Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) – Global Forecast to 2031

The Pharmacogenomics Market was valued at $9.94  billion in 2023. This market is expected to reach $19.5  billion by 2031, from an estimated $10.74  billion in 2024, at a CAGR of 8.9% during the forecast period 2024-2031.

Pharmacogenomics Market Size & Forecast

The pharmacogenomics market is driven by the growing therapeutic applications of pharmacogenomic biomarkers, the increasing adoption of personalized medicines, the rising geriatric population and chronic disease prevalence, and the U.S. FDA’s and EMA’s recommendations for using pharmacogenomic data in drug discovery & development. However, the high costs of personalized medicines restrain the growth of this market.

Furthermore, the increasing application of pharmacogenomics in the treatment of neurological disorders and cancers, the development of new, more advanced diagnostic tools with improved accuracy, and growing awareness regarding adverse drug reactions are expected to generate growth opportunities for the players operating in the pharmacogenomics market. However, low awareness about pharmacogenomics and personalized medicine, the limited understanding of genetic testing and its benefits, and the lack of reimbursements for genetic testing and precision medicine are major challenges impacting market growth.

Increasing Adoption of Personalized Medicine Drives the Growth of the Pharmacogenomics Market

Precision medicine is an emerging approach to patient care. Physicians choose a treatment method based on the patient's genetic makeup (including genetic changes resulting from a disease) and lifestyle habits. It is an emerging disease treatment and prevention approach that considers individual variability in genes, environment, and lifestyle. Precision medicine can remove the need for guesswork, variable diagnostic ability, and treatment strategies based on generalized demographics. Moreover, precision medicine enables a more holistic view of an individual patient. Precision medicine for clinical workflow helps facilitate more predictive and preventive care through targeted therapies.

Some of the major advantages of precision medicine are reduction of trial & error prescription, avoidance of adverse drug reactions, increase in patient adherence to treatment due to fewer side effects, decrease in the unnecessary prescription of drugs to non-responder patients, optimization of drug development cost, control on healthcare cost, the revival of once failed drugs for use in a genetically defined population, and improvement in the quality of life of the patients.

Furthermore, precision medicine makes decisions based on individual-specific factors that affect their health. With precision, medical providers can customize each patient's customized treatment methodology, improving the probability of recovery. Readmissions can be eliminated, and preventive measures can be taken against a disease with the help of precision medicine.

Increasing Geriatric Population Drives the Market Growth

Older people aged 65 and above tend to have a higher prevalence of chronic conditions and other diseases due to declined immune functions. The rising geriatric population globally is consequently resulting in the increasing prevalence of chronic conditions, driving the growth of the pharmacogenomics market. According to the World Health Organization (WHO), the population of individuals ages 60 years or above is estimated to increase to 1.4 billion by 2030 compared to 1 billion in 2020. By 2050, the world’s population of people aged 60 years and older is likely to reach 2.1 billion.

Older people are more susceptible to treatment failures and adverse drug reactions (ADRs). Pharmacogenomics enables the screening of ADRs and the tailoring of personalized medicine regimes based on the individual’s genetic variation. The identification of drug-gene interaction allows individualized therapy. In addition, several pharmacogenomic findings have been reported for chronic conditions such as cardiovascular diseases, cancer, and neurological disorders commonly found in the elderly. Therefore, the rising geriatric is expected to drive the pharmacogenomics market in the coming years.

Key Findings of the Global Pharmacogenomics Market Study:

Consumables Segment to Dominate the Pharmacogenomics Market

The largest market share of this segment is attributed to the recurrent use of consumables over instruments and the high burden of chronic diseases. Moreover, the high increasing prevalence of chronic diseases coupled with the focus of players for the launch of advanced and better reagents & kits drives the segment growth.

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Polymerase Chain Reaction Segment to Dominate the Pharmacogenomics Market

The large market share of this segment is attributed to the high sensitivity, accuracy, low sample volume requirements, and cost-effectiveness coupled with the high presence of PCR base across all the end users and initiatives by players to launch and get approvals for new PCR products for pharmacogenomics. Furthermore, key players are taking up several strategies, such as product launches and approvals supporting market growth. For instance, in March 2023, Bio-Rad Laboratories launched PTC Tempo 96 and PTC Tempo Deepwell Thermal Cyclers to optimize various PCR applications such as sequencing, cloning, and genotyping.

Oncology Segment is Expected to Dominate the Pharmacogenomics Market

The large market share of this segment is attributed to the high prevalence of cancer globally, the increasing adoption of precision medicine for cancer, and the benefits offered by pharmacogenomics in precision oncology. Cancer is one of the leading causes of global morbidity and mortality; failed treatment often results in death in patients. Pharmacogenomics offers insights into patients’ genetic response toward cancer treatment, which helps determine the proper course of treatment for the patient based on their genetic makeup. This increases the chance of rendering the treatment effective compared to trial-and-error approaches or conventionally used generalized treatments.

Hospitals & Diagnostic Laboratories Segment to Dominate the Pharmacogenomics Market

The large market share of this segment is attributed to the preference given to hospitals for the diagnosis and treatment of diseases, the presence of certified healthcare practitioners, and the expansion of molecular diagnostics capabilities in hospitals in response to the COVID-19 pandemic. The penetration of molecular diagnostic tools in hospitals accelerated due to the COVID-19 pandemic, along with increased acceptance and awareness of advanced technologies, such as NGS, among physicians. Moreover, the growing adoption of precision medicine, the growing prevalence of chronic diseases, and the focus on pharmacogenomic testing services companies’ acquisitions and launches of pharmacogenomic testing services also contribute to large segment share.

Asia Pacific: Fastest Growing Market

In 2024, North America is expected to account for the largest share of the global pharmacogenomics market. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. Rising government spending to increase testing capacities; increasing cases of inherited diseases such as Down Syndrome, cystic fibrosis, sickle cell disease, colon (colorectal) cancer, and breast cancer; growing awareness about the significance of genetic tests; and increasing government initiatives promoting genetic testing contribute to the growth of the market.

Pharmacogenomics Market: Key Companies

The report includes a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments in leading industry market players over the past years. The key players operating in the global pharmacogenomics Market are F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Illumina, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), QIAGEN N.V. (Netherlands), and Pacific Biosciences of California, Inc. (U.S.).

Pharmacogenomics Market Report Summary:

Key questions answered in the report: