Pharmacogenomics Market Size, Share, Growth & Industry Analysis, By Products (Sequencing Kits, PCR Kits, Microarray Kits, Reagents & Others), By Services (DNA Sequencing, Microarray, PCR & Others), By Indication, By Application, By End-User, and Regional Analysis, 2024-2031

Pharmacogenomics Market Size

The global Pharmacogenomics Market size was valued at USD 8.47 billion in 2023 and is projected to grow from USD 9.24 billion in 2024 to USD 17.92 billion by 2031, exhibiting a CAGR of 9.93% during the forecast period. The market is influenced by regulatory support for genomic medicine and collaborations between pharmaceutical companies and research institutions.

Regulatory approvals for new pharmacogenomic tests and therapies play a crucial role in market expansion. Moreover, increasing awareness among healthcare professionals regarding the benefits of personalized medicine and the integration of pharmacogenomic data into electronic health records are leading to widespread adoption.

In the scope of work, the report includes solutions offered by companies such as Abbott, Agilent Technologies Inc., Becton, Dickinson and Company, Biomerieux, Bio-Rad Laboratories Inc., Eurofins Genomics, F. Hoffmann-La Roche Ltd, Illumina Inc., PacBio, PerkinElmer Inc., and others.

The pharmacogenomics market is experiencing robust growth, largely driven by advancements in genomic research, increasing prevalence of chronic diseases, and rising demand for personalized medicine.

• For instance, in January 2024, the American Cancer Society estimated that there would be more than 2 million cancer cases diagnosed in the United States, an increase from the 1.9 million cases reported the previous year.

This increase in cancer cases is fueling the demand for personalized medicine and pharmacogenomics, as tailored treatments are becoming essential for improving patient outcomes and managing complex treatment regimens. Additionally, the surge in direct-to-consumer genetic testing and substantial investments in research and development are propelling market expansion.

Companies operating in this sector are actively focusing on developing tailored therapies that improve patient outcomes and reduce adverse drug reactions, thereby propelling market growth.

Pharmacogenomics is scientific discipline that investigates the influence of an individual's genetic makeup influences on their response to drugs. It involves analyzing variations in genes that affect drug metabolism, efficacy, and potential adverse effects. Understanding these genetic differences, enables healthcare providers to personalize treatment plans, thereby optimizing drug therapy for each patient, aiming to achieve better outcomes and minimize risks of adverse reactions.

Pharmacogenomics integrates genomic data with pharmacology to tailor medication choices and dosages according to an individual's genetic profile, thereby enhancing the effectiveness and safety of medical treatments.

Analyst’s Review

The increase in funding for chronic disease research is supporting the growth of the pharmacogenomics market by enabling the development of personalized medicine strategies that are tailored to individual genetic profiles.

• For instance, in January 2024, the National Cancer Institute reported that cancer research funding in the United States significantly increased from USD 6.72 billion in 2022 to USD 7.10 billion in 2023.

This data illustrates substantial investment in genomics and personalized medicine, which is expected to influence the market. Key players in the market aim to capitalize on increased funding in cancer research by developing advanced genetic testing technologies and personalized treatments. By investing in robust research and forging strategic partnerships with healthcare providers, key players are fosterimg innovation which is liekly to surge market demand.

Pharmacogenomics Market Growth Factors

The pharmacogenomics market is poised to witness substantial growth due to the increasing focus on precision medicine. Precision medicine integrates genetic and environmental data to customize treatments based on individual disease characteristics and responses.

• For instance, the National Cancer Institute's introduction of the Combination Therapy Platform Trial with Molecular Analysis for Therapy Choice (ComboMATCH) in June 2023 exemplifies this approach by assessing optimal drug combinations specifically tailored to tumor biology of cancer patients.

This initiative underscores the growing trend toward personalized treatment strategies, fueled by advancements in digital technologies and biological research. As precision medicine continues to evolve, supported by initiatives such as ComboMATCH, the market is estimated to expand significantly, meeting the demand for more effective and personalized therapeutic solutions across various disease areas.

An ongoing challenge in the pharmacogenomics market is the complexity and cost associated with integrating genetic testing into routine clinical workflows. Additionally, varying reimbursement policies and regulatory frameworks across different regions pose significant hurdles to widespread adoption.

Key industry players are actively mitigating these challenges by investing heavily in research to validate the clinical efficacy of pharmacogenomic testing, advocating for standardized guidelines, and engaging in strategic collaborations with healthcare stakeholders. These efforts are directed toward overcoming barriers and promoting broader acceptance of pharmacogenomics as a pivotal component of personalized medicine, thereby fostering market growth and enhancing patient care outcomes.

Pharmacogenomics Market Trends

Increasing research and development spending is contributing to the adoption of pharmacogenomics, thus aiding market growth.

• For instance, in March 2023, Allroion Therapeutics, a next-generation precision medicine company focusing on oncology and autoimmune disorders, concluded 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 enhancing the development of new pharmacogenomic applications and therapies, thereby propelling market growth. The ongoing investment in R&D is expanding the potential of personalized medicine, thereby facilitating continuous advancements and wider adoption of pharmacogenomics in clinical practice.

The rise of direct-to-consumer (DTC) genetic testing companies is reshaping the landscape of the pharmacogenomics market. These enterprises are providing cost-effective and accessible genetic testing kits, enabling consumers to gain critical insights into their genetic predispositions and potential responses to drugs.

The growing consumer awareness and interest in personal health genomics are further propelling market expansion. As more individuals seek to understand their genetic makeup, the demand for these services is increasing. In addition, DTC genetic testing companies are capturing a substantial market share, fostering innovation, and contributing to the growth trajectory of the market.

Segmentation Analysis

The global market is segmented based on products, services, indication, application, end-user, and geography.

