ID: MRFR/LS/0671-HCR | 90 Pages | Published By Kinjoll Dey on March 2023
The pharmacogenomics market is projected to register a CAGR of 8.52% from 2022 to 2030 to reach USD 6,670.3 Million by 2030. The market for pharmacogenomics is being propelled by the growing acceptance of precision medicine and increased research and development spending on pharmacogenomics technologies, which hastened the creation of novel medicines. Additionally, the widespread use of pharmacogenomics on the market is fueled by the increasing prevalence of negative medication reactions. The pharmacogenomics industry is anticipated to grow due to the increasing emphasis on precision medicine, which aims to integrate genetic and environmental data regarding illnesses and their reactions to treatments. To digitally alter the pharmaceutical industry's operations and produce better business results, Infosys introduced its personalized medicine solution in June 2020.
COVID-19 Impact Analysis
Due to the suspension or termination of clinical studies, medication development, and diagnostics processes other than COVID-19, the COVID-19 pandemic in 2020 had a significant negative influence on the pharmacogenomics business and stunted its expansion. According to a study released in December 2021 and titled "Impact of the COVID-19 Pandemic on the Diagnosis of New Cancers: A National Multicenter Study of the Veterans Affairs Healthcare System," the COVID-19 pandemic significantly reduced the procedures used to diagnose cancer and, as a result, the number of new cancer diagnoses across the US. New cancer diagnoses also decreased by 13% to 23%, demonstrating the pandemic's negative impact.
Pharmacogenomics Market Dynamics
Over time, spending on R&D has increased, which is likely to further fuel industry expansion. For instance, the Israel Precision Medicine Partnership (IPMP) granted funds totaling approximately USD 9.9 million to 11 projects in Israel in October 2021 for the study of personalized medicine, which includes cancer, Crohn's disease, and uncommon disorders.
In today's healthcare system, adverse drug reactions by doctors continue to be a problem, mainly because one patient may experience side effects while another does not. Due to societal diversity, unexpected reactions occur, making the current healthcare market difficult. According to FDA statistics, 6.7 percent of hospitalized patients had an adverse medication reaction, and the fatality rate was 0.3 percent. If these numbers are accurate, hospitalized patients experience around 2,216,000 adverse medication reactions annually, leading to more than 106,000 fatalities. The market solutions provide an important solution to the problem. By illuminating underlying biological mechanisms and exploiting genetic contributions for individualized therapy, pharmacogenomics seeks to improve treatment outcomes.
The high cost of R&D
Pharmacogenetics investigations are useful throughout the entire drug development process. Analyzing and determining the effect of polymorphisms on medication response is conceivable. Pharmacogenetic testing can stratify patients according to their genotype and metabolizing capacity in clinical studies. The FDA has introduced requirements for pharmaceutical companies to provide pharmacogenetic data for labeling their drug products, as pharmacogenetics is used more frequently to advise the administration of various medications. As a result, pharmacogenomic approaches and associated research and development expenses are still very high.
Increased demand for precision pharmaceuticals to grow due to an increase in the aging population's susceptibility to disease. For instance, the National Cancer Institute reported in September 2020 that 1,806,590 new cancer cases were diagnosed in the U.S., and 606,520 cancer-related deaths were there.
Pharmacogenomics Market Segmentation
Based on technology, the pharmacogenomics market segmentation is microarray, sequencing, and polymerase chain reaction. The pharmacogenomics market growth was prominently high under the sequencing category in 2021. the growing emphasis on sequencing analysis for various genetic patterns. Additionally, sequencing techniques have had a significant impact on healthcare services all over the world. Treatment techniques have drastically changed due to genomic information becoming more and more important for illness diagnosis. However, a polymerase chain reaction is anticipated to be the fastest-growing in the coming years. Due to the impossibility of replacing the ability to amplify a short DNA fragment, the polymerase chain reaction is anticipated to expand.
