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Pharmacogenomics Market Analysis

The Pharmacogenomics Market size is estimated at USD 8.67 billion in 2024, and is expected to reach USD 11.67 billion by 2029, growing at a CAGR of 6.12% during the forecast period (2024-2029).

The pharmacogenomics market is driven by the rising popularity of precision medicine, coupled with growing research and development expenditures on pharmacogenomics technologies, which is accelerating the development of novel products. The high incidence rate of adverse drug reactions is also driving the higher adoption of pharmacogenomics in the global market.

The increasing focus on precision medicine is expected to augment the pharmacogenomics market, as the precision medicine approach aims to integrate genetic and environmental information about diseases and their responses to treatments. For instance, in June 2023, the National Cancer Institute introduced a precision medicine initiative known as Combination Therapy Platform Trial with Molecular Analysis for Therapy Choice (ComboMATCH), which can evaluate the different drug combinations for cancer patients based on tumor biology. With the rapid growth in digital technologies and advances in biology, the pharmacogenomics market is projected to grow significantly.

Additionally, increasing research and development spending is contributing to the adoption of pharmacogenomics and driving the market's growth. For instance, in March 2023, Allroion Therapeutics, the next-generation precision medicine company focusing on oncology and autoimmune disorders, completed a USD 50 million Series B financing round to develop upcoming clinical trials in phase I/II in China and the United States. This increase in R&D spending is expected to boost the market’s growth during the forecast period.

Sanger technology and next-generation sequencing are increasingly adopted in academic and institutional research projects. Additionally, a rise in funding and investment programs augment these entities' demand for DNA sequencing products. For instance, in January 2024, according to the National Cancer Institute, the spending on cancer research funding increased significantly from USD 6.72 billion in 2022 to USD 7.10 billion in 2023 in the United States. This data shows significant investment in genomics and personalized medicine, which is expected to impact the pharmacogenomics market's growth positively. Pharmacogenomics is also helpful in cancer treatment and has proved to improve the survival of patients. At the same time, it has also been found to reduce the unnecessary cost of unresponsive therapy by patients.

Therefore, factors such as increasing focus on precision medicine and growing research and development spending are expected to enhance the growth of the pharmacogenomics market during the forecast period. However, issues related to reimbursement and problems associated with the detection of gene variation that affects drug response may restrain the growth of the pharmacogenomics market during the forecast period.

Pharmacogenomics Industry Overview

As per the scope of this report, pharmacogenomics provides accurate insights into making clinical decisions and determining the most effective treatment by varying the dosages of drugs. The field of pharmacogenomics is predicted to treat a wide range of health problems, including cardiovascular diseases, Alzheimer's disease, cancer, HIV/AIDS, and asthma. The pharmacogenomics market is segmented by technology, application, and geography. By technology, the market is segmented into DNA sequencing, microarray, polymerase chain reaction, electrophoresis, mass spectrometry, and other technologies. By application, the market is segmented into drug discovery, neurology, oncology, pain management, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. For each segment, the market size is provided in terms of value (USD).