The global pharmacogenomics market size was US$ 7.1 billion in 2021. The global pharmacogenomics market is forecast to grow to US$ 10.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2022 to 2030.

The study of pharmacogenomics influences a person's response to medicine is known as pharmacogenomics. In addition, pharmacogenomics guarantees that pharmaceuticals are both effective and safe and have minor side effects. Pharmacogenomics is used in the treatment of Alzheimer's disease, cardiovascular disease, AIDS, and cancer.

Factors Influencing the Market

The growing number of diseases, such as Alzheimer's disease, cardiovascular disease, AIDS, and cancer, will drive the growth of the global pharmacogenomics market during the forecast period.

The growing geriatric population will benefit the global pharmacogenomics market. In addition, rising awareness related to personalized therapy will increase the demand for pharmacogenomics procedures by healthcare professionals. As a result, it will benefit the global pharmacogenomics market during the forecast period.

Favorable government's initiative to offer financial aid to the patients will offer ample growth opportunities for the global pharmacogenomics market. On the contrary, the shortage of skilled laborers may limit the growth of the global pharmacogenomics market during the forecast period.

COVID-19 Impact Analysis

COVID-19 has become a public health issue that impacted every industry. However, various segments in the healthcare industry witnessed ample growth opportunities. The COVID-19 pandemic boosted demand for pharmacogenomics. This health emergency opened up several potentials for new and small-scale firms to establish themselves in the market. As a result of the COVID-19 outbreak, there has been a considerable increase in demand for pharmacogenomics across the globe. Thus, the COVID-19 pandemic has favorably impacted the pharmacogenomics market.

Regional Analysis

Because of the increasing demand for personalized treatment and technical advancements, North America is forecast to hold the highest share in the pharmacogenomics market. Furthermore, the Asia Pacific and Europe are forecast to hold the second and the third-highest share in the pharmacogenomics market. Furthermore, the rapidly aging population and expanding R&D activities will drive the growth of the pharmacogenomics market. In addition, the growing prevalence of chronic diseases in these regions will propel the pharmacogenomics market forward during the forecast period.

Competitors in the Market

Abbott Laboratories
Bayer AG
Dickinson and Company
Empire Genomics
F. Hoffmann-La Roche Ltd.
Illumina Inc.
Johnson and Johnson Services Inc.
Merck & Co., Inc.
Myriad Genetics Inc.
Opko Health Inc.
Teva Pharmaceuticals Industries
Thermo Fisher Scientific Inc.
Other Prominent Players
Market Segmentation

The global pharmacogenomics market segmentation focuses on Technology, Application, End-User, and Region.

The pharmacogenomics market has been segmented based on technology

Polymerase Chain Reaction
Microarray
Sequencing
Electrophoresis
Others
The pharmacogenomics market has been segmented based on application

Neurology
Oncology
Infectious Diseases
Pain Management
Others
The pharmacogenomics market has been segmented on the basis of the end-user

Hospitals & Clinics
Academic Institutes
Research Institutes
Others
The pharmacogenomics market has been segmented on the basis of the region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America