The global pharmacogenomics market accounted for USD 15.45 billion in 2023 and is expected to reach at USD 52.59 billion by 2034 with a CAGR of 11.78% during the forecast period 2024-2034. The market will grow as a result of government initiatives and funding support, growing demand for personalized medicine, advancements in genomic technologies, rising rates of chronic diseases, and developments in data analytics and artificial intelligence.
The market for pharmacogenomics has expanded dramatically as a result of technological developments in genome sequencing and analysis. Researchers can now more accurately and efficiently analyze genetic variants and their impact on treatment response because to next-generation sequencing (NGS) technologies, microarray analysis, and bioinformatics tools. For instance, Thermo Fisher Scientific Inc. and Illumina announced in February 2024 that they will be collaborating to develop new tools for pharmacogenomics focused sequencing.
By technology, the DNA sequencing segment accounted for the highest revenue-grossing segment in the global pharmacogenomics market in 2023 owing to the growing adoption of next-generation sequencing (NGS) technologies and its pivotal role in identifying genetic variations influencing drug response, thereby driving demand for DNA sequencing services and products. For instance, Roche in April 2024 Information was presented at the American Association for Cancer Research (AACR) annual meeting regarding the utilization of their companion diagnostic test to determine who may benefit from a targeted cancer therapy. Additionally, the microarray segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing applications in large-scale genotyping studies, drug discovery, and biomarker identification, coupled with advancements in microarray technology enhancing its efficiency and cost-effectiveness for pharmacogenomic research.
By application, the oncology accounted for the highest revenue-grossing segment in the global pharmacogenomics market in 2023 owing to the rising prevalence of cancer worldwide, coupled with the growing adoption of pharmacogenomic testing to personalize cancer treatment regimens and improve patient outcomes. For instance, Invitae introduced the enhanced Invitae Pharmacogenomics (PGx) Panel in May 2022. This panel offers access to a clinical decision support tool (CDST) as well as the specialized Invitae Pharmacogenomics Mental Health Panel. Additionally, the drug discovery segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing focus on precision medicine approaches in drug development, driving demand for pharmacogenomic tools and technologies to identify genetic factors influencing drug response and optimize therapeutic outcomes.
By end-user, the hospitals segment accounted for the highest revenue-grossing segment in the global pharmacogenomics market in 2023 owing to the growing integration of pharmacogenomic testing into clinical practice and the increasing adoption of personalized medicine approaches within hospital settings to improve patient care and treatment outcomes. For instance, Qiagen N.V. introduced a new automated sample preparation method in March 2024 that was especially made for pharmacogenomics applications. Additionally, the research organizations segment is predicted to grow at the fastest CAGR during the forecast period owing to the expanding research activities in pharmacogenomics, fueled by government funding and collaborations, driving demand for advanced genomic technologies and expertise to support drug development and precision medicine initiatives.
North American region is anticipated to have the highest revenue share during the forecast period owing to the presence of well-established healthcare infrastructure, favourable government initiatives promoting precision medicine, and robust research and development activities in pharmacogenomics, driving adoption of personalized medicine approaches and genomic technologies in clinical practice. Additionally, the Asia Pacific region is estimated to grow at the fastest CAGR during the forecast period owing to the rapidly expanding healthcare infrastructure, increasing awareness about personalized medicine, rising prevalence of chronic diseases, and growing investments in genomics research and development, driving adoption of pharmacogenomic technologies and personalized healthcare solutions across the region. For instance, in December 2023, the FDA approved a novel pharmacogenomics test developed by Abbott Laboratories to help with the dosage of the blood thinner warfarin.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
The market for pharmacogenomics has expanded dramatically as a result of technological developments in genome sequencing and analysis. Researchers can now more accurately and efficiently analyze genetic variants and their impact on treatment response because to next-generation sequencing (NGS) technologies, microarray analysis, and bioinformatics tools. For instance, Thermo Fisher Scientific Inc. and Illumina announced in February 2024 that they will be collaborating to develop new tools for pharmacogenomics focused sequencing.
