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Pharmacogenomics Services Market - A Global and Regional Analysis

Focus on Service, Technology, Application, End User, and Country-Wise Analysis - Analysis and Forecast, 2021-2031

 
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The global pharmacogenomics services market is projected to reach $9,346.8 million by 2031 from $5,060.0 million in 2020, at a CAGR of 5.71% during the forecast period 2021-2031.
The top market players are Abbott Laboratories, Admera Health, LLC, Mesa Laboratories, Inc., Dynamic DNA Laboratories, F. Hoffmann-La Roche Ltd., geneOmbio Technologies Pvt Ltd., Exact Sciences Corporation, Illumina, Inc., Laboratory Corporation of America Holdings, Myriad Genetics, Inc., OmeCare, QIAGEN N.V., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., Precipio, 23andMe, Inc., OneOme, LLC, DiaCarta, Inc., OPKO Health.
Factors driving the growth of the pharmacogenomics services market are increasing prevalence of infectious diseases and various types of cancer globally, increase in adoption of personalized medicine shifting the paradigm from reaction to prevention on a global level, increasing rate of adverse drug reaction, and surge in usage of pharmacogenomics for drug discovery and development.
Some of the main challenges restricting the growth of the pharmacogenomics services market are lack of use of available data for drug development initiatives, lack of high complexity testing centers, difficulties in detecting gene variation affecting drug response, and regulatory challenges for direct-to-consumer (DTC) pharmacogenomics companies.
The potential opportunities that are likely to boost the growth of the pharmacogenomics services market are massive scope for adoption of pharmacogenomics in emerging nations, and technological advancements in molecular techniques for pharmacogenomic diagnostic tests, rise of direct-to-consumer (DTC) testing services.
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