Global Pharmacogenomics Market Size, Share, and COVID-19 Impact Analysis, By Technology (DNA Sequencing, Microarray, Polymerase Chain Reaction, Electrophoresis, Mass Spectrometry, and Others), By Application (Drug Discovery, Neurology, Oncology, Pain Management, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Global Pharmacogenomics Market size was valued at USD 13.1 billion in 2021 and is expected to grow by USD 33.1 billion in 2030 at a CAGR of 11.1%.

Pharmacogenomics, also known as pharmacogenetics, is a branch of genomic medicine that uses a patient's genetic makeup to customize the medications they receive. Pharmacogenomics promises to offer a more customized (or exact) approach to the use of readily available medications in treating patients in this way. Polymerase chain reaction, deoxyribonucleic acid sequencing, microarray, electrophoresis, and mass spectrometry are only a few of the technologies used in pharmacogenomics. Pharmacogenomics uses genetic testing to assess the effectiveness of recently produced medications as well as the likelihood that a patient would develop a particular disease.  Furthermore, the pharmacogenomics market is also anticipated to increase during the projected period due to technical developments connected to molecular diagnostics procedures for a better knowledge of the genetic makeup of the particular patients.

COVID-19 ANALYSIS     

The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The pandemic's lockdowns and social distance restrictions have stifled economic activity, interrupting supply chains, delaying projects, creating a labor shortage, and driving down demand for products and services. Also, the COVID-19 pandemic is posing significant obstacles for businesses in the global pharmacogenomics market on numerous fronts. One of the biggest issues is the insufficient availability of raw materials needed to make drug formulations due to transportation irregularities. Additionally, because of a rise in patients with COVID-19 and other life-threatening illnesses, distributors are seeing erratic demand for their products from stores.

TREND

Increasing Expenditure in R&D Propel Market Growth

One of the most important new advances in medical science is pharmacogenomics, which has a significant impact on the process of developing new drugs. Pharmacogenomics has made it extremely simple for medications to identify their targets, greatly increasing the likelihood that they will be approved. Additionally, only 50 of the 500 disease genes have drugs that are now available on the market. This highlights the market possibility for many producers to focus on medication discovery utilizing pharmacogenomics in the future.

By predicting potential differences in medication response, efficacy, resistance, and toxicity of the targeted immune and chemotherapeutic biologic drugs, pharmacogenomics has also found applications in the treatment of cancer patients.  The development of the oncology segment of the market under study has therefore been aided by a number of significant discoveries made possible by pharmacogenomics for cancer treatments.

DRIVERS

Increasing Inorganic Growth Methods Drive Market Growth  

The development of the global pharmacogenomics market is anticipated to be fueled by leading players' increasing inorganic growth methods. For instance, Agena Bioscience, a leading supplier of genetic testing solutions and a division of Mesa Labs' Clinical Genomics Division, established cooperation with the University of Manchester (MU) in November 2021 to increase awareness of and access to pharmacogenomics educational resources. In the fields of healthcare and laboratory sciences, MU is a top university offering cutting-edge pharmacogenomics (PGx) education programs. The established MU PGx programs, such as the Certificate Program in PGx or Master's degree in PGx degree, will be promoted and made available to Agena Bioscience's customers thanks to this agreement.  

RESTRAINT

 Lack of Well-Trained and Technically Skilled Professionals  

The primary factors that are anticipated to impede the growth of the global pharmacogenomics market include factors like the lack of pharmacogenomics data in the electronic systems used by healthcare professionals and the shortage of skilled and highly trained healthcare professionals in performing the pharmacogenomics diagnostics test. For instance, according to a September 2021 article in Frontiers, a publisher of peer-reviewed open access scientific publications, healthcare practitioners lack proper pharmacogenomics training and education and are gravely concerned about the lack of evidence-based therapeutic guidelines. The low level of pharmacogenomics integration is largely due to a lack of resources, including laboratory equipment, infrastructure needs for pharmacogenomics, and knowledgeable and highly trained healthcare workers.

SEGMENTATION INSIGHT

The Global Pharmacogenomics Market is segmented by Technology, Application, and Region. Based on the Technology, the market is categorized into DNA Sequencing, Microarray, Polymerase Chain Reaction, Electrophoresis, Mass Spectrometry, and Others. Based on Application, the market is categorized into Drug Discovery, Neurology, Oncology, Pain Management, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.          

REGIONAL INSIGHTS

The Global Pharmacogenomics Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.      

North America is anticipated to lead the global market throughout the projection period due to the high patient awareness levels, high per capita healthcare spending, and high prevalence of target diseases. According to the American Cancer Society, there will be 1.8 million new cancer diagnoses and 606,520 cancer-related deaths in 2020. Moreover, the increasing inclination for tailored treatment, along with its high adoption rate, is further driving to the growth of the market. In addition, to encourage the adoption of pharmacogenomics testing by end users, the U.S. Food and Drug Administration (FDA) and the Clinical Laboratory Improvement Amendments (CLIA) have been at the forefront of developing effective and acceptable recommendations and standards. Additionally, the U.S. is home to some of the top market players, including Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Illumina Inc., and Thermo Fisher Scientific Inc. The market is expanding as a result of widespread use of cutting-edge pharmacogenomics research tools.        

Europe held the second-largest share of the pharmacogenomics market due to the UK has announced the launch of the largest genome study in the world, as part of a $200 million public–private partnership between charities and pharmaceutical companies. Through the 100,000 genome projects led by Innovate UK as a part of the UK Research and Innovation, the nation has already created the largest genome database in the world. The project will provide funding to researchers and businesses so they may integrate information and practical evidence from UK healthcare facilities to develop new goods and services that can accurately identify illnesses.  

LIST OF KEY COMPANIES PROFILED:   

• Admera Health
• Abbott Laboratories.
• Agilent Technologies
• Novartis AG
• Dynamic DNA Laboratories
• Empire Genomics, LLC.
• F. Hoffmann-La Roche Ltd.
• Illumina, Inc.
• OneOme, LLC
• Myriad Genetics Inc.
• OPKO Health, Inc. (GeneDx.)
• Thermo Fisher Scientific, Inc.
• AltheaDx

KEY INDUSTRY DEVELOPMENTS:

• In September 2021, Abbott, a U.S. multinational medical products and health care corporation acquired the Walk Vascular, LLC, a commercial-stage medical device startup with a minimally invasive mechanical aspiration thrombectomy system intended to remove peripheral blood clots.

SEGMENTATION

By Technology

• DNA Sequencing
• Microarray
• Polymerase Chain Reaction
• Electrophoresis
• Mass Spectrometry
• Others

By Application

• Drug Discovery
• Neurology
• Oncology
• Pain Management
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa