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The pharmacogenomics market share is expected to increase by USD 2.50 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.93%.
This pharmacogenomics market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers pharmacogenomics market segmentation by end-user (hospitals and clinics, research organizations, and academics) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The pharmacogenomics market report also offers information on several market vendors, including 23andMe Inc., Abbott Laboratories, Admera Health, and ATS GENETECH PVT. LTD., Dynamic DNA Laboratories, geneOmbio Technologies Pvt. Ltd., Illumina Inc., Laboratory Corp. of America Holdings, Mesa Labs Inc., Myriad Genetics Inc., OneOme LLC, OPKO Health Inc., QIAGEN NV, Quest Diagnostics Inc., and Thermo Fisher Scientific Inc. among others.
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The rising prevalence of genetic diseases and disorders is notably driving the pharmacogenomics market growth, although factors such as varying regulations on pharmacogenomics testing and research globally may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the pharmacogenomics industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Pharmacogenomics Market Driver
The rising prevalence of genetic diseases and disorders is one of the major drivers impacting the pharmacogenomics market growth. The significant demand for genetic testing products is attributed to prenatal genetic testing procedures. The increasing incidence of disabilities in newborns has increased the adoption of prenatal testing for the timely treatment of manageable genetic disorders and diseases. For instance, according to the CDC, 1 in every 33 babies (about 3%) is born with birth defects in the US every year. Similarly, between 7 million and 9 million babies are born with birth defects globally. Moreover, early disease diagnosis through prenatal testing procedures is largely preferred by parents with inheritable genetic conditions such as autosomal dominant and recessive disorders. For instance, either parent having a gene with an autosomal dominant condition has a 50% chance of inheriting the disorder to their offspring. This creates a necessity among parents to opt for preventive diagnostic procedures such as prenatal genetic testing.
Key Pharmacogenomics Market Trend
The growing adoption of direct-to-consumer genetic tests in early disease diagnosis is one of the major trends influencing the pharmacogenomics market growth. Growing demand for timely initiation of healthcare treatments and the increasing adoption of preventive approaches for avoiding disease risks have increased the use of direct-to-consumer genetic tests globally. Market vendors such as Quest Diagnostics, Myriad Genetics Inc., and 23andMe Inc. are offering direct-to-consumer pharmacogenomic testing products such as non-invasive DNA tests, which are designed to assess the risks of developing common health conditions such as migraine, autoimmune disorders, lupus, Alzheimer's disease, melanoma, lung cancer, cystic fibrosis, bladder cancer, colorectal cancer, and breast cancer.
Key Pharmacogenomics Market Challenge
Varying regulations on pharmacogenomics testing and research globally are one of the major challenges impeding the pharmacogenomics market growth. PCR kits and assays used for in vitro pharmacogenomics testing are regulated under the FDA's 21 CFR (Code of Federal Regulations) in the US, whereas the EU IVD Directive (98/79/EC) regulates the use of PCR kits and assays for in vitro testing in Europe. In addition, clinical laboratories using these assays are required to comply with the regulatory requirements related to clinical and analytical validation in sequencing workflow. Results provided to patients by these clinical laboratories are subjected to legal obligations related to the reproducibility of test results and adherence to high standards of specificity and sensitivity. These results need to meet varying compliance requirements of authorities such as the Centers for Medicare and Medicaid Services (CMS) and Clinical Laboratory Improvement Amendments (CLIA) in the US and the EMA in Europe. Such variations in standards among regulatory authorities hinder compliance, thereby threatening the swift business operations of market vendors across countries. Owing to these factors, the global pharmacogenomics market is expected to witness significant growth during the forecast period.
This pharmacogenomics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global pharmacogenomics market as a part of the global life science tools and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the pharmacogenomics market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the pharmacogenomics market encompasses successful business strategies deployed by the key vendors. The pharmacogenomics market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The pharmacogenomics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our report provides extensive information on the value chain analysis for the pharmacogenomics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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