Pharmacogenomics Technologies Market
Pharmacogenomics Technologies Market Forecasts to 2030 - Global Analysis By Type (Bioinformatics Software, Clinical Decision Support System, Laboratory Information Management System, Pharmacogenomic Consulting, Genetic Testing Services, Sample Preparation Kits and Other Types), Therapeutic Area, Technology, Distribution Channel, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $6.8 BN |
|
Projected Year Value (2030) |
US $13.9 BN |
|
CAGR (2023 - 2030) |
10.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Pharmacogenomics Technologies Market is accounted for $6.8 billion in 2023 and is expected to reach $13.9 billion by 2030 growing at a CAGR of 10.7% during the forecast period. Pharmacogenomics technologies refer to a field that combines pharmacology and genomics to develop personalized medicine based on an individual's genetic makeup. These technologies involve analyzing how an individual's genetic variations influence their response to medications. By understanding these genetic variations, healthcare providers can better predict how a person will respond to a particular drug, determine the most effective dosage, and minimize the risk of adverse reactions.
According to the American Cancer Society 2022 report, an estimated 1.9 million new cancer cases will be diagnosed in the United States in 2022, which includes 290,560 cases of breast cancer.
Market Dynamics:
Driver:
Advancements in genomic technologies
Progress in genomic sequencing and analysis technologies has significantly contributed to the expansion of market. Next-generation sequencing (NGS), microarray analysis, and bioinformatics tools enable more comprehensive analysis of genetic variations related to drug response. These innovations enhance precision medicine, minimizing trial and error in prescribing medications and improving patient outcomes.
Restraint:
Data interpretation challenges
Analyzing genetic data is complex. Interpreting the results in a clinically actionable way can be challenging, especially given the vast amount of genetic information involved. Understanding the implications of specific genetic variations and their impact on drug response requires sophisticated analysis. Ensuring the security and confidentiality of patient genetic information is critical but can be difficult to guarantee. These are the factors impeding the growth of the market.
Opportunity:
Increasing demand for personalized medicine
Pharmacogenomics technologies meet the rising demand for personalized medicine by tailoring treatments based on individual genetic profiles. This approach enhances drug efficacy, minimizes adverse reactions, and optimizes dosages for patients. There's a growing recognition of the importance of personalized medicine, which tailors treatments based on individual genetic profiles. It facilitates the customization of drug therapies to maximize efficacy and minimize adverse reactions.
Threat:
Regulatory and reimbursement challenges
Regulatory frameworks may not be fully equipped to handle pharmacogenomics, leading to uncertainties about standards and guidelines. Additionally, reimbursement for genetic testing and related services might not be universally available or standardized, limiting access for some patients. Sequencing, analyzing, and interpreting genetic data require specialized equipment and expertise, making the process costly. This expense can limit widespread adoption and accessibility.
Covid-19 Impact:
The pandemic has accelerated research in pharmacogenomics, emphasizing the importance of personalized medicine. Understanding how genetic factors influence drug response became crucial in developing treatments and vaccines for COVID-19. The shift towards telemedicine during the pandemic affected the way genetic testing and counseling was delivered. There's an increased use of telehealth services for genetic testing and consultations, allowing wider accessibility and minimizing in-person interactions.
The oncology segment is expected to be the largest during the forecast period
The oncology segment is expected to be the largest during the forecast period. Advantages include personalized therapy selection, minimizing adverse reactions, optimizing drug efficacy, and predicting patient response. This precision approach enhances treatment outcomes, reduces trial and error, and improves patient quality of life by matching therapies to individual genetic profiles, advancing oncology towards more effective and personalized care.
