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Pharmacogenomics Market Trends

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

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Pharmacogenomics Market Trends

As the global burden of cancer continues to increase, fueled by factors such as aging populations and lifestyle changes, the demand for pharmacogenomics testing and targeted cancer therapies is expected to grow substantially.
This trend underscores the importance of pharmacogenomics in addressing the complex challenges posed by cancer and driving advancements in precision oncology.
Additionally, the escalating burden of adverse drug reactions underscores the need for pharmacogenomics solutions to mitigate medication risks and enhance patient safety, further driving market growth and innovation.
Furthermore, there is a significant increase in research and development investments from pharmaceutical companies, biotechnology firms, and research institutions. This surge in funding is advancing pharmacogenomics technologies and therapies, accelerating the translation of genomic insights into personalized medical treatments.

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.