Pharmacogenomics Market Report: By Service (Genotyping, SNP Identification, Pharmacogenetic Testing), Technology (PCR, Microarray, Sequencing), Application (Oncology, Infectious Diseases, Neurology, Cardiovascular Diseases), End User (Research Organizations, Pharmaceutical Companies, Diagnostic Centers) – Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The pharmacogenomics market size was around $5,527.2 million in 2021, and it is set to grow at a 7.4% CAGR during 2021–2030. The growth of this market is led by the increasing prevalence of infectious diseases and various cancer types, growing adoption of personalized medicine, in a shift from reaction to prevention on a global level, rising rate of adverse drug reactions (ADRs), and increasing use of pharmacogenomics in the discovery and development of medicines.

While a drug with a well-established target has a decent chance of reaching the preclinical development stage, drugs with insignificant targets have much lower chances of crossing the threshold. Consequently, pharmacogenomics in early drug development processes is finding increasing adoption in developing novel drug targets, based upon genomic data. Understanding the pharmacogenetics associated with drugs has the potential to increase success in the clinic, a fact that has largely stemmed from the focus on optimizing treatment modules.

Genotyping Service Category Held Principal Market Share

In 2021, genotyping services held the dominating market share, of around 45%. This is mainly attributable to the recommendations of health providers all over the world for procuring individual genomics profiles, to cater to the consistently evolving healthcare industry. Moreover, genotyping has particularly been a top priority for medical centers, thus driving the demand for these services.

Adoption of Sequencing Technology To Advance at Highest Rate

The technology of sequencing is projected to advance with the highest CAGR, around 8%, during 2021–2030. This will primarily be due to the increasing focus on sequencing analysis for different genomic patterns. Moreover, sequencing methods have had a strong impact on healthcare services worldwide. With genomic information coming to the forefront of disease diagnosis, treatment modalities have undergone massive changes.

Oncology Applications Garnering Highest Revenue

The oncology category generated around $2.7 billion revenue in 2021. This trend is expected to continue in the foreseeable future owing to the high adoption of pharmacogenomic-based drug development, especially in developed economies; high incidence of different types of cancers, and rising demand for biologics and drugs based on monoclonal antibodies to treat tumors.

Pharmacogenomics Market Report Coverage

Diagnostic Centers’ Revenue Contribution To Escalate at High Rate

Diagnostic centers are projected to flourish at the highest growth rate in the years ahead. With the increasing incidence of both infectious diseases and cancer, diagnostic centers need to be well-equipped. With the extensive research culminating in highly advanced assays and systems, diagnostic centers are accounting for the major volume of these products in use. Additionally, technological advancements have revolutionized the services provided by diagnostic centers, thereby driving the patient footfall at these places.

North American Market Is Highest Revenue Generator

In 2021, the North American pharmacogenomics market conquered the global market, and it is likely to hold on to its supremacy, growing with over 7% CAGR, in the coming years. The increase in the adoption of pharmacogenomic practices in the region is driven by the government initiatives for incorporating targeted medicine approaches in the mainstream healthcare system. Moreover, the U.S. Food and Drug Administration (FDA) and the Clinical Laboratory Improvement Amendments (CLIA) have been at the forefront of the development of effective and appropriate guidelines and policies in order to propel the adoption of pharmacogenomic tests by end users.

Additionally, the presence of leading market players in the U.S., such as Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Illumina Inc., and Thermo Fisher Scientific Inc., coupled with the significant adoption of advanced pharmacogenomic solutions in the field of research, is resulting in the booming market share.

Growing Rate of Adverse Drug Reactions To Boost Market Growth

ADRs are unwanted effects of a particular medication, occurring during clinical use. Moreover, they can last long, thus adversely affecting a patient’s quality of life. In extreme cases, ADRs can result in morbidity and mortality. The increasing number of drugs in the market, growing geriatric population, and booming trend of polypharmacy are consistently propelling the prevalence of ADRs around the world.

