PHARMACOGENOMICS MARKET ANALYSIS

Pharmacogenomics (also called pharmacogenetics) is a component of genomic medicine that involves a patient’s genomic information to tailor the selection of drugs used in their medical treatment. In this way, pharmacogenomics aims to provide a more individualized (or precise) approach to the use of available medication in treating patients. Pharmacogenomics involves the use of various technologies such as polymerase chain reaction (PCR), microarray, deoxyribonucleic acid (DNA) sequencing, mass spectrometry, and electrophoresis. The genetic tests performed in pharmacogenomics aids in determining the susceptibility to certain diseases and efficacy of the newly developed drugs.

Global pharmacogenomics market is estimated to be valued at US$ 14,028.01 million in 2022 and is expected to exhibit a CAGR of 11.1% during the forecast period (2022-2030).

Figure 1. Global Pharmacogenomics Market Share (%) in Terms of Value, By Application, 2022

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Rising demand for precision medicine is expected to drive the market growth during the forecast period.

Surge in global incidence of cancer and increase in ageing population susceptible to disease are expected to boost demand of precision medicines, which are expected to drive the market growth over the forecast period. For instance, according to data published by National Cancer Institute in September 2020, stated that an estimated 1,806,590 new cases of cancer will be diagnosed in the U.S. and 606,520 people will die from the disease in 2020.

Figure 2.Global Pharmacogenomics Market Share (%), By Technology, 2022

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Increasing inorganic growth strategies by key players is expected to drive the market growth during the forecast period

Increasing inorganic growth strategies by key players is expected to drive the global pharmacogenomics market growth during the forecast period. For instance, in November 2021, Agena Bioscience (a part of Mesa Labs' Clinical Genomics Division), a global provider of genetic testing solutions, announced a partnership with Manchester University (MU) to expand awareness and access to pharmacogenomics educational resources. MU is a leading institution providing innovative pharmacogenomic (PGx) educational programs within healthcare and laboratory sciences. This partnership will enable Agena Bioscience to promote and offer its customers the established MU PGx programs including the Graduate Certificate in PGx or Master of Science in PGx degree.

Global Pharmacogenomics Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 519 million infected individuals worldwide, as of May 16, 2022.

COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another

Furthermore, players operating in the global pharmacogenomics market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include inadequate supply of raw materials required for manufacturing drug formulations due to irregularities in transportation. Moreover, distributors are experiencing irregular demand for products from the retailers due to an increase in the number of patients suffering from COVID-19 and other life threatening disorders.

Global Pharmacogenomics Market: Restraint

The major factors that are expected to hinder growth of the global pharmacogenomics market include factors such as shortage of skilled and highly trained healthcare professionals in performing the pharmacogenomics diagnostics test, and lack of pharmacogenomics information in the electronic systems used by healthcare professionals. For instance, an article published in Frontiers, a publisher of peer-reviewed open access scientific journals, in September 2021, stated that healthcare professionals lack adequate training and education on pharmacogenomics and they are seriously concerned about the absence of evidence-based clinical guidelines. Lack of available resources such as laboratory equipment, Infrastructure requirements for pharmacogenomics, and skilled and highly trained healthcare professionals also constitutes an important factor for the low integration level of pharmacogenomics.

Key Players

Major players operating in the global pharmacogenomics market include Admera Health, Abbott Laboratories.,  Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc. and AltheaDx