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Global Pharmacogenomics Technology Market to reach USD 12.8 billion by the end of 2030

Global Pharmacogenomics Technology Market Size study & Forecast, by Therapeutic Area (Oncology, Neurological Disorders, Cardiovascular Disease, Immunological Disorders, Infectious Diseases, Others), by Technology (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, Others) and Regional Analysis, 2023-2030

Product Code: HLSHIT-68395064
Publish Date: 15-11-2023
Page: 200

Global Pharmacogenomics Technology Market is valued at approximately USD 6.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 8.7% over the forecast period 2023-2030. Pharmacogenomics technology is a field of study that combines pharmacology (the study of how drugs interact with the body) and genomics (the study of an individual’s genes and their functions) to tailor medical treatments and medications to an individual’s genetic makeup. This technology aims to better understand how variations in a person’s genes can influence their response to drugs, both in terms of efficacy and potential side effects. The Pharmacogenomics Technology market is expanding because of factors such as rising development of personalized medicine, advancements in genomics, and increasing research and development spending.

The rising development of personalized medicine and advancements in genomics are driving the market growth. According to the May 2022 report of the NIH of the United States, the spending on research in cancer genomics has increased significantly over the years from USD 1,160 million in 2021 to USD 1,220 million in 2022. Moreover, In October 2021, the Israel Precision Medicine Partnership (IPMP) granted approximately USD 9.9 million in funding to support 11 research projects in Israel focused on personalized medicine, encompassing areas such as cancer, Crohn’s disease, and rare diseases. This data shows significant investment in genomics and personalized medicine which is expected to have a positive impact on the growth of the pharmacogenomics market. In addition, the increasing adoption of technology and next-generation sequencing in academic and institutional research projects and increasing investment in drug discovery projects are creating new opportunities for market growth. However, the high cost of Pharmacogenomics Technology stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Pharmacogenomics Technology Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to factors such as significant investments in personalized medicine, extensive efforts in drug discovery and development, a well-established healthcare infrastructure, and the widespread occurrence of numerous chronic illnesses all contribute to this phenomenon. Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as rising healthcare spending, rising research and development activities, rising government funding for genomics and personalized medicine research and more.

Major market player included in this report are:
Abbott Laboratories Inc.
Agilent Technologies Inc.
Becton, Dickinson and Company
Bio-Rad Laboratories Inc.
Eurofins Scientific
F. Hoffmann-La Roche Ltd
Illumina Inc.
Merck KgAA
Pacific Biosciences of California Inc.

Recent Developments in the Market:
Ø In February 2023, MyRx, a service provided by UF Health and developed by pharmacists from the University of Florida Faculty of Pharmacy, was introduced with the aim of simplifying the interpretation of pharmacogenetic test results for patients and improving their medication management. This initiative was launched against the backdrop of research showing that nearly nine out of ten individuals possess genetic variations that can influence their response to commonly prescribed medications. Pharmacogenetic testing plays a crucial role in helping both physicians and patients comprehend the reasons behind non-responsiveness to certain drugs or the occurrence of unwanted side effects. By analyzing specific genes, this test determined the appropriate types and dosages of medications that would be most suitable for each patient.
Ø In April 2022, Blue Care Network launched Blue Cross Personalized Medicine, marking Michigan’s inaugural and all-encompassing pharmacogenomics precision medicine initiative. Grounded in a comprehensive examination of prescribed medications for mental health, cardiology, and oncology conditions, this program employed genetic testing to tailor pharmaceutical treatments to individual patients.
Global Pharmacogenomics Technology Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Therapeutic Area, Technology, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Therapeutic Area:
Neurological Disorders
Cardiovascular Disease
Immunological Disorders
Infectious Diseases

By Technology:
In-situ Hybridization

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Pharmacogenomics Technology Market, by Region, 2020-2030 (USD Billion)
1.2.2. Pharmacogenomics Technology Market, by Therapeutic Area, 2020-2030 (USD Billion)
1.2.3. Pharmacogenomics Technology Market, by Technology, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Pharmacogenomics Technology Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Pharmacogenomics Technology Market Dynamics
3.1. Pharmacogenomics Technology Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising development of personalized medicine Advancements in genomics Increasing research and development spending
3.1.2. Market Challenges High Cost of Pharmacogenomics Technology
3.1.3. Market Opportunities Increasing adoption of technology and next-generation sequencing in academic and institutional research projects Increasing investment in drug discovery projects
Chapter 4. Global Pharmacogenomics Technology Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Pharmacogenomics Technology Market, by Therapeutic Area
5.1. Market Snapshot
5.2. Global Pharmacogenomics Technology Market by Therapeutic Area, Performance – Potential Analysis
5.3. Global Pharmacogenomics Technology Market Estimates & Forecasts by Therapeutic Area 2020-2030 (USD Billion)
5.4. Pharmacogenomics Technology Market, Sub Segment Analysis
5.4.1. Oncology
5.4.2. Neurological Disorders
5.4.3. Cardiovascular Disease
5.4.4. Immunological Disorders
5.4.5. Infectious Diseases
5.4.6. Others
Chapter 6. Global Pharmacogenomics Technology Market, by Technology
6.1. Market Snapshot
6.2. Global Pharmacogenomics Technology Market by Technology, Performance – Potential Analysis
6.3. Global Pharmacogenomics Technology Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
6.4. Pharmacogenomics Technology Market, Sub Segment Analysis
6.4.1. PCR
6.4.2. In-situ Hybridization
6.4.3. Immunohistochemistry
6.4.4. Sequencing
6.4.5. Others
Chapter 7. Global Pharmacogenomics Technology Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Pharmacogenomics Technology Market, Regional Market Snapshot
7.4. North America Pharmacogenomics Technology Market
7.4.1. U.S. Pharmacogenomics Technology Market Therapeutic Area breakdown estimates & forecasts, 2020-2030 Technology breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Pharmacogenomics Technology Market
7.5. Europe Pharmacogenomics Technology Market Snapshot
7.5.1. U.K. Pharmacogenomics Technology Market
7.5.2. Germany Pharmacogenomics Technology Market
7.5.3. France Pharmacogenomics Technology Market
7.5.4. Spain Pharmacogenomics Technology Market
7.5.5. Italy Pharmacogenomics Technology Market
7.5.6. Rest of Europe Pharmacogenomics Technology Market
7.6. Asia-Pacific Pharmacogenomics Technology Market Snapshot
7.6.1. China Pharmacogenomics Technology Market
7.6.2. India Pharmacogenomics Technology Market
7.6.3. Japan Pharmacogenomics Technology Market
7.6.4. Australia Pharmacogenomics Technology Market
7.6.5. South Korea Pharmacogenomics Technology Market
7.6.6. Rest of Asia Pacific Pharmacogenomics Technology Market
7.7. Latin America Pharmacogenomics Technology Market Snapshot
7.7.1. Brazil Pharmacogenomics Technology Market
7.7.2. Mexico Pharmacogenomics Technology Market
7.8. Middle East & Africa Pharmacogenomics Technology Market
7.8.1. Saudi Arabia Pharmacogenomics Technology Market
7.8.2. South Africa Pharmacogenomics Technology Market
7.8.3. Rest of Middle East & Africa Pharmacogenomics Technology Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Abbott Laboratories Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. Agilent Technologies Inc.
8.3.3. Becton, Dickinson and Company
8.3.4. Biomerieux
8.3.5. Bio-Rad Laboratories Inc.
8.3.6. Eurofins Scientific
8.3.7. F. Hoffmann-La Roche Ltd
8.3.8. Illumina Inc.
8.3.9. Merck KgAA
8.3.10. Pacific Biosciences of California Inc.
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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