The Global Pharmacogenomics (PGx) Market size is forecasted to reach USD 11.01 billion from USD 5.66 billion in 2019, delivering a CAGR of 8.7% through 2027. The market growth is driven by the increasing prevalence of chronic diseases, expanding research and development activities, rising patient awareness, and an associated demand for personalized therapy.
Pharmacogenomics is the study of the effect of individual genetic make-up, which indicates the therapeutic effect of the medication on a specific patient. Genetic variation is directly linked to the effects on the human body. Pharmacogenomics testing is witnessing massive adoption in medical settings for supplementing translational and pharmaceutical research.
The increasing use of the patient-specific treatment by healthcare professionals to minimize severe adverse reactions of medication that varies from person to person tremendously will boost the pharmacogenomics market growth over the coming years. The increasing emphasis on a patient-specific approach for the treatment of chronic diseases and the study of factors that can impact treatment like genetic factors is influencing the desired action of medication in the modern medical landscape. Growing preference for pharmacogenomics testing by physicians to choose better-suited treatment for the particular patient to attain a better therapeutic effect will foster the global pharmacogenomics market share through 2027.
Further key findings from the report suggest:
- In the product and services segment, the kits segment accounted for USD 2.70 billion in 2019 and is estimated to hold a major share of the pharmacogenomics market share through 2027 due to high product demand in research organizations for providing better insight for therapeutic decisions based on the genetic test.
- The assays segment is estimated to witness the maximum growth rate of nearly 8.4% through 2027 on account of the increasing interest of researchers, increasing preference for personalized treatment, and investment in the safety and efficiency of drugs.
- In terms of technology, the Polymerase Chain Reaction (PCR) segment is expected to account for major pharmacogenomics market revenue share through 2027. The technology has the potential to aid the development of effective and safe medications tailored to an individual’s genetic make-up, which is leading to high demand.
- On the basis of application, the cardiovascular segment is estimated to contribute significantly to the pharmacogenomics market share, exhibiting a CAGR of 8.1% through 2027 due to the increasing prevalence of cardiovascular diseases across the globe.
- In the regional landscape, North America dominated the market share with a revenue generation of USD 2.33 billion in 2019 and is set to witness a substantial growth due to the availability of the best in class healthcare infrastructure along with increased demand for pharmacogenomics for the treatment of chronic diseases in the region.
- The Asia Pacific region is estimated to witness major growth through 2027 due to changing lifestyles and a rise in the patient pool suffering from various target diseases. A recent study indicated that the current growth rate for federal research funding in China has exponentially exceeded that in the European Union and the U.S.
- Europe accounted for 27.5% of the pharmacogenomics market share in 2019 and is set to witness a growth rate of 8.4% over the analysis period.
- In May 2020, Green Shield Canada, a not-for-profit benefits carrier that provides drugs, extended health care, hospital & travel benefits for individuals, groups, along with administration services, invested in pharmacogenomics company GenXys, which is a Canadian software developer specializing in pharmacogenomics.
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Rising incidences of adverse drug reactions and resistance to the treatments in patients, coupled with high investment in the study of pharmacogenomics, is driving the market growth – Our Expet Opinion
Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Admera Health, Abbott Laboratories, Agena Biosciences, Inc., Dynamic DNA Laboratories, Cancer Genetics, Inc., F. Hoffmann-La Roche Ltd, Genomic Health, Inc., geneOmbio Technologies Pvt Ltd., Laboratory Corporation of America Holdings, and Illumina, Inc., among others.
Pharmacogenomics (PGx) Market Segmentation:
Products and Services Outlook (Revenue, USD Billion; 2017-2027)
- Products
- Services
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- DNA Sequencing/Next Generation Sequencing (NGS)
- Nucleic Acid Amplification Tests (NAATs)
- Mass Spectrometry
- Gel Electrophoresis
- Hybridization
- Microarray
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Infectious Diseases
- Neurology/Psychiatry
- Cardiovascular
- Others
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Organisation
- Pharmaceutical Companies
- Diagnostic Centers
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Pharmacogenomics (PGx) market over the forecast period?
- What are the major factors driving the growth of the Global Pharmacogenomics (PGx) Market?
- What are the key challenges impacting the global Pharmacogenomics (PGx) market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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