Pharmacogenomics Technology Market To Reach $12.3 Billion By 2030

Pharmacogenomics Technology Market Growth & Trends

The global pharmacogenomics technology market size is expected to reach USD 12.3 billion by 2030, expanding at a CAGR of 8.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Diagnostics is coming to grips with the wave of pharmacogenomic tests that are followed by new biological therapy introductions. These tests enable cost-effective treatment and also add value to the process of drug development. Advantages associated with the usage of these tests such as disease risk prediction, patient stratification, and therapeutic response monitoring over the traditional methods is anticipated to a significant source of progress in this pharmacogenomics companion diagnostics market.

In addition, pharmacogenomics testing products aid physicians in individualizing and optimization of the patient’s therapeutic regimen. Pharmacogenomics and theranostics are paving the way for integrated medicine. Rapid evolution in this group of specialized molecular diagnostic tests is contributing to improvement for the assessment of real-time treatment of disease.

However, the presence of challenges pertaining to early integration of pharmacogenomic based testing into drug development timelines for gaining the approval simultaneously is anticipated to impede growth. Proper designing and implementation of clinical trials in order to identify individual as well as population variations from a given therapy have become a necessary attribute for the success of theranostics.

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Pharmacogenomics Technology Market Report Highlights

• Oncology is estimated to account for the largest revenue share owing to the presence of a substantial number of products in this segment

• Furthermore, precision oncology investigators envision in giving multiple medications, in varied sorts of combinations, in an effort to squelch a tumor rather than just temper its growth

• Aforementioned fact is responsible for the estimated revenue share of cancer in the pharmacogenomics technology market

• Polymerase Chain Reaction (PCR) was the largest revenue grossing segment of the with respect to technology for theranostics

• Advantages associated with the use of the PCR technique makes it the current workhorse of clinical diagnostics

• Moreover, reproducible and precise results produced with the assays without sacrificing the sensitivity are responsible for the estimated share

• North American region dominates the pharmacogenomics technology market as a consequence of economic incentives for drug developers to pair their products with diagnostics.

• Asia Pacific market is projected to showcase the fastest growth over the forecast period as the companies are engaged in capturing untapped opportunities

• Key players operating include F Hoffman La Roche, Agilent Technologies, Thermo Fisher Scientific Inc., GE Healthcare, Pfizer, Qiagen NV, Leica Biosystems Nussloch GmBH, and Foundation Medicine.

• Diagnostic companies are positioning themselves to offer theranostic tools by widening the application of in-vitro diagnostic technologies to include more than just disease detection

Pharmacogenomics Technology Market Segmentation

Grand View Research has segmented the global pharmacogenomics technology market based on therapeutic area, technology, and region:

Therapeutic Area Outlook (Revenue, USD Million, 2018 - 2030)

• Oncology

  • Lung Cancer

  • Breast Cancer

  • Colorectal Cancer

  • Cervical Cancer

  • Others

• Neurological Disorders

• Cardiovascular Disease

• Immunological Disorders

• Infectious Diseases

• Others

Technology Outlook (Revenue, USD Million, 2018 - 2030)

• PCR

• In-situ Hybridization

• Immunohistochemistry

• Sequencing

• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Norway

  • Denmark

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

  • UAE

  • Kuwait

List of Key Players in Pharmacogenomics Technology Market

• QIAGEN

• GE HealthCare,

• Agilent Technologies, Inc.

• F. Hoffmann-La Roche Ltd

• FOUNDATION MEDICINE, INC.

• Thermo Fisher Scientific Inc.

• Leica Biosystems Nussloch GmBH,

• Pfizer Inc.