Pharmacogenomics Market by Size, Share, Forecasts, & Trends Analysis

[Redding, California - Feb 02, 2024]-Meticulous Research®, a pioneering force in the global market research landscape, is pleased to announce the release of its latest research report titled 'Pharmacogenomics Market by Offering (Instrument, Consumables, Software), Technology (PCR, Sequencing, Microarray), Application (Oncology, Mental Health, Cardiology, Neurology, Infectious Disease), End User (Hospitals, Academic) - Global Forecast to 2031.'

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5366

The report reveals that the global pharmacogenomics market is poised to achieve a significant milestone, reaching an estimated value of $19.5 billion by 2031, with a noteworthy compound annual growth rate (CAGR) of 8.9% throughout the forecast period from 2024 to 2031. This projection is underpinned by various factors, including the expanding therapeutic applications of pharmacogenomic biomarkers, the escalating adoption of personalized medicines, the surging global geriatric population, and the prevalent occurrence of chronic diseases. Additionally, regulatory endorsements from the U.S. FDA and EMA advocating the use of pharmacogenomic data in drug discovery and development contribute to the market's upward trajectory. Nevertheless, the high costs associated with personalized medicines pose a restraining factor on market growth.

Key Insights and Challenges

The report delves into the intricacies of the pharmacogenomics landscape, shedding light on both growth drivers and impediments. Noteworthy growth opportunities emerge from the increasing application of pharmacogenomics in treating neurological disorders and cancers, coupled with the development of advanced diagnostic tools boasting improved accuracy. However, challenges such as limited awareness about pharmacogenomics, personalized medicine, and the benefits of genetic testing, as well as the absence of reimbursements for genetic testing and precision medicine, pose substantial hurdles to market expansion.

Leaders in the Field

Prominent entities spearheading the global pharmacogenomics market include F. Hoffmann-La Roche AG, Abbott Laboratories, Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Illumina, Inc., PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, QIAGEN N.V., and Pacific Biosciences of California, Inc.

Top 10 Companies Operating in Pharmacogenomics Market: https://meticulousblog.org/top-10-companies-in-pharmacogenomics-market/

Future Trajectory

The report not only provides a panoramic view of the current market scenario but also anticipates future trends and opportunities. The global pharmacogenomics market is meticulously segmented based on offering, technology, application, end user, and geography, offering readers a nuanced understanding of the industry landscape.

In terms of offering, the consumables segment is poised to exhibit the fastest CAGR during the forecast period (2024-2031), driven by the escalating prevalence of chronic diseases and the focus on launching advanced reagents and kits. Notably, QIAGEN N.V.'s recent introduction of the QIAseq UPXome RNA Library Kit and QIAseq Targeted DNA Pro Panels in August 2022 exemplifies the industry's commitment to innovation.

Technologically, polymerase chain reaction (PCR) is anticipated to dominate the market in 2024, attributing its supremacy to high sensitivity, accuracy, low sample volume requirements, and cost-effectiveness. The oncology segment is expected to hold the largest market share in 2024, driven by the demand for targeted approaches in cancer therapy and the overarching benefits pharmacogenomics brings to cancer treatment.

Hospitals and diagnostic laboratories are poised to command the largest market share in 2024, fueled by the growing adoption of precision medicine, a surge in clinical trials, and the focus on acquisitions and launches of new pharmacogenomic testing services.

Quick Buy: https://www.meticulousresearch.com/Checkout/62981808

Geographical Landscape

A thorough geographical analysis covers major regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is forecasted to capture the largest market share in 2024, driven by increased cases of genetic diseases, heightened awareness about early genetic disease diagnosis, government initiatives promoting genetic testing, and the significant presence of market players.

Office No-202, 203,204,205,206 2nd Floor, Pushpak Business Hub, Wakad, , India.

About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

This release was published on openPR.