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Pharmacogenomics Market Size

Report ID: GMI9535
Published Date: May 2024
Report Format: PDF

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Pharmacogenomics Market Size

Pharmacogenomics Market size was valued at USD 3.3 billion in 2023 and is expected to expand at over 10.5% CAGR between 2024 and 2032. The market is experiencing significant growth driven by increasing demand for precision medicine and advancements in genomic technologies.

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Pharmacogenomics, which examines how genetic variations influence an individual's response to medications, plays a pivotal role in tailoring medical treatments to patients' unique genetic profiles. This approach is being applied across various therapeutic areas, broadening the market potential for pharmacogenomics products and services. Additionally, increasing awareness and education about the benefits of pharmacogenomics are fostering greater acceptance and adoption among healthcare professionals and patients, further driving the market growth.

Pharmacogenomics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Pharmacogenomics Market Size in 2023:	USD 3.3 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	10.5%
2024 – 2032 Value Projection:	USD 7.9 Billion
Historical Data for:	2021 – 2023
No. of Pages:	228
Tables, Charts & Figures:	397
Segments covered:	Offering, Technology, Application, Disease Area, End-user, and Region
Growth Drivers:	Increasing research and development investments Increasing prevalence of cancer Increasing adoption of precision medicine approaches Rising burden of adverse drug reactions
Pitfalls & Challenges:	Cost and reimbursement challenges Complexity and interpretation of genetic data

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Pharmacogenomics is a field of study that focuses on how an individual's genetic makeup influences their response to drugs. It combines pharmacology (the study of how drugs work in the body) with genomics (the study of genes and their functions) to understand how genetic variations affect drug metabolism, efficacy, and adverse reactions. By analyzing a person's genetic profile, pharmacogenomics aims to predict how they will respond to specific medications, enabling healthcare providers to prescribe the most effective and safest treatments tailored to individual patients.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of pharmacogenomics reached USD 3.3 billion in 2023 and is set to witness 10.5% CAGR during 2024-2032, led by increasing demand for precision medicine and advancements in genomic technologies.

The kits & reagents offering segment recorded USD 2 billion in 2023, as they offer a diverse portfolio of products tailored to different pharmacogenomics applications and technologies.

North America market size was valued at USD 1.3 billion in 2023 and is anticipated to grow at 10.4% CAGR during 2024-2032, owing to robust healthcare infrastructure, with advanced research facilities and leading academic institutions.

Agilent Technologies Inc., Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Charles River Laboratories, Danaher Corporation, Eurofins Scientific, F. Hoffmann-La Roche Ltd, and Illumina Inc. among others.