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Pharmacogenomics Technology Market Is Expected To Reach USD 13.15 Billion By 2032
(MENAFN- EIN Presswire)
The Pharmacogenomics technology market expansion is driven by the advancements in genomic technologies, and a heightened focus on optimizing drug therapies based on individual genetic profiles.
Market analysis
The global pharmacogenomics technology market is witnessing a strong growth led by the rising cases of the chronic and genetic diseases, primarily cancer. As per the World Health Organization, globally, nearly 20 million new cancer cases and 10 million cancer deaths were estimated, with the incidence of cancer expected to increase by about 60% in the next two decades. The growing occurrence highlights the importance of personalized medicine, where pharmacogenomics becomes the cornerstone of precision medicine, customizing therapy according to their genetic blueprint. Moreover, this market is also scalable due to extensive investments in genomic research and development, as well as strategic partnerships between pharmaceutical and diagnostic companies for developing innovative products in this domain. The market growth and precision medicine development are attributed to the above-mentioned factors.
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Key Players in Pharmacogenomics Technology Market
.Illumina, Inc. (Verifi Prenatal Test, TruSight NIPT Solution)
.Thermo Fisher Scientific, Inc. (Ion Proton System, Applied Biosystems Genetic Analyzer)
.F. Hoffmann-La Roche Ltd. (Cobas 4800 System, GeneSeq)
.Qiagen N.V. (QIAgen Sample & Assay Technologies, QIAamp DNA Mini Kit)
.Danaher Corporation (Bio-Rad CFX96 Touch Real-Time PCR System, Applied Precision Gene Expression)
.Laboratory Corporation of America Holdings (PGxTest, GeneMedRx)
.Abbott Laboratories (Alinity m System, RealTime PCR Assays)
.CeGaT GmbH (CeGaT Gene Panels, PGx-Therapeutics)
.Myriad Genetics, Inc. (MyRisk Hereditary Cancer Test, myChoice HRD)
.PerkinElmer, Inc. (NextSeq 500 System, Gene Expression Solutions)
.Eurofins Scientific (Eurofins GeneScan, Eurofins Genomics)
.Illumina, Inc. (NextSeq 500, NovaSeq 6000)
.Helix, Inc. (Helix DNA Testing, Helix Health Data)
.PathAI (PathAI Lab, Genomic AI Solutions)
.Guardant Health, Inc. (Guardant360, GuardantOMNI)
.Invitae Corporation (Invitae Pharmacogenomics Panel, Invitae Carrier Screening)
.NantHealth, Inc. (NantHealth Pharmacogenomics, NantOmics)
.Gene by Gene, Ltd. (Family Tree DNA, GeneReviews)
.Thermo Fisher Scientific, Inc. (Applied Biosystems Genetic Analyzer, Ion GeneStudio S5 System)
.Synnovis (Synnovis Genomic Services, Pharmacogenomic Testing)
Market Segmentation
By Therapeutic Area
In 2023, the oncology segment held the largest share of the pharmacogenomics technology market, contributing for 40.12% of the total revenue. The dominance of this approach is due to the importance of pharmacogenomics in cancer treatment, where polymorphisms affecting drug response are identified. By customizing treatments based on a patient's genetic makeup, providers can improve treatment effectiveness and reduce side effects. The growing incidence of the disease across the globe coupled with the growing inclination towards precision oncology is anticipated to drive the growth of this segment.
Pharmacogenomics market is another important therapeutic area consisting of neurological disorders. Genetic differences can have a great impact whether a person with a neurological disease will benefit from or be harmed by medications. Clinicians use pharmacogenomic knowledge to make individualized therapeutic decisions based on factors including potential side effects and treatment adherence concerning the success of individual patients with epilepsy, depression, and schizophrenia [27,28]. Improvements in neurogenetics research are expected to broaden the field of pharmacogenomics into neurological care.
By Technology
In 2023, the PCR segment accounted for the largest share of the pharmacogenomics technology market at 31.25%. PCR is now ubiquitous because it can amplify specific DNA sequences, making it essential for the detection of genetic polymorphisms, predicting the response to certain drugs. PCR has become a cornerstone in pharmacogenomic testing because of its precision, speed, and cost-effectiveness. Ongoing developments like digital pcr improve its sensitivity and quantitative features, which allows it to maintain its market position.
