The global pharmacogenomics market size is expected to reach USD 10.43 billion by 2032, according to a new study by Polaris Market Research. The report “Pharmacogenomics Market Share, Size, Trends, Industry Analysis Report, By Disease Area (Cancer, Cardiovascular, Neurological Diseases, Other Disease Areas); By Product & Service; By Technology; By Application; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rise in popularity of pharmacogenomics (PGx) has accelerated advancements in precision medicine. PGx plays a crucial role in determining whether individuals respond well to specific drugs, avoiding adverse reactions, and determining optimal therapeutic doses. Widely utilized in various government programs, pharmacogenomic technologies contribute significantly to industry strength. To ensure the safety and efficacy of approved medications, the FDA mandates the inclusion of pharmacogenomic information on drug labels. Consequently, incorporating pharmacogenomics market data into pharmaceutical labeling in the United States becomes a noteworthy driver for market expansion.
The increasing prevalence of personalized care has been a significant driver in fueling the growth of the pharmacogenomics technology market. With a growing emphasis on tailoring medical treatments to individual patients, there has been a heightened recognition of the impact of genetic factors on drug response. Pharmacogenomics technologies play a crucial role in this landscape by determining genetic deviations that influence drug metabolism and efficacy.
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Furthermore, market opportunities are incentivizing smaller participants to focus on developing novel tests for already licensed drugs, fostering growth in the years ahead. Collaboration and pipeline development for upcoming products are pivotal drivers in the pharmacogenomics technology market. Collaborative efforts among companies aim to identify appropriate tumor targets through the expansion of known modifications associated with inadequate DNA repair. Moreover, companies are actively engaged in developing single comprehensive tests capable of capturing a large amount of relevant content, further propelling market advancement.
Pharmacogenomics is poised with a significant market opportunity fueled by the transition from disease-focused to patient-centered treatment approaches, underpinning the era of personalized medicine. This transformative strategy enhances treatment effectiveness, mitigates side effects, and streamlines drug selection by customizing medical decisions and therapies to individual genetic profiles. Pharmacogenomic testing is increasingly acknowledged as crucial in pediatric care, psychiatry, and chronic disease management, facilitating the assessment of medication dosages and efficacy. With ongoing technical advancements and increasing awareness among both patients and healthcare professionals, genetic testing and personalized treatment plans are expected to witness a surge, revolutionizing healthcare delivery and fostering improved patient outcomes.
Pharmacogenomics Market Report Highlights
Polaris Market Research has segmented the pharmacogenomics market report based on disease area, product & service, technology, application, end use, and region.
Pharmacogenomics, Disease Area Outlook (Revenue - USD Billion, 2019 - 2032)
Pharmacogenomics, Product & Service Outlook (Revenue - USD Billion, 2019 - 2032)
Pharmacogenomics, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Pharmacogenomics, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Pharmacogenomics, End Use Outlook (Revenue - USD Billion, 2019 - 2032)
Pharmacogenomics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 4.47 Billion |
Revenue forecast in 2032 |
USD 10.43 billion |
CAGR |
11.2% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
Segments covered |
By Disease Area, By Product & Service, By Technology, By Application, By End Use And By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
For Specific Research Requirements |