Pharmacogenomics (PGx) Market Size - Quantitative Research By QYResearch Medical

November 16, 2022 |

11 min read

The global Pharmacogenomics (PGx) market is forecasted to grow at a rate of 8.7% from USD 5.66 billion in 2018 to USD 11.01 billion in 2030.

The global Pharmacogenomics (PGx) market is forecasted to grow at a rate of 8.7% from USD 5.66 billion in 2018 to USD 11.01 billion in 2030. The market is expected to grow significantly owing to the rising prevalence of chronic ailments, raising awareness, and demand for personalized therapy and expanding research and development. Furthermore, pharmacogenomics explores the role of genetic variation in the effects of drugs that contributes to translational, and pharmaceutical research.

Additionally, pharmacogenomics is a rapidly developing field importance in individualized treatment for patients, and its implication affect drug development issues such as drug safety, productivity, and personalized health care. The benefits of pharmacogenomics include superior safer drugs, the appropriate dosage of drugs, powerful medicines, better vaccination, advance screening of drugs, and reduction in overall cost and treatment in health setup. Such benefits are expected to provide traction to the market in the near future. With the growing technological advancement, pharmacogenomics plays a key part in precision medicine.

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Precision medicine aims to customize health care, with decisions and treatments tailored to each individual in every way possible. For instance, Genelex’s pharmacogenetic testing platform offers a comprehensive suite of tools to help healthcare providers personalize medication regimens based on a patient’s genetics. It is a relatively new field to develop effective, safe medications and doses that will be tailored to a person’s genetic makeup. Accurate genetic profiling of patients has benefited a sizeable number of patients in oncology, neurology, and many other diseases. As for oncology treatment, there are specific pharmacogenomic markers have been highlighted for Asians. According to the latest cancer statistics in China, lung cancer is the most common cancer, followed by cancers of the stomach, esophagus, liver, and colorectal. Moreover, in 2019, over 260 drugs discuss pharmacogenetics on their FDA labels (1), with well over 20,0000 publications referencing this important area of science. Such advantages are expected to foster the market significantly during the forecast period. Moreover, Pharmacogenomics biomarker labelings serve to remind healthcare professionals about significant improvements as well as reduction of avoidable Adverse Drug Reactions (ADRs). The market is expected to propel in the Asia Pacific region.

The applications of pharmacogenomics to enable personalized health interventions have expanded in the Asia-Pacific. Much of the fundamental research has been conducted within the Asia-Pacific research establishments, for instance, the Beijing Genomics Institute in China, the Eijkman Institute for Molecular Biology in Indonesia, the Institute of Molecular and Cell Biology in Singapore, the RIKEN Center for the Genomic Medicine in Japan

However, pharmacogenomics has great promise and has made important strides in recent years to come, it’s still in its early stages, and guidelines are still unclear.

Product and Services Outlook:

In the product and services segment, kits dominated the global market and accounted for the market share of 2.70 billion in the year 2019 during the forecast period. The significant share is contributed by its demand in research organizations. Furthermore, these test kits provide insight for therapeutic decisions based on the genetic test. Such features are expected to impact positively on the market during the forecast period.

Assays are projected to rise from 2019 to 2030 at the highest CAGR of 8.4%. The interest of researchers and investment in the safety and efficiency of drugs coupled with the increasing preference for personalized treatment major factors responsible for the growth of the market.

Technology Outlook:

The Polymerase Chain Reaction (PCR) segment is expected to have lucrative growth and accounted for significant market share during the forecast period. Technological advancement in this field plays a crucial role. For instance, it has the potential to help develop effective, safe medications and doses tailored to an individual’s genetic makeup, thereby expected to have high demand in the near future.

Application Outlook:

The cardiovascular segment is expected to have substantial growth during the forecast period, with a CAGR of 8.1%. The increasing prevalence of CVD across the globe, owing to the demand for pharmacogenomics, is anticipating the growth of the market. Pharmacogenomics has a substantial potential to optimize cardiovascular pharmacotherapy and improve clinical outcomes in patients suffering from cardiovascular disease.

End Use Outlook:

The research organizations are anticipated to increase at a significant CAGR from 2019 to 2030 due to the increased research and development activities from the past couple of years. Scientists in the field of pharmacogenomics generally study how specific variants in your genome sequence influence your response to medications. With the state of the art technology, these are implemented for the treatment for various diseases including CVD, and neurology.

Regional Outlook:

North America dominated the market with a revenue of USD 2.33 billion in 2019 due to the increased demand for pharmacogenomics for the treatment of chronic diseases and the best in class healthcare infrastructure. The North American market had held the largest market share owing to the rise in technological advancements, bad lifestyles leading to various ailments, coupled with high patient awareness levels. For instance, according to the Clinical Journal of American Society of nephrology, pharmacogenomics is a tool for practitioners to provide precision pharmacotherapy using genomics.

The Asia Pacific is expected to be seeing substantial growth as a result of changes in lifestyles. The rise in the patient pool suffering from different target diseases is the factor driving the research demand in the region. The global Pharmacogenomics (PGx) market is also expected to bolster significantly as several novel pharmacogenomic associations have emerged from Asian studies from Japan, Korea, and others. According to the recent study, the current growth rate for federal research funding in China greatly exceeds that in the US and the European Union.

