Pharmacogenomics Market To Generate Revenue worth $10,505.3 Million by 2030

The global pharmacogenomics market is projected to generate $10,505.3 million revenue in 2030, advancing at a CAGR of 7.4% during 2021–2030. This is majorly attributed to the increasing prevalence of infectious diseases and various types of cancers and rising adoption of personalized medicine. The continued investments by emerging and legacy companies to meet the industry demand and the growth in biomarker discovery are the other major factors propelling the market growth.

The pandemic has led to a negative impact on the market growth due to the reduced pharmacogenomics service demand. This was mainly due to the regulations laid by governments, which resulted in huge losses for industry players. On the other hand, these services gained traction in the invention of drugs, testing kits, and vaccines for the coronavirus. But, in the other fields, such as diagnostic centers, the demand for these services didn’t increase during the pandemic, which hindered the market growth.

Polymerase Chain Reaction (PCR) Accounts for Largest Market Share

As of 2021, the global pharmacogenomics market was conquered by the PCR category, with a share of around 50%. This trend is expected to continue in the years ahead owing to the growing usage of PCR in the entire pharmacogenomics ecosystem, coupled with its surging adoption in ongoing government initiatives across the world.

Moreover, the pharmacogenomic testing category is expected to advance at the highest growth rate during 2021–2030, among all the pharmacogenomic services. This is attributable to the decreasing cost of genetic sequencing services and rapid shift toward preventive instead of reactive treatment.

Geographically, the APAC region is expected to witness the highest growth rate in the coming years. This will be because of the increasing healthcare awareness, rising prevalence of cancer, steady economy leading to a higher focus on research, and widespread adoption of advanced pharmacogenomic tests. Moreover, the substantial commercial growth of startups, high-profile publications, and establishment of multidisciplinary consortia are boosting the market growth in the region.

Business Expansions Are Most-Effective Strategic Measures

Major players in the pharmacogenomics market have been extensively involved in business expansions. For instance, in March 2021, Myriad Genetics Inc. received additional reimbursement for its myChoice Diagnostic System, which is a comprehensive tumor test for the determination of homologous recombination deficiency (HRD) status caused by mutations in genes such as BRCA1 and BRCA2. This is a companion diagnostic test, which was approved by Japan's Ministry of Health, Labour and Welfare (MHLW) in November 2020.

Key enterprises in the market include 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, DiaCarta Inc., Quest Diagnostics Incorporated, and Illumina Inc.