The hospitals segment is expected to have the highest CAGR during the forecast period
The hospitals segment is expected to have the highest CAGR during the forecast period. This precision medicine approach minimizes adverse reactions, enhances drug efficacy, and optimizes dosage. It reduces trial-and-error prescribing, improving patient outcomes while minimizing healthcare costs. Hospitals employing these technologies benefit from personalized treatment plans, reduced side effects, and streamlined medication strategies, ensuring safer and more effective care for patients.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The development of high-throughput sequencing techniques has made it more feasible and cost-effective to analyze an individual's genetic information. This has enabled the widespread application of pharmacogenomics in clinical settings. There's a growing recognition of the importance of tailoring medical treatments to an individual's genetic profile to enhance drug efficacy and minimize adverse reactions.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period due to various factors such as increasing investments in healthcare infrastructure. The market involves various technologies such as DNA sequencing, microarray technology, polymerase chain reaction (PCR), and bioinformatics tools, among others, which are used to analyze genetic variations and aid in drug development, prescription, and dosage determination customized to an individual's genetic profile.
Key players in the market
Some of the key players in Pharmacogenomics Technologies market include Phamatech Inc, BiogeniQ Inc., CENTOGENE N.V., Empire Genomics, ViennaLab Diagnostics GmbH, Thermo Fisher Scientific, Admera Health, Agena Biosciences Inc., Myriad Genetics Inc., Quest Diagnostics, Dynamic DNA Laboratories, Personalis Inc., Coriell Life Sciences, Illunima Inc, OneOme LLC, QIAGEN and Leica Biosystems.
Key Developments:
In April 2023, Leica Biosystems received the clearance for BOND MMR Antibody Panel, which is expected to aid customers by offering the IHC Mismatch Repair (MMR) option when screening patients with colorectal cancer who may have Lynch syndrome.
In January 2023, QIAGEN announced a strategic partnership with Helix a population genomics company to aid companion diagnostics for genetic diseases.
Types Covered:
• Bioinformatics Software
• Clinical Decision Support System
• Laboratory Information Management System
• Pharmacogenomic Consulting
• Genetic Testing Services
• Sample Preparation Kits
• Other Types
Therapeutic Areas Covered:
• Neurological Disorders
• Oncology
• Immunological Disorders
• Cardiovascular Disease
• Infectious Diseases
• Other Therapeutic Areas
Technologies Covered:
• Sequencing
• Immunohistochemistry
• In-situ Hybridization
• Polymerase Chain Reaction (PCR)
• Other Technologies
Distribution Channels Covered:
• Retail Pharmacy
• Hospital Pharmacy
• Online Pharmacy
End Users Covered:
• Hospitals
• Clinics
• Research Institute
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Pharmacogenomics Technologies Market, By Type
