Pharmacogenomics Market Set to Surge to USD 52.59 Billion by 2034, Reveals Global Industry Analysis - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Pharmacogenomics Market by Technology, by Application, by End-users, and by Region" report has been added to ResearchAndMarkets.com's offering.

The global pharmacogenomics market is poised for rapid expansion, having been valued at USD 15.45 billion in 2023, with expectations to climb to a remarkable USD 52.59 billion by 2034.

The market's impressive compound annual growth rate (CAGR) of 11.78% from 2024 to 2034 is attributed to multiple factors, including the surge in government initiatives, an upswing in demand for personalized medicine, and significant advancements in genomic technologies. These influences are combined with the increasing prevalence of chronic diseases and the integration of data analytics and artificial intelligence in boosting the market growth.

DNA Sequencing Dominates Technology Segment

Revolutionary improvements in genome sequencing and analytical capabilities have propelled the DNA sequencing sector to the forefront of the pharmacogenomics market by technology. This segment's domination is further reinforced by the widespread adoption of next-generation sequencing (NGS) technologies, which are critical in discerning genetic variations that direct drug response. Such advancements ensure continued demand for DNA sequencing services and foster developments focused on enhancing the quality and scope of pharmacogenomic research.

Oncology Leads Application Segment

The oncology sector has emerged as a significant revenue contributor within the pharmacogenomics market applications. As cancer diagnoses rise globally, medical professionals increasingly rely on pharmacogenomic testing to tailor treatment plans to the individual, thereby elevating patient care standards and treatment success rates. Concurrently, the drug discovery sector is anticipated to exhibit the fastest growth rate due to a shift towards precision medicine within drug development processes, fostering a need for pharmacogenomic resources to maximize therapeutic efficacy.

Hospitals and Research Organizations See Robust Demand

Within the end-user framework, hospitals have garnered the largest market share, attributed to the growing implementation of pharmacogenomic testing in clinical settings and the rising prevalence of personalized medicine. Additionally, research organizations are projected to witness the most rapid growth, as the expansion of pharmacogenomics research, backed by government funding and strategic collaborations, demands cutting-edge genomic technologies and expertise.

Regional Insights Reveal North America at Forefront

Regionally, North America is expected to maintain a commanding position in the market, supported by a robust healthcare infrastructure, government-backed precision medicine initiatives, and active R&D in the field of pharmacogenomics. On the other hand, the Asia Pacific region is set to experience the fastest growth rate due to its advancing healthcare capabilities, increasing awareness of personalized medicine, and growing investments in genomic R&D.

This analysis provides a comprehensive look into the growth trajectory of the pharmacogenomics market, laying out the landscape across various technologies, applications, end-users, and regions, which is anticipated to shape the future of personalized medicine and healthcare practices globally.

Key Attributes:

Companies Featured

• Thermo Fisher Scientific Inc.
• F. Hoffmann-La Roche Ltd.
• Illumina Inc.
• Qiagen N.V.
• Abbott Laboratories
• Bayer AG
• Myriad Genetics Inc.
• PerkinElmer Inc.
• Genomic Health Inc.
• Becton
• Dickinson and Company (BD)
• AstraZeneca PLC
• Novartis AG
• Pfizer Inc.
• GlaxoSmithKline plc (GSK)
• Merck & Co. Inc.

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