By Products

Based on products, the market is categorized into sequencing kits, PCR kits, microarray kits, reagents, and other kits and reagents. The sequencing kits segment garnered the highest revenue of USD 3.01 billion in 2023. These kits offer essential tools for conducting pharmacogenomic testing, enabling healthcare providers to analyze genetic variations that influence drug responses.

As precision medicine gains traction, the adoption of sequencing kits for personalized treatment approaches is expanding. Key advancements in next-generation sequencing technologies and bioinformatics are enhancing the accuracy and efficiency of these kits, leading to their widespread adoption in clinical settings. 

By Services

Based on services, the market is divided into DNA sequencing, microarray, PCR, electrophoresis, mass spectrometry, and others. The DNA sequencing segment captured the largest market share of 41.52% in 2023. As genetic testing becomes integral to tailoring treatments based on individual genetic profiles, DNA sequencing technologies play a pivotal role in analyzing and interpreting genomic data.

Advances in next-generation sequencing (NGS) have significantly reduced costs and turnaround times, making genetic testing more accessible to both healthcare providers and patients. This enhanced accessibility fosters greater adoption of pharmacogenomic testing across various medical specialties, thereby enhancing treatment precision and patient outcomes.

Moreover, ongoing innovations in sequencing techniques and bioinformatics boost the growth of the segment by enabling more comprehensive genetic analysis and personalized therapeutic strategies.

By Indication

Based on indication, the pharmacogenomics market is categorized into cardiovascular diseases, cancer, neurological disorders, and others. The cancer segment is expected to garner the highest revenue of USD 6.99 billion by 2031. Genetic testing in oncology enables healthcare providers to tailor therapies based on individual genetic profiles, thus enhancing efficacy and reducing adverse effects.

Key advancements in genomic sequencing technologies, such as next-generation sequencing (NGS), facilitate a comprehensive analysis of tumor genetics, guiding treatment decisions and predicting drug responses. This growth is further fostered by increasing cancer incidence worldwide, coupled with rising investments in oncology research and development.

By integrating pharmacogenomics into cancer care pathways, this segment continues to expand, offering new avenues for targeted therapies and precision medicine in oncology.

By Application

Based on application, the market is divided into personalized medicine, clinical research, and drug discovery. The drug discovery segment is expected to capture the largest pharmacogenomics market share of 35.88% by 2031. This notable growth is attributed to several factors such as the rising incidence of cancer and chronic diseases, increased R&D activities for new drug development, and surging demand for precision medicine.

• For instance, the American Cancer Society's projection of over 2 million cancer cases in the U.S. for 2024 underscores the urgent need for innovative therapies that are tailored to individual genetic profiles.

This trend is fueling investment in pharmacogenomics technology, which enhances drug discovery by identifying genetic markers that influence drug responses. As pharmaceutical companies intensify their efforts in personalized medicine  by leveraging genomic insights to optimize drug efficacy and safety, the drug discovery segment is expected to witness robust growth.

Pharmacogenomics Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

North America pharmacogenomics market share stood around 33.81% in 2023 in the global market, with a valuation of USD 2.86 billion. Due to high investment in personalized medicine and drug discovery activities, a robust healthcare infrastructure, and the high prevalence of chronic diseases, the North America market is expected to grow significantly.

• For instance, the Canadian Cancer Society reported in November 2023 that 239,100 Canadians were expected to be diagnosed with cancer that year, with around 45% of individuals in Canada facing a cancer diagnosis at some point in their lifetime.

These factors boost the demand for advanced therapeutics, where pharmacogenomics plays a crucial role. The expansion of the regional market is further bolstered by the introduction of new product and service.

• For instance, in February 2023, the University of Florida College of Pharmacy introduced MyRx, a new service that provides virtual consultations to help patients understand pharmacogenetic testing results and improve drug therapeutics.

These innovations are anticipated to increase the adoption of pharmacogenomics products and services, thereby fueling regional market growth.

Asia-Pacific is anticipated to witness substantial growth at a robust CAGR of 12.38% over the forecast period. This growth is augmented by expanding healthcare infrastructure, increasing government initiatives that support genomics research, and growing awareness regarding personalized medicine.

Countries such as China and India are investing heavily in healthcare modernization and genomic studies to enhance their medical capabilities. Additionally, rising disposable incomes and improving access to healthcare services are leading to increased demand for advanced medical treatments. Collaborations between academic institutions and biotech companies are further bolstering regional market expansion. 

Competitive Landscape

The global pharmacogenomics market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Pharmacogenomics Market

• Abbott
• Agilent Technologies Inc.
• Becton, Dickinson and Company
• Biomerieux
• Bio-Rad Laboratories Inc.
• Eurofins Genomics
• Hoffmann-La Roche Ltd
• Illumina Inc.
• PacBio
• PerkinElmer Inc.

Key Industry Development

• May 2024 (Product Launch): Oxford Nanopore Technologies introduced a new Pharmacogenomics (PGx) Beta Programme to advance personalized medicine by combining Twist Bioscience’s next-generation sequencing (NGS) target enrichment technology with Oxford Nanopore’s sequencing platform. This initiative is expected to enhance the both accuracy and efficiency of pharmacogenomic testing.

The global pharmacogenomics market is segmented as:

By Products

• Sequencing Kits
• PCR Kits
• Microarray Kits
• Reagents
• Other Kits and Reagents

By Services

• DNA Sequencing
• Microarray
• PCR
• Electrophoresis
• Mass Spectrometry
• Others

By Indication

• Cardiovascular Diseases
• Cancer
• Neurological Disorders
• Others

By Application

• Personalized Medicine
• Clinical Research
• Drug Discovery

By End-User

• Pharmaceutical and Biotechnology Companies
• CROs
• Academic and Research Institutions

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America