant market share in the pharmacogenomics market, and the United States is expected to be at the forefront of it during the forecast period.
Pharmacogenomics Industry Overview
The pharmacogenomics market is highly fragmented due to several key players. The large interest of researchers and investment in the safety and efficiency of drugs by companies are the major factors responsible for the market's growth, making it highly competitive with the presence of many key players in the pharmacogenomics market. The government is also involved in funding companies that work to develop bioinformatics technology for precision medicine research applications. Some players are Abbott Laboratories Inc., Biomerieux SA, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Thermo Fisher Scientific, and F. Hoffman-La Roche Ltd.
Pharmacogenomics Market Leaders
Thermo Fisher Scientific Inc.
Abbott Laboratories Inc.
F. Hoffmann-La Roche AG
Bio-Rad Laboratories
Biomerieux SA
*Disclaimer: Major Players sorted in no particular order
Pharmacogenomics Market News
- May 2024: Oxford Nanopore Technologies introduced a new Pharmacogenomics (PGx) Beta Programme for advancing personalized medicine with the combination of Twist Bioscience’s next-generation sequencing (NGS) target enrichment technology with Oxford Nanopore’s sequencing platform.
- February 2024: Nicklaus Children's Hospital in South Florida adopted the next-generation pharmacogenomics technology, Applied Biosystems PharmacoScan Solution and GeneTitan MC Fast Scan Instrument, to develop personalized treatment plans for the patients and reduce the complications from drug interactions and side effects.
Pharmacogenomics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Focus on Precision Medicine
4.2.2 Increasing Expenditure in Research and Development
4.2.3 High Rate of Adverse Drug Reaction
4.2.4 Enhancement of Drug Safety and Efficiency to Increase Success Rates in Pharmaceutical R&D
4.3 Market Restraints
4.3.1 Difficulties in Detecting Gene Variation that Affect Drug Response
4.3.2 Reimbursement Issues
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Technology
5.1.1 DNA Sequencing
5.1.2 Microarray
5.1.3 Polymerase Chain Reaction
5.1.4 Electrophoresis
5.1.5 Mass Spectrometry
5.1.6 Other Technologies
5.2 By Application
5.2.1 Drug Discovery
5.2.2 Neurology
5.2.3 Oncology
5.2.4 Pain Management
5.2.5 Other Applications
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories Inc.
6.1.2 Agilent Technologies Inc.
6.1.3 Becton, Dickinson and Company
6.1.4 Biomerieux
6.1.5 Bio-Rad Laboratories Inc.
6.1.6 Eurofins Scientific
6.1.7 F. Hoffmann-La Roche Ltd
6.1.8 Illumina Inc.
6.1.9 Merck KgAA
6.1.10 Pacific Biosciences of California Inc.
6.1.11 PerkinElmer Inc.
6.1.12 Qiagen NV
6.1.13 Thermo Fisher Scientific Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pharmacogenomics Industry Overview
As per the scope of this report, pharmacogenomics provides accurate insights into making clinical decisions and determining the most effective treatment by varying the dosages of drugs. The field of pharmacogenomics is predicted to treat a wide range of health problems, including cardiovascular diseases, Alzheimer's disease, cancer, HIV/AIDS, and asthma. The pharmacogenomics market is segmented by technology, application, and geography. By technology, the market is segmented into DNA sequencing, microarray, polymerase chain reaction, electrophoresis, mass spectrometry, and other technologies. By application, the market is segmented into drug discovery, neurology, oncology, pain management, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. For each segment, the market size is provided in terms of value (USD).
| By Technology | |
| DNA Sequencing | |
| Microarray | |
| Polymerase Chain Reaction | |
| Electrophoresis | |
| Mass Spectrometry | |
| Other Technologies |
| By Application | |
| Drug Discovery | |
| Neurology | |
| Oncology | |
| Pain Management | |
| Other Applications |
| By Geography | ||||||||
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Pharmacogenomics Market Research FAQs
How big is the Pharmacogenomics Market?
The Pharmacogenomics Market size is expected to reach USD 8.67 billion in 2024 and grow at a CAGR of 6.12% to reach USD 11.67 billion by 2029.
What is the current Pharmacogenomics Market size?
In 2024, the Pharmacogenomics Market size is expected to reach USD 8.67 billion.
Who are the key players in Pharmacogenomics Market?
Thermo Fisher Scientific Inc., Abbott Laboratories Inc., F. Hoffmann-La Roche AG, Bio-Rad Laboratories and Biomerieux SA are the major companies operating in the Pharmacogenomics Market.
Which is the fastest growing region in Pharmacogenomics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Pharmacogenomics Market?
In 2024, the North America accounts for the largest market share in Pharmacogenomics Market.
What years does this Pharmacogenomics Market cover, and what was the market size in 2023?
In 2023, the Pharmacogenomics Market size was estimated at USD 8.14 billion. The report covers the Pharmacogenomics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Pharmacogenomics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pharmacogenomics Industry Report
Statistics for the 2024 Pharmacogenomics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pharmacogenomics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