According to the FDA, in 2020, a total of 2.22 million ADRs were reported, out of which 1.18 million were serious ones and 0.19 million were associated with mortality. Comparatively, in 2019, there were 1.19 million reports of serious cases and 0.17 million reports of death due to ADRs. The rapid increase in the number of cases of ADRs is propelling the demand for better treatment regimens.

Precision medicine and pharmacogenomics provide a viable solution to this problem by identifying patients in need of specific therapeutic modules that will provide beneficial treatment and reduce/completely negate the incidence of any ADR. With proven efforts being documented in resolving such stark issues, there is a massive increase in pharmacogenomics market growth prospects worldwide.

Major Opportunity Areas

• High multiplexing is the most-opportunistic area for the market growth, particularly in applications such as infectious disease testing, genetic analysis, and precision medicine. The clinical value of new, multiplex molecular diagnostics tests has been explicitly demonstrated in instances such as the 2009 H1N1 influenza pandemic, BCR-ABL genotyping in adult leukemia, and real-time detection of the causative pathogens of sepsis. Advanced multiplex molecular diagnostics technology has the potential to enable novel precision medicine approaches, such as “multi-omics” tests that allow for the scrutiny of a patient’s biomarker map, to guide individualized therapeutic regimens, thus enabling superior pharmacogenomic capabilities.
• According to the FDA, in vitro diagnostic (IVDs) tests that are directly marketed to consumers without involving healthcare providers are referred to as direct-to-consumer (DTC) tests. These tests generally request the consumer to collect a specimen (saliva or urine, or others) and then send it directly to the company for testing and analysis. DTC testing is expanding the number of people who are now capable of acquiring genetic information regarding themselves. In addition, with the FDA regulations regarding the security of customers’ genetic information in place, this provides one of the biggest opportunities to the key stakeholders for market growth.

Impact of COVID-19

The pandemic has hindered pharmacogenomics demand growth on account of the temporary halt in research activities pertaining to pharmacogenomics, coupled with the low influx of patients in hospitals and diagnostic centers and the huge losses faced by manufacturers. Moreover, since the second half of 2020, due to the rising demand for research on certain drugs, vaccines, and testing kits for COVID-19, pharmacogenomic practices were in vogue. But these solutions’ demand didn’t increase in other areas, such as research activities and drug development.

Market Players Are Involved in Product Launches and Approvals to Gain a Significant Position

Major pharmacogenomics market players are extensively involved in product launches and seeking approvals to remain competitive. For instance:

• In March 2022, Thermo Fisher Scientific Inc. introduced its latest generation of SeqStudio Flex Series Genetic Analyzer to enable research in gene editing and infectious disease diagnosis. The SeqStudio Flex Series Genetic Analyzer offers a simplified, more-efficient workflow, multiple applications, and a higher level of accuracy.
• In December 2021, Foundation Medicine Inc., a subsidiary of F. Hoffmann-La Roche Ltd., received approval from the FDA for its FoundationOne CDx, to be used as a companion diagnostic (CDx) for two groups of future and current FDA-approved drugs for melanoma. This includes BRAF inhibitor monotherapies targeting BRAFV600E and BRAF/MEK inhibitor combination therapies targeting BRAFV600E or V600K mutations.

Key Players in Pharmacogenomics Market Are:

• Thermo Fisher Scientific Inc.
• F. Hoffmann-La Roche Ltd.
• Myriad Genetics Inc.
• Exact Sciences Corporation
• Mesa Laboratories Inc.
• 23andMe Inc.
• Laboratory Corporation of America Holdings
• QIAGEN N.V.
• Admera Health LLC
• Abbott Laboratories

Market Size Breakdown by Segment

The report offers comprehensive market segmentation analysis along with market estimation for the period 2017–2030.

Based on Service

• Genotyping
• SNP Identification
• Pharmacogenetic Testing

Based on Technology

• Polymerase Chain Reaction (PCR)
• Microarray
• Sequencing

Based on Application

• Oncology
• Infectious Diseases
• Neurology
• Cardiovascular Diseases

Based on End User

• Research Organizations
• Pharmaceutical Companies
• Diagnostic Centers

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • China
  • India
  • Japan
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  •  Saudi Arabia
  • South Africa