Global Pharmacogenomics Market Projected to Reach $19.5 Billion by 2030, Driven by Advancements in Personalized Medicine - ResearchAndMarkets.com

The "Global Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.

Market Growth Catalyzed by Technological Innovations and Personalized Therapeutics

The global pharmacogenomics market is poised for significant growth, with expectations to reach a formidable $19.5 billion by 2030. This market progression echoes a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031. A confluence of factors including burgeoning therapeutic applications of pharmacogenomic biomarkers, escalating adoption of personalized medication, the increasing elderly demographic, and the pervasive prevalence of chronic conditions has bolstered the market momentum.

End User Insights: Hospitals and Diagnostic Laboratories Lead the Way

In 2024, hospitals and diagnostic laboratories are projected to dominate the market share, primarily due to the elevation of precision medicine, burgeoning chronic disease prevalence, substantial clinical trials, and a surge in pharmacogenomic testing services. This growth is further evidenced by recent strategic acquisitions in the field, exemplifying industry consolidation and expansion.

Technological Advancements: PCR Dominates the Market

Technology segments within the market, such as Polymerase Chain Reaction (PCR), are anticipated to occupy the largest share. This prominence is credited to PCR's high sensitivity, accuracy, low sample volume requirement, and cost-effectiveness, coupled with extensive applications across diverse end users.

Application Prospects: Oncology Segment to Register Rapid CAGR

The oncology segment is tipped to experience the fastest CAGR in the forecast period, owing to the escalating incidence of cancer and the critical necessity for targeted treatment modalities. This is in line with the rising endeavors in research activities dedicated to precision oncology.

Regional Analysis: Asia-Pacific to Witness Highest Growth Rate

Geographically, the Asia-Pacific region is set to register the highest CAGR throughout the forecast period. Key factors contributing to this growth include increased government investments in genetic testing, rising public awareness, and burgeoning inherited disease cases, supported by government initiatives promoting genetic diagnostics.

Market Dynamics and Restraints

While the market is riding on a wave of progress, there are certain constraints such as the high cost of personalized medicines. In addition, challenges such as limited awareness about pharmacogenomics, inadequate understanding of genetic testing benefits, and the lack of reimbursement for genetic tests could potentially impede the market's trajectory. Notwithstanding these challenges, the industry is anticipated to witness substantial growth opportunities driven by advancements in diagnostic tools and heightened awareness of adverse drug reactions.

The pharmacogenomics market landscape is dynamic and competitive, with several key players at the forefront of innovation and strategic market initiatives. The synergy of market growth drivers, burgeoning technological advancements, and the pivotal role of personalized medicine is expected to sustain the market’s expansion in the forthcoming years.

Companies Featured

• 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)
• Pacific Biosciences of California Inc. (U.S.)

For more information about this report visit https://www.researchandmarkets.com/r/vw54f8

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240624175479/en/