Related Reports:

The market in Europe and the rest of the world has a possible future opportunity for expansion of the market as the lifestyle in countries including Brazil, South Africa, the UAE, Germany, the United Kingdom, and France are changing. The Institute for Prospective Technological Studies (IPTS) of the European Commission’s Joint Research Centre (JRC) has conducted a review on further analysis of the use of pharmacogenetics diagnostics for preventing toxic drug reactions and improving drug efficacy in Europe.

Market-O-Nomics

In the product segment, Kits are expected to witness significant growth during the forecast period. Favorable Funding scenario from various organizations. Rigorous is research in the field of PGx is the primary factor boosting the investment scenario during the forecast period and parallel, contributing to the rising demand.
Moreover, companies have been developing pharmacogenomic solutions across multiple genetic platforms, increasing efficiency and clinical outcome of the product.
In Asian countries, there has been a notable increase in the number of Asian studies of pharmacogenomics. Pharmacogenomic research in Asia was dominated by larger developed countries, notably Japan and Korea, and mainly driven by local researchers. Emerging economies, including India, China, and Bangladesh, are anticipated to escalate global demand.
Genotyping methods are improving so rapidly that it is soon expected to be simple to test for thousands of single-nucleotide polymorphisms in one assay. Such technological advancements in the field of pharmacogenomics services are expected to propel the market in the coming years.
New approaches in the field of PGx are under study in clinical trials. Currently, its use is quite limited. In the future, pharmacogenomics will boost the development of tailored drugs to treat a wide range of health problems, including Alzheimer’s disease, cardiovascular disease, cancer, HIV/AIDS, neurology, asthma, and others. This approach can, in turn, empower clinicians to prescribe to their patients with higher authority.

Companies considered and profiled in this market study

Abbott Laboratories, Admera Health, LLC, Agena Biosciences, Inc., Cancer Genetics, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd, geneOmbio Technologies Pvt Ltd., Genomic Health, Inc., Illumina, Inc., and Laboratory Corporation of America Holdings has been profiled in the report. They are significant market players.

The players operating in the market have undertaken several strategies related to the market in the period 2019-2020. The key highlight is:

In Februrary 2020, Euformatics, Bio.logis formed pharmacogenomics alliance.
In January 2020, Precision Health Company ixLayer introduced platform to streamline genetic test delivery.
In April 2019, Helix and PerkinElmer launched GenePrism genetic risk product in competition with 23andMe.

Start-up Traction:

The industry offers numerous growth opportunities. Thus, a number of startups providing innovative Products and technologies have been entering the market. Some of them include biopharmaceutical companies.

Phenomics Health acquired Precera Pharmacometabolomic Technology. In January 2020, ixLayer launched first-of-its-kind precision health testing platform to improve delivery of diagnostic testing.

Deals Landscape:

Mergers and Acquisitions are an integral part of the Pharmacogenomics (PGx) market. Along with the companies operating in the market, other key market players have also been entering the industry.

In May 2020, Green Shield Canada invested in pharmacogenomics company GenXys. GenXys a Canadian software developer specializing in pharmacogenomics.
In August 2019, KPMG is collaborated with Coriell Life Sciences and Thermo Fisher Scientific to offer pharmacogenomic testing. The objectives was focused to offer tests to improve medication safety and clinical outcomes.

Expert Insights:

Reports and Data forecast promising developments for increased adoption of Pharmacogenomics (PGx). The companies are designing new concepts according to the current customer expectations coupled with best clinical outcome. Despite the challenges, innovations, and breakthroughs in gene-drug interactions and growing insight into genetics, experts suggest that pharmacogenomics is expected to provide patient care by enabling more patient-specific treatment. This approach can, in turn, reduce costs to healthcare systems and empower clinicians to prescribe to their patients with higher authority.

Segments Covered in the report

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. The scope of the report can be defined as:

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For the purpose of this report, Reports and Data have segmented into the global Pharmacogenomics (PGx) market on the basis of Product and Services, technology, application, end use, and region.

Products and Services Outlook (Revenue, USD Billion; 2019-2030)

Products
- Kits
- Assay & Reagents
- Instruments
- Software
Services
- Genotyping
- SNP Identification
- Pharmacogenetics Testing
- Other Services

Technology Outlook (Revenue, USD Billion; 2019-2030)

Polymerase Chain Reaction (PCR)
- Real Time PCR
- qPCR
- Digital PCR
DNA Sequencing/Next Generation Sequencing (NGS)
Nucleic Acid Amplification Tests (NAATs)
Mass Spectrometry
Gel Electrophoresis
Hybridization
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
- Others
Microarray
Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Oncology
Infectious Diseases
Neurology/Psychiatry
Cardiovascular
Others

End Use Outlook (Revenue, USD Billion; 2019-2030)

Research Organisation
Pharmaceutical Companies
Diagnostic Centers
Others

Regional Outlook (Revenue, USD Billion; 2019-2030)

North America
- U.S
- Canada
Europe
- U.K
- France
- Spain
- Rest of the Europe
Asia Pacific
- China
- India
- Japan
MEA
Latin America
- Brazil

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