Pharmacogenomics Market Outlook, Capacity and Capital Expenditure Forecast by 2029

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Pharmacogenomics Market
Pharmacogenomics Market

Pharmacogenomics, also known as pharmacogenetics, is a branch of genomic medicine that uses a patient's genetic makeup to customise the medications they receive. Pharmacogenomics promises to offer a more customised (or exact) approach to the use of readily available medications in treating patients in this way.

Polymerase chain reaction (PCR), microarray, deoxyribonucleic acid (DNA) sequencing, mass spectrometry, and electrophoresis are only a few of the technologies used in pharmacogenomics. Pharmacogenomics Market uses genetic testing to assess the effectiveness of recently produced medications as well as the likelihood that a patient would develop a particular disease.

The Pharmacogenomics Market is anticipated to reach US$ 14,028.01 million in 2022 and grow at a CAGR of 11.1% during the following five years (2022-2030).

During the projected period, a growing need for precision medicine is anticipated to fuel market expansion. Increased demand for precision pharmaceuticals is anticipated to fuel market expansion throughout the projected period, along with an increase in the ageing population's susceptibility to disease. For instance, the National Cancer Institute reported in September 2020 that there will likely be 1,806,590 new instances of cancer diagnosed in the U.S., and there will likely be 606,520 cancer-related deaths.

Market growth is anticipated to be fueled by increasing inorganic expansion strategies by key players over the course of the projected period. The development of the global Pharmacogenomics Market is anticipated to be fueled by increasing inorganic growth tactics by leading players. For instance, Agena Bioscience, a global provider of genetic testing solutions and a division of Mesa Labs' Clinical Genomics Division, established a cooperation with Manchester University (MU) in November 2021 to increase awareness of and access to pharmacogenomics educational resources.

MU is a top organisation offering cutting-edge pharmacogenomic (PGx) education programmes in medical and lab sciences. Through this cooperation, Agena Bioscience will be able to advertise and provide its clients with the well-known MU PGx programmes, such as the Graduate Certificate in PGx or Master of Science in PGx degree.

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