5.1 Introduction
5.2 Bioinformatics Software
5.3 Clinical Decision Support System
5.4 Laboratory Information Management System
5.5 Pharmacogenomic Consulting
5.6 Genetic Testing Services
5.7 Sample Preparation Kits
5.8 Other Types
6 Global Pharmacogenomics Technologies Market, By Therapeutic Area
6.1 Introduction
6.2 Neurological Disorders
6.3 Oncology
6.3.1 Breast Cancer
6.3.2 Colorectal Cancer
6.3.3 Cervical Cancer
6.3.4 Lung Cancer
6.4 Immunological Disorders
6.5 Cardiovascular Disease
6.6 Infectious Diseases
6.7 Other Therapeutic Areas
7 Global Pharmacogenomics Technologies Market, By Technology
7.1 Introduction
7.2 Sequencing
7.3 Immunohistochemistry
7.4 In-situ Hybridization
7.5 Polymerase Chain Reaction (PCR)
7.6 Other Technologies
8 Global Pharmacogenomics Technologies Market, By Distribution Channel
8.1 Introduction
8.2 Retail Pharmacy
8.3 Hospital Pharmacy
8.4 Online Pharmacy
9 Global Pharmacogenomics Technologies Market, By End User
9.1 Introduction
9.2 Hospitals
9.3 Clinics
9.4 Research Institute
9.5 Other End Users
10 Global Pharmacogenomics Technologies Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Phamatech Inc
12.2 BiogeniQ Inc.
12.3 CENTOGENE N.V.
12.4 Empire Genomics
12.5 ViennaLab Diagnostics GmbH
12.6 Thermo Fisher Scientific
12.7 Admera Health
12.8 Agena Biosciences Inc.
12.9 Myriad Genetics Inc.
12.10 Quest Diagnostics
12.11 Dynamic DNA Laboratories
12.12 Personalis Inc.
12.13 Coriell Life Sciences
12.14 Illunima Inc
12.15 OneOme LLC
12.16 QIAGEN
12.17 Leica Biosystems
List of Tables
1 Global Pharmacogenomics Technologies Market Outlook, By Region (2021-2030) ($MN)
2 Global Pharmacogenomics Technologies Market Outlook, By Type (2021-2030) ($MN)
3 Global Pharmacogenomics Technologies Market Outlook, By Bioinformatics Software (2021-2030) ($MN)
4 Global Pharmacogenomics Technologies Market Outlook, By Clinical Decision Support System (2021-2030) ($MN)
5 Global Pharmacogenomics Technologies Market Outlook, By Laboratory Information Management System (2021-2030) ($MN)
6 Global Pharmacogenomics Technologies Market Outlook, By Pharmacogenomic Consulting (2021-2030) ($MN)
7 Global Pharmacogenomics Technologies Market Outlook, By Genetic Testing Services (2021-2030) ($MN)
8 Global Pharmacogenomics Technologies Market Outlook, By Sample Preparation Kits (2021-2030) ($MN)
9 Global Pharmacogenomics Technologies Market Outlook, By Other Types (2021-2030) ($MN)
10 Global Pharmacogenomics Technologies Market Outlook, By Therapeutic Area (2021-2030) ($MN)
11 Global Pharmacogenomics Technologies Market Outlook, By Neurological Disorders (2021-2030) ($MN)
12 Global Pharmacogenomics Technologies Market Outlook, By Oncology (2021-2030) ($MN)
13 Global Pharmacogenomics Technologies Market Outlook, By Breast Cancer (2021-2030) ($MN)
14 Global Pharmacogenomics Technologies Market Outlook, By Colorectal Cancer (2021-2030) ($MN)
15 Global Pharmacogenomics Technologies Market Outlook, By Cervical Cancer (2021-2030) ($MN)
16 Global Pharmacogenomics Technologies Market Outlook, By Lung Cancer (2021-2030) ($MN)
17 Global Pharmacogenomics Technologies Market Outlook, By Immunological Disorders (2021-2030) ($MN)
18 Global Pharmacogenomics Technologies Market Outlook, By Cardiovascular Disease (2021-2030) ($MN)
19 Global Pharmacogenomics Technologies Market Outlook, By Infectious Diseases (2021-2030) ($MN)
20 Global Pharmacogenomics Technologies Market Outlook, By Other Therapeutic Areas (2021-2030) ($MN)
21 Global Pharmacogenomics Technologies Market Outlook, By Technology (2021-2030) ($MN)
22 Global Pharmacogenomics Technologies Market Outlook, By Sequencing (2021-2030) ($MN)
23 Global Pharmacogenomics Technologies Market Outlook, By Immunohistochemistry (2021-2030) ($MN)
24 Global Pharmacogenomics Technologies Market Outlook, By In-situ Hybridization (2021-2030) ($MN)
25 Global Pharmacogenomics Technologies Market Outlook, By Polymerase Chain Reaction (PCR) (2021-2030) ($MN)
26 Global Pharmacogenomics Technologies Market Outlook, By Other Technologies (2021-2030) ($MN)
27 Global Pharmacogenomics Technologies Market Outlook, By Distribution Channel (2021-2030) ($MN)
28 Global Pharmacogenomics Technologies Market Outlook, By Retail Pharmacy (2021-2030) ($MN)
29 Global Pharmacogenomics Technologies Market Outlook, By Hospital Pharmacy (2021-2030) ($MN)
30 Global Pharmacogenomics Technologies Market Outlook, By Online Pharmacy (2021-2030) ($MN)
31 Global Pharmacogenomics Technologies Market Outlook, By End User (2021-2030) ($MN)
32 Global Pharmacogenomics Technologies Market Outlook, By Hospitals (2021-2030) ($MN)
33 Global Pharmacogenomics Technologies Market Outlook, By Clinics (2021-2030) ($MN)
34 Global Pharmacogenomics Technologies Market Outlook, By Research Institute (2021-2030) ($MN)
35 Global Pharmacogenomics Technologies Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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