Pharmacogenomics Market to Reach $19.5 Billion by 2031, Driven by Advancements in Personalized Medicine
Meticulous Research®, a premier global market research firm,
has published a new report titled, “Pharmacogenomics Market by Offering
(Instruments, Consumables, Software), Technology (PCR, Sequencing, Microarray),
Application (Oncology, Mental Health, Cardiology, Neurology, Infectious
Disease), End User (Hospitals, Academic) – Global Forecast to 2031.” The
report forecasts that the global pharmacogenomics market will achieve a value
of $19.5 billion by 2031, with a CAGR of 8.9% during the forecast
period from 2024 to 2031.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5366?utm_source=article&utm_medium=social&utm_campaign=product&utm_term=14-10-2024
The expected growth of the pharmacogenomics market is
attributed to several factors, including the increasing applications of
pharmacogenomic biomarkers, a surge in the adoption of personalized medicine, a
growing geriatric population, and a rising incidence of chronic diseases.
Additionally, recommendations from the U.S. FDA and EMA to
integrate pharmacogenomic data into drug discovery and development are
propelling market growth. However, the high costs associated with personalized
medicine present challenges to market expansion.
Key Growth Drivers and Challenges
The market is poised for growth due to the increasing
application of pharmacogenomics in treating complex diseases, particularly in neurology
and oncology. The development of advanced diagnostic tools with enhanced
accuracy, alongside growing awareness about the potential risks of adverse drug
reactions, is expected to create new opportunities for industry stakeholders.
However, challenges remain, including:
- Limited
Awareness: There is still a significant gap in understanding
pharmacogenomics and its benefits among healthcare providers and patients.
- Reimbursement
Issues: The lack of insurance coverage for genetic testing and
personalized medicine can deter patient access to these innovative
treatments.
Market Segmentation and Insights
Offering
The pharmacogenomics market is segmented into consumables, instruments,
and software & services. The consumables segment is
anticipated to witness the highest growth during the forecast period, driven by
a rising prevalence of chronic diseases and a focus on developing advanced
reagents and kits.
Technology
In terms of technology, polymerase chain reaction (PCR) is expected to
capture the largest market share in 2024. The advantages of PCR—such as its
sensitivity, accuracy, and cost-effectiveness—make it a vital tool in
pharmacogenomics research. Innovations in real-time PCR (qPCR) continue
to enhance its application in gene expression and genetic variation analysis.
Application
The oncology segment is projected to hold the largest share of the
market, reflecting the increasing demand for targeted cancer therapies.
Pharmacogenomics provides valuable insights for personalized cancer treatment,
contributing to better patient outcomes and lower mortality rates.
End User
Hospitals and diagnostic laboratories are forecasted to account for the
largest share of the pharmacogenomics market in 2024. This growth is fueled by
the rising adoption of precision medicine, increased clinical trials, and a
heightened focus on pharmacogenomic testing services.
Competitive Landscape
Key players in the pharmacogenomics market include:
- F.
Hoffmann-La Roche AG (Switzerland)
- Thermo
Fisher Scientific, Inc. (U.S.)
- Illumina,
Inc. (U.S.)
- QIAGEN
N.V. (Netherlands)
- PerkinElmer,
Inc. (U.S.)
Recent strategic activities, such as Castle Biosciences,
Inc. acquiring Athlea Dx, Inc., demonstrate the industry’s
commitment to enhancing pharmacogenomic testing services, particularly in
mental health.
Regional Analysis
The report highlights a detailed geographic analysis, with North
America expected to dominate the pharmacogenomics market in 2024, followed
by Europe and Asia-Pacific. The large market share in North
America is driven by the prevalence of genetic diseases, government initiatives
promoting genetic testing, and the presence of major market players.
Future Outlook
As the pharmacogenomics landscape evolves, collaboration
among diagnostics providers, pharmaceutical companies, and research
institutions will be crucial in advancing personalized medicine. Addressing cost
barriers and improving awareness of genetic testing benefits will be
essential for maximizing the market’s potential.
About
Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as
Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under
the Companies Act, 1956. Since its incorporation, the company has become the
leading provider of premium market intelligence in North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and
values. Since the inception, we have only thrived to research, analyze, and
present the critical market data with great attention to details. With the
meticulous primary and secondary research techniques, we have built strong
capabilities in data collection, interpretation, and analysis of data including
qualitative and quantitative research with the finest team of analysts. We
design our meticulously analyzed intelligent and value-driven syndicate market
research reports, custom studies, quick turnaround research, and consulting
solutions to address business challenges of sustainable growth.
Contact
Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
Post a Comment