The pharmacogenomics sector is experiencing a rapid growth due to the adoption of various sequencing technologies, most notably Next-Generation Sequencing (NGS). Technology includes tools that provide valuable information about a person's genetic makeup and that allow the identification of many genetic variants at once. Decreasing costs and improving speed of sequencing technology are making it more accessible to clinical applications for more individualized therapeutic approaches. With this progressive evolution in the technology, we can expect an increased integration of such technology into routine clinical practices.
Speak with Our Expert Analyst Today to Gain Deeper Insights @
Regional Analysis
In 2023, the pharmacogenomics technology market was dominated by North America which retained 39.25% share of the market. This is directed by the region's strong healthcare system, large scale investment in genomic research and a benign regulatory environment. Some of the major drivers of the market include significant presence of key market players as well as the collaborations between academic institutions and industry stakeholders, which have together fueled innovation and sped up adoption of pharmacogenomic applications. Ongoing government initiatives aiding precision medicine significantly contribute toward the market expansion in this region.
The Asia-Pacific region is expected to grow at the fastest rate over the forecast period. Some key factors driving this impressive growth are a large and genetically diverse population, rising burden of chronic diseases, and increasing investments in healthcare infrastructure. For example, China, Japan, and India are leading initiatives to implement genomic technologies as part of clinical practice. The adoption of pharmacogenomics in the region is anticipated to be boosted by Government initiatives to promote precision medicine and collaborations between local and international stakeholders.
Recent development
In January 2023, QIAGEN acquired Verogen, a provider of next-generation sequencing technologies for applications in human identification and forensic investigation. This acquisition is expected to enhance QIAGEN's capabilities in genetic testing and expand its portfolio in the pharmacogenomics market.
Buy Full Research Report on Pharmacogenomics Technology Market 2024-2032 @
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Pharmacogenomics technology Market
Rising Adoption of Personalized medicine and Increased Genomic Research Investments Propel market Growth
AUSTIN, TX, UNITED STATES, February 24, 2025 /EINPresswire / -- According to Research by SNS Insider, the global Pharmacogenomics Technology Market is poised for significant growth, with projections indicating a rise from USD 6.26 billion in 2023 to USD 13.15 billion by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 8.64% during the forecast period.The Pharmacogenomics technology market expansion is driven by the advancements in genomic technologies, and a heightened focus on optimizing drug therapies based on individual genetic profiles.
Market analysis
The global pharmacogenomics technology market is witnessing a strong growth led by the rising cases of the chronic and genetic diseases, primarily cancer. As per the World Health Organization, globally, nearly 20 million new cancer cases and 10 million cancer deaths were estimated, with the incidence of cancer expected to increase by about 60% in the next two decades. The growing occurrence highlights the importance of personalized medicine, where pharmacogenomics becomes the cornerstone of precision medicine, customizing therapy according to their genetic blueprint. Moreover, this market is also scalable due to extensive investments in genomic research and development, as well as strategic partnerships between pharmaceutical and diagnostic companies for developing innovative products in this domain. The market growth and precision medicine development are attributed to the above-mentioned factors.
