• Stacy Lawlor

Global Pharmacogenomics Market Size to grow by US$ 33.1 Bn in 2030

The Global Pharmacogenomics Market size was valued at USD 13.1 billion in 2021 and is expected to grow by USD 33.1 billion in 2030 at a CAGR of 11.1%.


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The pharmacogenomics market is also anticipated to increase during the projected period due to technical developments connected to molecular diagnostics procedures for a better knowledge of the genetic makeup of the particular patients.


The COVID-19 pandemic is posing significant obstacles for businesses in the global pharmacogenomics market on numerous fronts. One of the biggest issues is the insufficient availability of raw materials needed to make drug formulations due to transportation irregularities. Additionally, because of a rise in patients with COVID-19 and other life-threatening illnesses, distributors are seeing erratic demand for their products from stores.

One of the most important new advances in medical science is pharmacogenomics, which has a significant impact on the process of developing new drugs. Pharmacogenomics has made it extremely simple for medications to identify their targets, greatly increasing the likelihood that they will be approved. Additionally, only 50 of the 500 disease genes have drugs that are now available on the market. This highlights the market possibility for many producers to focus on medication discovery utilizing pharmacogenomics in the future.


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The development of the global pharmacogenomics market is anticipated to be fueled by leading players' increasing inorganic growth methods. For instance, Agena Bioscience, a leading supplier of genetic testing solutions and a division of Mesa Labs' Clinical Genomics Division, established cooperation with the University of manchester (MU) in November 2021 to increase awareness of and access to pharmacogenomics educational resources. In the fields of healthcare and laboratory sciences, MU is a top university offering cutting-edge pharmacogenomic (PGx) education programs. The established MU PGx programs, such as the Certificate Program in PGx or Master's degree in PGx degree, will be promoted and made available to Agena Bioscience's customers thanks to this agreement.


North America is anticipated to lead the global market throughout the projection period due to the high patient awareness levels, high per capita healthcare spending, and high prevalence of target diseases. According to the American Cancer Society, there will be 1.8 million new cancer diagnoses and 606,520 cancer-related deaths in 2020. Moreover, the increasing inclination for tailored treatment, along with its high adoption rate, is further driving to the growth of the market. In addition, to encourage the adoption of pharmacogenomics testing by end users, the U.S. Food and Drug Administration (FDA) and the Clinical Laboratory Improvement Amendments (CLIA) have been at the forefront of developing effective and acceptable recommendations and standards. Additionally, the U.S. is home to some of the top market players, including Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Illumina Inc., and Thermo Fisher Scientific Inc. The market is expanding as a result of widespread use of cutting-edge pharmacogenomics research tools.


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KEY INDUSTRY DEVELOPMENTS:


In September 2021, Abbott, a U.S. multinational medical products and health care corporation acquired the Walk Vascular, LLC, a commercial-stage medical device startup with a minimally invasive mechanical aspiration thrombectomy system intended to remove peripheral blood clots.


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