Based on application, the pharmacogenomics market segmentation is oncology, cardiology, and neurological disorders. In 2021, the oncology segment accounted for the largest market share of the market, with the growing use of precision cancer treatment and the advantages of pharmacogenomics for cancer susceptibility. However, the cardiology category is estimated to register the highest growth rate during the forecast period due to increased demands from health professionals.
End User Inisghts
Based on end users, the market is divided into hospitals, research organizations, and academic institutes. The hospital's category dominated the market for pharmacogenomics in 2021. the use of hospitals as the primary setting for disease detection and treatment, the presence of licensed medical professionals, and the increase of molecular diagnostics resources in hospitals in response to the COVID-19 pandemic. The research organizations are anticipated to witness significant growth over the forecast period. Research organizations must be well-equipped due to the rise in infectious diseases and cancer prevalence. Research organizations use this technology most frequently because of the substantial research that has led to extremely sophisticated assays and systems.
Global Pharmacogenomics Market Share, by Region, 2021 (%)
Pharmacogenomics Market Overview, by Region
By region, the pharmacogenomics market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. The prevalence of chronic diseases like cancer is rising, and end users are becoming more aware of the uses and advantages of pharmacogenomics. Over eleven programs have been supported in the United States over the previous ten years with money from the public and private sectors. The government's endeavors to integrate targeted medicine philosophies into the mainstream healthcare system are driving the increase in the use of pharmacogenomic procedures in the area.
The region is growing due to factors like high investment in personalized medicine and drug discovery and development activities, the presence of a strong healthcare infrastructure, and the high prevalence of several chronic diseases. For instance, the Globocan 2020 report estimates that the number of cancer cases in the North American region will rise from 2.6 million cases in 2020 to 3.5 million by 2040. This rise in cancer cases is predicted to increase the demand for advanced and effective therapeutics, where pharmacogenomics can play a crucial role.
Asia-Pacific accounted for the second-largest market share in 2021. Cancer and other illnesses are becoming increasingly common due to improved medical treatment and research in developing nations like Japan and India. One of the leading causes of illness and patient mortality is cancer. Asia-Pacific has one of the highest cancer prevalence rates worldwide (apart from skin cancer), according to Globocan research. Additionally, the market has significant pockets of opportunity due to government expenditure and the growing adoption of genomic technologies, aided by the emergence of pharmaceutical companies, particularly those producing biosimilars.
Pharmacogenomics Market Competitive Landscape
The market has grown significantly due to the high level of interest among academics and the investments made by businesses in the efficacy and safety of pharmaceuticals, making the pharmacogenomics industry extremely competitive. Additionally, the government supports businesses developing bioinformatics technology for precision medicine research. For instance, in May 2022, Invitae introduced the Invitae Pharmacogenomics (PGx) Panel, which offers access to a clinical decision support tool and a focused Invitae Pharmacogenomics Mental Health Panel.
Prominent players in the pharmacogenomics market research include Myriad Genetics, Inc. (US), 23andMe, Inc. (US), Pathway Genomics (US), GeneTech (US), Future Science Group (US), Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health, Inc. (US), Bristol-Myers Squibb Company, Hoffmann-La Roche Ltd., Merck & Co., Inc., Johnson & Johnson, Abbott Laboratories, Inc. among others.
Scope of the Pharmacogenomics Market Report
End User Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Pharmacogenomics Market Forecast & Size:
To identify and estimate the market size for the pharmacogenomics market report segmented by technology, application, and end user by value (in US dollars). Also, to understand the consumption/ demand created by consumers pharmacogenomics market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the pharmacogenomics market growth
Market Influencing Factors:
To find out the factors which are affecting the pharmacogenomics market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 6,670.3 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Application, and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||Rising demand for precision medicine|
|Key Market Drivers||Growing worries about adverse drug reactions|
The pharmacogenomics market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~8.52% over the next 10 years, according to pharmacogenomics market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 6,670.3 Million by 2030.
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. among others are the major companies operating in the market.