According to the latest market research study published by P&S Intelligence, the pharmacogenomics market is expected to grow at a compound annual growth rate (CAGR) of 7.4%, reaching USD 10,505.3 million by 2030. This growth is driven by the rising prevalence of infectious diseases and various cancer types, alongside the increasing adoption of personalized medicine.
In recent years, the genotyping segment has held the largest market share due to healthcare professionals' recommendations for obtaining personal genomic profiles, meeting the escalating healthcare demands. However, the pharmacogenomic testing segment is anticipated to grow the fastest in the coming years, thanks to the ongoing shift towards preventive care and decreasing costs of genetic sequencing services.
The polymerase chain reaction (PCR) technology has dominated the market and will continue to do so, attributed to its widespread application in pharmacogenomics and its growing acceptance in government initiatives globally. Meanwhile, the sequencing technology is expected to experience the highest growth, with an estimated CAGR of around 8%, largely due to the increasing focus on sequencing analyses of diverse genomic patterns.
Among applications, oncology has generated the highest revenue and will maintain its leading position in the future, driven by the continued integration of pharmacogenomics in drug development, particularly in developed countries, as well as the rising demand for monoclonal antibody-based therapies for tumor treatment and the high prevalence of various cancers.
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The diagnostic centers segment is likely to witness significant growth, fueled by the rising incidence of cancer and infectious diseases. These centers require comprehensive equipment, and advancements in research leading to sophisticated systems and assays have made them the largest users of pharmacogenomics technology.
North America has led the market in recent years and is expected to remain the largest region, growing at a CAGR of over 7%. This growth is largely due to government initiatives aimed at integrating targeted therapy methods into mainstream healthcare. Conversely, the Asia-Pacific (APAC) region is projected to experience the fastest growth, attributed to increasing healthcare awareness, economic stability promoting research efforts, greater acceptance of advanced pharmacogenomic tests, and a rising incidence of cancer.
With the increasing rates of infectious diseases and various cancer types, alongside the rising acceptance of personalized medicine, the pharmacogenomics industry is set for continued advancement in the coming years.
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