Get a Free Sample Report@
Key Players in Pharmacogenomics Technology Market
.Illumina, Inc. (Verifi Prenatal Test, TruSight NIPT Solution)
.Thermo Fisher Scientific, Inc. (Ion Proton System, Applied Biosystems Genetic Analyzer)
.F. Hoffmann-La Roche Ltd. (Cobas 4800 System, GeneSeq)
.Qiagen N.V. (QIAgen Sample & Assay Technologies, QIAamp DNA Mini Kit)
.Danaher Corporation (Bio-Rad CFX96 Touch Real-Time PCR System, Applied Precision Gene Expression)
.Laboratory Corporation of America Holdings (PGxTest, GeneMedRx)
.Abbott Laboratories (Alinity m System, RealTime PCR Assays)
.CeGaT GmbH (CeGaT Gene Panels, PGx-Therapeutics)
.Myriad Genetics, Inc. (MyRisk Hereditary Cancer Test, myChoice HRD)
.PerkinElmer, Inc. (NextSeq 500 System, Gene Expression Solutions)
.Eurofins Scientific (Eurofins GeneScan, Eurofins Genomics)
.Illumina, Inc. (NextSeq 500, NovaSeq 6000)
.Helix, Inc. (Helix DNA Testing, Helix Health Data)
.PathAI (PathAI Lab, Genomic AI Solutions)
.Guardant Health, Inc. (Guardant360, GuardantOMNI)
.Invitae Corporation (Invitae Pharmacogenomics Panel, Invitae Carrier Screening)
.NantHealth, Inc. (NantHealth Pharmacogenomics, NantOmics)
.Gene by Gene, Ltd. (Family Tree DNA, GeneReviews)
.Thermo Fisher Scientific, Inc. (Applied Biosystems Genetic Analyzer, Ion GeneStudio S5 System)
.Synnovis (Synnovis Genomic Services, Pharmacogenomic Testing)
Market Segmentation
By Therapeutic Area
In 2023, the oncology segment held the largest share of the pharmacogenomics technology market, contributing for 40.12% of the total revenue. The dominance of this approach is due to the importance of pharmacogenomics in cancer treatment, where polymorphisms affecting drug response are identified. By customizing treatments based on a patient's genetic makeup, providers can improve treatment effectiveness and reduce side effects. The growing incidence of the disease across the globe coupled with the growing inclination towards precision oncology is anticipated to drive the growth of this segment.
Pharmacogenomics market is another important therapeutic area consisting of neurological disorders. Genetic differences can have a great impact whether a person with a neurological disease will benefit from or be harmed by medications. Clinicians use pharmacogenomic knowledge to make individualized therapeutic decisions based on factors including potential side effects and treatment adherence concerning the success of individual patients with epilepsy, depression, and schizophrenia [27,28]. Improvements in neurogenetics research are expected to broaden the field of pharmacogenomics into neurological care.
By Technology
In 2023, the PCR segment accounted for the largest share of the pharmacogenomics technology market at 31.25%. PCR is now ubiquitous because it can amplify specific DNA sequences, making it essential for the detection of genetic polymorphisms, predicting the response to certain drugs. PCR has become a cornerstone in pharmacogenomic testing because of its precision, speed, and cost-effectiveness. Ongoing developments like digital pcr improve its sensitivity and quantitative features, which allows it to maintain its market position.
The pharmacogenomics sector is experiencing a rapid growth due to the adoption of various sequencing technologies, most notably Next-Generation Sequencing (NGS). Technology includes tools that provide valuable information about a person's genetic makeup and that allow the identification of many genetic variants at once. Decreasing costs and improving speed of sequencing technology are making it more accessible to clinical applications for more individualized therapeutic approaches. With this progressive evolution in the technology, we can expect an increased integration of such technology into routine clinical practices.
Speak with Our Expert Analyst Today to Gain Deeper Insights @
Regional Analysis
In 2023, the pharmacogenomics technology market was dominated by North America which retained 39.25% share of the market. This is directed by the region's strong healthcare system, large scale investment in genomic research and a benign regulatory environment. Some of the major drivers of the market include significant presence of key market players as well as the collaborations between academic institutions and industry stakeholders, which have together fueled innovation and sped up adoption of pharmacogenomic applications. Ongoing government initiatives aiding precision medicine significantly contribute toward the market expansion in this region.
The Asia-Pacific region is expected to grow at the fastest rate over the forecast period. Some key factors driving this impressive growth are a large and genetically diverse population, rising burden of chronic diseases, and increasing investments in healthcare infrastructure. For example, China, Japan, and India are leading initiatives to implement genomic technologies as part of clinical practice. The adoption of pharmacogenomics in the region is anticipated to be boosted by Government initiatives to promote precision medicine and collaborations between local and international stakeholders.
Recent development
In January 2023, QIAGEN acquired Verogen, a provider of next-generation sequencing technologies for applications in human identification and forensic investigation. This acquisition is expected to enhance QIAGEN's capabilities in genetic testing and expand its portfolio in the pharmacogenomics market.
Buy Full Research Report on Pharmacogenomics Technology Market 2024-2032 @
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Jagney Dave
SNS Insider Pvt. Ltd
+1 315-636-4242
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Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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