The global pharmacogenomics market size accounted for US$ 15.2 billion in 2021 and is projected to reach around USD 36.7 billion by 2030, growing at a CAGR of 10.29% from 2022 to 2030.
Key Takeaways:
- By application, oncology segment has accounted highest revenue share of over 30.2% in 2021
- By region, North America held 41.3% revenue share in 2021.
- By technology, the polymerase chain reaction segment hit market share of around 36.9% in 2021.
Download Access to a Free Copy of Our Latest Sample Report@ https://www.precedenceresearch.com/sample/2073
Report Summary
The global pharmacogenomics market report provides a Point-by-Point and In-Depth analysis of global market size, regional and country-level market size, market share, segmentation market growth, competitive landscape, sales analysis, opportunities analysis, strategic market growth analysis, the impact of domestic and global market key players, value chain optimization, trade regulations, recent developments, product launches, area marketplace expanding, and technological innovations. Global pharmacogenomics market study covered in the report spans a forecast period from 2022 to 2030.
The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the pharmacogenomics market across the globe.
A comprehensive estimate on the pharmacogenomics market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of pharmacogenomics during the forecast period. Price point comparison by region with global average price is also considered in the study
Pharmacogenomics Market Scope
| Report Coverage | Details |
| Market Size in 2022 | USD 16.76 Billion |
| Market Size by 2030 | USD 36.7 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 10.29% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Technology, Applications, End User, Distribution Channel and Geography |
Rising Need for the Treatment of Fatal Diseases like Cancer to Drive the Pharmacogenomics Market
Genetics has become increasingly important in cancer treatment in the last decade. Oncologists have a variety of treatment options in today’s healthcare system. However, one patient may experience adverse effects while another does not. As a result, the variability within a population causes unanticipated reactions, which impedes the present cancer treatment market landscape.
On the other hand, pharmacogenomics solutions offer an effective solution. Understanding the underlying biological mechanisms and exploiting genetic contributions for customized therapy is the core goal of pharmacogenomics. In contrast to other diseases, cancer genetics must account for both acquired (somatic) and inherited (germline) variation, which influences treatment efficacy and safety. As a result, PGx tests have been widely used to identify treatment options.
Pharmacogenomics Market: Impact of COVID-19
In March 2020, the WHO declared a global pandemic a public health emergency due to the advent of a new coronavirus. In December 2019, it started in Wuhan, China, and quickly spread worldwide. As a result of its influence on organizations, individuals, and governments, financial markets, larger economies, and public demand for market products have all suffered significant consequences.
As of January 2021, the SARS-CoV-2 pandemic resulted in 92,848,561 confirmed coronavirus cases and roughly 1,988,475 deaths globally. Most healthcare systems were baffled by the virus’s rapid spread and a shortage of antiviral medications, and critical-care capacities were exceeded.
Furthermore, the pandemic dealt severe financial damage to the global health system. For example, in the first quarter of lockdown 1, 2020, it was the biggest drag on the US economy. Healthcare spending fell by 18% on an annual basis, the steepest reduction since 1959.
Furthermore, the outbreak significantly impacted healthcare and treatment facilities for persons with chronic diseases, including restrictions on different surgical operations and bans on direct contact between people.
The post-pandemic phase will be significant for the global pharmacogenomics market. The market will face a slight slowdown in growth as the number of COVID-19 patients decreases. Other reasons, such as the rising prevalence of HIV and cancer diseases, will continue to drive market growth over the forecast period. Overall, the global pharmacogenomics market will recover quickly, showing positive signs of growth post-pandemic.
Also Read: Life Sciences BPO Industry Companies
Pharmacogenomics Market Players
The reports cover key developments in this market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnerships & collaborations.
These activities have paved the way for the expansion of the business and customer base of market players. The market payers from the pharmacogenomics market are anticipated to have lucrative growth opportunities in the future with the rising demand in this global market.
The report also includes the profiles of key pharmacogenomics market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information, key development in past five years.
Major companies operating in this area are:
- Abbott (US)
- Bayer AG (Germany)
- Allergan (Ireland)
- AbbVie Inc (US)
- GmBH (Germany)
- Teva Pharmaceutical Industries ltd (India)
- Natco Pharma Limited (India)
- Lupin (India)
- Sun Pharmaceutical Industries ltd (India)
- Merck & Co Inc (Germany)
- Eli Lilly and Company (US)
- Squiib Company (US)
- Novartis AG (Switzerland)
- Mylan N.V. (US)
- Ferndale Pharma Group Inc, (US)
- f. Hoffmann-La Roche Ltd (Switzerland)
- Pfizer Inc (US)
- Takeda Pharmaceutical Industries ltd (Japan)
Market Segmentation
By Technology
- DNA Sequencing
- Microarray
- Polymerase Chain Reaction
- Electrophoresis
- Mass Spectrometry
By Applications
- Drug Discovery
- Pain management
- Neurology
- Oncology
- Cardiovascular diseases
- Infectious diseases
- Psychiatry
- Others
By End User
- Hospitals
- Clinics
- Research institute
- Medical, academic institute
By Distribution Channel
- Hospital Pharmacy
- Online Pharmacy
- Retail Pharmacy
Regional Segmentation
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Research Methodology
Secondary Research
It involves company databases such as Hoover’s: This assists us to recognize financial information, the structure of the market participants and industry’s competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to-face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire-based research etc.
- In order to validate our research findings and analysis, we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Why should you invest in this report?
If you are aiming to enter the global pharmacogenomics market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for pharmacogenomics are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/2073
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com