The global pharmacogenomics market, valued at US$3.3 billion in 2022, stood at US$3.5 billion in 2023 and is projected to advance at a resilient CAGR of 10.6% from 2023 to 2028, culminating in a forecasted valuation of US$5.8 billion by the end of the period. The expansion of the market is primarily propelled by a surge in genomic projects, augmented R&D investments, and the rising prevalence of cancer. Additionally, the substantial growth of pharmacogenomics in the past decade can be attributed to an intensified emphasis on translational research for drug discovery and development.
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The kits & reagents segment accounted for the largest share by product & service in the pharmacogenomics market in 2022.
By product & service, the pharmacogenomics market has been further categorized kits & reagents and service. Kits & reagents accounted for the largest share of the pharmacogenomics market in 2022. The pivotal role played by kits and reagents in the execution of pharmacogenomic tests, combined with the rising adoption of personalized medicine and advancements in genomic technologies, contributes significantly to the expansion of this segment within the pharmacogenomics market.
The sequencing segment is expected to grow at a higher rate during the forecast period.
Based on technology, the pharmacogenomics market has been segmented into sequencing, PCR, microarray, and other technologies. In 2022, the sequencing segment accounted for the largest share of the pharmacogenomics market is expected to grow at a higher growth rate during the forecast period of 2023-2028. Sequencing technologies play a crucial role in precisely and effectively handling genomic data, facilitating the identification of nucleotide alterations impacting drug metabolism and response. The progress in developing novel sequencing technologies and reagents further propels the evolution of pharmacogenomics research, facilitating the identification and functional understanding of genetic variants associated with drug metabolism and response.
The cancer segment accounted for the largest share of the disease area segment in the pharmacogenomics market in 2022.
Based on disease area, the pharmacogenomics market has been segmented into cancer, cardiovascular, neurological diseases, and other diseases. In 2022, the cancer segment accounted for the largest share of the pharmacogenomics market. The expansion of the pharmacogenomics market is fueled by a surge in research funding dedicated to the advancement of personalized drug products for cancer treatment. For instance, the National Cancer Institute (NCI) allocated an estimated USD 6,467 million from its research budget, covering diverse disease areas such as AIDS, brain & CNS, and cancer.
The North America region accounted for the largest share of the pharmacogenomics market in 2022.
The pharmacogenomics market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). The North America region is witnessing increasing investments and research activities in the field of drug discovery and development. The need for advanced therapies due to rising rate of cancer has contributed to growth of the pharmacogenomics market.
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Key Market Players of Pharmacogenomics Industry:
Key players in the pharmacogenomics market Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Laboratory Corporation of America Holdings (US), Charles River Laboratories (US), Eurofins Scientific (Luxembourg), Bio-Rad Laboratories, Inc. (US), Agilent Technologies, Inc. (US), BD (US), QIAGEN (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity (US), IQVIA Inc. (US), Mesa Labs, Inc. (US), Medpace (US), MGI Tech Co., Ltd. (China), Takara Bio Inc. (Japan), PacBio (US), New England Biolabs (US), BGI (China), Novogene Co., Ltd. (China), SOPHiA GENETICS (Switzerland), Fios Genomics (UK), Personalis, Inc. (US), BioAI Health Inc. (US), NeoGenomics Laboratories (US), and Macrogen, Inc. (South Korea).
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