By technology, the DNA sequencing segment accounted for the highest revenue-grossing segment in the global pharmacogenomics market in 2023 owing to the growing adoption of next-generation sequencing (NGS) technologies and its pivotal role in identifying genetic variations influencing drug response, thereby driving demand for DNA sequencing services and products. For instance, Roche in April 2024 Information was presented at the American Association for Cancer Research (AACR) annual meeting regarding the utilization of their companion diagnostic test to determine who may benefit from a targeted cancer therapy. Additionally, the microarray segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing applications in large-scale genotyping studies, drug discovery, and biomarker identification, coupled with advancements in microarray technology enhancing its efficiency and cost-effectiveness for pharmacogenomic research.
By application, the oncology accounted for the highest revenue-grossing segment in the global pharmacogenomics market in 2023 owing to the rising prevalence of cancer worldwide, coupled with the growing adoption of pharmacogenomic testing to personalize cancer treatment regimens and improve patient outcomes. For instance, Invitae introduced the enhanced Invitae Pharmacogenomics (PGx) Panel in May 2022. This panel offers access to a clinical decision support tool (CDST) as well as the specialized Invitae Pharmacogenomics Mental Health Panel. Additionally, the drug discovery segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing focus on precision medicine approaches in drug development, driving demand for pharmacogenomic tools and technologies to identify genetic factors influencing drug response and optimize therapeutic outcomes.
By end-user, the hospitals segment accounted for the highest revenue-grossing segment in the global pharmacogenomics market in 2023 owing to the growing integration of pharmacogenomic testing into clinical practice and the increasing adoption of personalized medicine approaches within hospital settings to improve patient care and treatment outcomes. For instance, Qiagen N.V. introduced a new automated sample preparation method in March 2024 that was especially made for pharmacogenomics applications. Additionally, the research organizations segment is predicted to grow at the fastest CAGR during the forecast period owing to the expanding research activities in pharmacogenomics, fueled by government funding and collaborations, driving demand for advanced genomic technologies and expertise to support drug development and precision medicine initiatives.
North American region is anticipated to have the highest revenue share during the forecast period owing to the presence of well-established healthcare infrastructure, favourable government initiatives promoting precision medicine, and robust research and development activities in pharmacogenomics, driving adoption of personalized medicine approaches and genomic technologies in clinical practice. Additionally, the Asia Pacific region is estimated to grow at the fastest CAGR during the forecast period owing to the rapidly expanding healthcare infrastructure, increasing awareness about personalized medicine, rising prevalence of chronic diseases, and growing investments in genomics research and development, driving adoption of pharmacogenomic technologies and personalized healthcare solutions across the region. For instance, in December 2023, the FDA approved a novel pharmacogenomics test developed by Abbott Laboratories to help with the dosage of the blood thinner warfarin.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Technology, Application, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement
Segmentation: Pharmacogenomics Market Report 2023 - 2034
Pharmacogenomics Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)
- DNA Sequencing
- Microarray
- Polymerase Chain Reaction
- Electrophoresis
- Mass Spectrometry
Pharmacogenomics Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Drug Discovery
- Neurology
- Oncology
- Pain Management
- Others
Pharmacogenomics Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Research Organisation
- Others
Pharmacogenomics Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Pharmacogenomics Market: Technology Estimates & Trend Analysis
8. Pharmacogenomics Market: Application Estimates & Trend Analysis
9. Pharmacogenomics Market: End-User Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Pharmacogenomics Market
12. Europe Global Pharmacogenomics Market
13. Asia Pacific Global Pharmacogenomics Market
14. Latin America Global Pharmacogenomics Market
15. MEA Global Pharmacogenomics Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- Illumina Inc.
- Qiagen N.V.
- Abbott Laboratories
- Bayer AG
- Myriad Genetics Inc.
- PerkinElmer Inc.
- Genomic Health Inc.
- Becton
- Dickinson and Company (BD)
- AstraZeneca PLC
- Novartis AG
- Pfizer Inc.
- GlaxoSmithKline plc (GSK)
- Merck & Co. Inc.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | October 2024 |
Forecast Period | 2023 - 2034 |
Estimated Market Value ( USD | $ 15.45 Billion |
Forecasted Market Value ( USD | $ 52.59 Billion |
Compound Annual Growth Rate | 11.7% |
Regions Covered | Global |
No. of Companies Mentioned | 16 |