Pharmacogenomics Technology Market to Grow with a CAGR of 8.48% through 2028
Rising chronic disease prevalence and growing pharmaceutical
industry investment are factors driving the Global Pharmacogenomics Technology Market in the forecast period 2024-2028.
According to
TechSci Research report, “Pharmacogenomics Technology Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Pharmacogenomics Technology Market stood at USD 6.46 billion in 2022
and is anticipated to grow with a CAGR of 8.48% in the forecast period,
2024-2028. Pharmacogenomics technology, often
referred to as PGx, has revolutionized the field of medicine by tailoring drug
treatments to individual genetic profiles. This cutting-edge technology has
gained prominence due to its potential to enhance drug efficacy, minimize
adverse reactions, and optimize healthcare outcomes. The global
pharmacogenomics technology market is on an upward trajectory, driven by
various factors that are shaping the future of personalized medicine. One of the
primary drivers behind the expansion of the pharmacogenomics technology market
is the increasing awareness of personalized medicine among healthcare
professionals and patients. As people become more informed about the benefits
of tailoring treatment plans to their genetic profiles, demand for PGx testing
and services rises.
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"Pharmacogenomics Technology Market”
diabetes burden
of chronic diseases, including cardiovascular diseases, cancer, and diabetes,
continues to rise. Pharmacogenomics technology offers a promising solution by
providing insights into which medications are most effective for individual
patients. This not only improves treatment outcomes but also reduces healthcare
costs associated with trial-and-error approaches.
The
continued advancement of genomic sequencing technologies has significantly
reduced the cost and time required for genetic testing. This has made
pharmacogenomics more accessible to a broader range of patients, further
driving its adoption in clinical practice.
Regulatory
bodies worldwide are increasingly recognizing the value of pharmacogenomics in
healthcare. They are providing guidelines and recommendations that encourage
the integration of PGx into clinical practice. This regulatory support fosters
confidence in the technology and stimulates its market growth.
Pharmaceutical
companies are investing heavily in pharmacogenomics research and development.
By identifying genetic biomarkers associated with drug responses, these
companies aim to develop targeted therapies that can deliver superior outcomes.
This research collaboration between academia, healthcare, and industry is
fueling innovation in the field.
Many
countries have launched precision medicine initiatives to integrate genomics
and pharmacogenomics into their healthcare systems. These initiatives
facilitate large-scale research and the implementation of PGx-based
interventions, thereby driving market growth.
The Global Pharmacogenomics
Technology Market is segmented into Therapeutic area, technology and company.
Based on technology,
the Polymerase
Chain Reaction (PCR) technology segment has emerged as the predominant
market leader. PCR assays can
be customized to target specific genes or genomic regions of interest, allowing
researchers to tailor their analyses to the requirements of a particular
pharmacogenomics study or clinical application. As
personalized medicine gains traction, the demand for pharmacogenomic testing
and research continues to grow. PCR technology, with its precision and speed,
is well-suited to support the goals of personalized medicine by identifying
genetic factors that influence drug response. PCR
can be integrated with other technologies and platforms, such as
next-generation sequencing (NGS) and microarray analysis, to provide
comprehensive pharmacogenomic insights. This integration capability enhances
its utility.
Based on region,
North America segment is expected to grow during the forecast period. Many
of the world's largest pharmaceutical companies are headquartered or have a
significant presence in North America. These companies are at the forefront of
adopting pharmacogenomics technologies to develop more effective and safer
drugs. Patient and healthcare provider awareness of the
potential benefits of pharmacogenomics has been growing in North America. This
increased demand for personalized medicine solutions has driven investment and
innovation in the sector.
The Asia Pacific
region is experiencing rapid market growth. The region has a well-developed
healthcare system, which provides an ideal environment for implementing
pharmacogenomics-based approaches. Healthcare providers and institutions have
the capacity to integrate pharmacogenomic data into patient care effectively.
Major companies
operating in Global Pharmacogenomics Technology Market are:
- QIAGEN N.V.
- GE HealthCare,
- Agilent
Technologies, Inc.
- F. Hoffmann-La
Roche Ltd
- FOUNDATION
MEDICINE, INC.
- Thermo Fisher
Scientific Inc.
- Leica
Biosystems Nussloch GmBH,
- Pfizer Inc.
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“The global
pharmacogenomics technology market is poised for significant growth, driven by
the convergence of several factors, including increased awareness of
personalized medicine, the rising prevalence of chronic diseases, advancements
in genomic sequencing, supportive regulatory environments, pharmaceutical
industry investments, wider availability of PGx testing, precision medicine
initiatives, and the promise of improved patient outcomes and cost savings.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Pharmacogenomics Technology Market By By
Therapeutic Area (Oncology ( lung Cancer, Breast
Cancer, Colorectal Cancer, Cervical Cancer, Others), Neurological Disorders,
Cardiovascular Disease, Immunological Disorders, Infectious Diseases, Others),
By Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing,
Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Pharmacogenomics Technology
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Pharmacogenomics
Technology Market.
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