The global pharmacogenomics services market is expected to witness high growth, attributing to the global increase in the prevalence of infectious diseases and various types of cancers, increase in adoption of personalized medicine shifting the paradigm from reaction to prevention, rise in the rate of adverse drug reactions, and surge in the usage of pharmacogenomics for drug discovery and development. The continued significant investments by the emerging and legacy companies to meet industry demand and the growth in biomarker discovery are major factors propelling the growth of the global pharmacogenomics services market.
The global pharmacogenomics services market is projected to reach $9,346.8 million by 2031 from $5,060.0 million in 2020, at a CAGR of 5.71% during the forecast period 2021-2031.
To gain a holistic view of the market, data from different segments of the market has been analyzed minutely
These segments include types of services (genotyping, SNP identification, pharmacogenomics testing, and other services), technology (polymerase chain reaction (PCR), microarray, sequencing), application (oncology, infectious diseases, neurology/psychiatry, cardiovascular, and other applications), end user (research organizations, pharmaceutical companies, diagnostic centers, and other end users), and region (North America, Europe, Asia-Pacific, Latin America, Rest-of-the-World)
As of 2020, the global pharmacogenomics services market (by application) has been dominated by core genetic tool-based applications. These applications primarily include pharmacogenomics products extensively used for the diagnosis of oncology, infectious disease, psychiatry, endocrinology, cardiovascular, gastroenterology, and other applications.
The global pharmacogenomics services market by application is segmented into oncology, neurology/ psychiatry, infectious diseases, cardiovascular, and other applications. The other applications segment includes gastroenterology and endocrinology. The global pharmacogenomics services market (by application) was dominated by oncology.
The growth of the segment can be attributed to the increasing prevalence of cancer worldwide, faster approvals of products by the regulatory bodies, and rising demand for immunology-based drugs.
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Dominating Technology in the Global Pharmacogenomics Services Market
With an improvement in the efficiency of molecular tests, there has been a reduction in their turnaround time. The need for faster results largely drives the demand for molecular alternatives. Moreover, other microbiology tests owing to their nature, cannot be run any faster. It is now possible to generate clinically actionable results from molecular diagnostics in as little time as one to a few hours. Additionally, with emerging aspects of revolutionary technologies being combined to reproduce faster and more effective results, the technological area in the molecular diagnostic industry is undergoing rapid changes that are changing the entire face of molecular diagnostic technologies.
Dominating Region in the Global Pharmacogenomics Services Market
In 2020, the North America pharmacogenomics services market dominated the global market, and it is expected to hold its dominance throughout the forecast period 2021-2031. However, the Asia-Pacific (APAC) region, constituting several emerging economies, is expected to register the highest CAGR of 7.44% during the forecast period 2021-2031.
The increase in the adoption of pharmacogenomics practices in the region is driven by several government initiatives for incorporating targeted medicine approach in the mainstream healthcare system. Moreover, the U.S. Food and Drug Administration (FDA) and the Clinical Laboratory Improvement Amendments (CLIA) have been at the forefront of the development of effective and appropriate guidelines and policies to propel the adoption of pharmacogenomic tests by end users.
The growth in this region can be majorly attributed to the presence of legacy market players in the U.S., such as Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Illumina, Inc., and Thermo Fisher Scientific Inc., coupled with the significant adoption of advanced pharmacogenomic solutions in the field of research.
Key Competitors in the Global Pharmacogenomics Services Market
The global pharmacogenomics services market has been dominated significantly by companies such as Laboratory Corporation of America Holdings, F. Hoffmann-La Roche Ltd., Illumina, Inc. Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., Myriad Genetics, Inc., Genomic Health, Inc. (Exact Sciences Corporation), QIAGEN N.V., Abbott Laboratories, Transgenomic, Inc (Precipio).
Key Growth Strategies in the Global Pharmacogenomics Services Market
Synergistic activities in the global pharmacogenomics services market have witnessed an overall growth trend. The market witnessed approximately 130 significant key developments between January 2018 and December 2021. The number of product approval activities also grew steadily during January 2018-December 2021, followed by increase in number of product launches. During January 2018-December 2021 there were 47 significant synergistic activities with respect to the market, 41 product approvals, 25 product launches, 10 business expansion, funding, and reimbursement activities, and 7 mergers and acquisitions.
The global pharmacogenomics services market is undergoing a significant flux with regard to the advancements that have already taken place and are currently invading the market space. Additionally, with the emergence of direct-to-consumer (DTC) pharmacogenomic testing, there is immense potential for these emerging sub-markets to continue to propel the overall pharmacogenomics services market.
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