Insights on the Pharmacogenomics Services Global Market to 2031 - Rise of Direct-to-Consumer Testing Services Presents Opportunities

News provided by

Jan 19, 2022, 11:15 ET

DUBLIN, Jan. 19, 2022 /PRNewswire/ -- The "Pharmacogenomics Services Market - A Global and Regional Analysis: Focus on Service, Technology, Application, End User, and Country-Wise Analysis - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

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 market is driven by certain factors, including increasing prevalence of infectious diseases and various types of cancer, increasing adoption of personalized medicine shifting the paradigm from reaction to prevention, increasing rate of adverse drug reaction, and surge in usage of pharmacogenomics for drug discovery and development.

Currently, the pharmacogenomics services industry is witnessing an upsurge due to the increasing prevalence of infectious diseases and various types of cancer, increase in adoption of personalized medicine shifting the paradigm from reaction to prevention, increasing rate of adverse drug reaction, and surge in usage of pharmacogenomics for drug discovery and development. Furthermore, companies focus on developing pharmacogenomic tests based on advanced molecular assay technologies, which is expected to further support physicians in offering better informed clinical decisions. The development of advanced pharmacogenomic tests also enables the research community to establish effective strategies for discovering novel biomarkers associated with various diseases, which could be harnessed to develop targeted therapies.

Within the research report, the market is segmented on the basis of service, technology, application, end user, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

Market Growth Drivers

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
Surge in Usage of Pharmacogenomics for Drug Discovery and Development

Market Challenges

Lack of Use of Available Data for Drug Development Initiatives
Lack of High Complexity Testing Centers
Difficulties in Detecting Gene Variation Affecting Drug Response
Regulatory Challenges for Direct-to-Consumer (DTC) Pharmacogenomics Companies

Market Opportunities

Massive Scope for Adoption of Pharmacogenomics in Emerging Nations
Technological Advancements in Molecular Techniques for Pharmacogenomic Diagnostic Tests
Rise of Direct-to-Consumer (DTC) Testing Services

Key Companies Profiled

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

Key Questions Answered in the Report

How are pharmacogenomics services revolutionizing clinical diagnostics and translational research?
What are the major market drivers, challenges, and opportunities in the global pharmacogenomics services market?
What are the underlying structures resulting in the emerging trends within the global pharmacogenomics services market?
How did the COVID-19 pandemic impact the global pharmacogenomics services ecosystem?
What are key development strategies that are being implemented by the major players in order to sustain themselves in the competitive market?
What are the key regulatory implications in developed and developing regions pertaining to the use of pharmacogenomics services?
What are the potential entry barriers expected to be faced by the companies willing to enter a particular region?
How is each segment of the market expected to grow during the forecast period 2021-2031, and what is the anticipated revenue to be generated by each of the segments?
What are the growth opportunities for the pharmacogenomics services companies in the region of their operation?
Who are the leading players with significant offerings in the global pharmacogenomics services market?
Which companies are anticipated to be highly disruptive in the future, and why?

Competitive Landscape

The exponential rise in the prevalence associated with cancer, infectious diseases, and cardiovascular diseases, worldwide has created a buzz among the biotechnology companies to further invest in developing novel pharmacogenomic tests based on molecular technologies for supporting physicians to offer precision care. Due to the expansive service portfolio and massive global presence, Laboratory Corporation of America Holdings has been the leading player in the pharmacogenomics services ecosystem.

On the basis of region, North America holds the largest share of the pharmacogenomics services market due to the presence of market leaders such as Laboratory Corporation of America Holdings, Illumina, Inc., Thermo Fisher Scientific Inc., and Quest Diagnostics Incorporated in the U.S., coupled with the significant adoption of high-fidelity pharmacogenomic tests for drug discovery and biomarker research. Further, rising fund infusions by the federal organizations coupled with increasing investments for pharmacogenomics development are some of the prominent underlying factors supporting the growth of the North America pharmacogenomics services market. Apart from this, the Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period 2021-2031. This is majorly attributed to the underlying factors such as an increase in healthcare awareness, a steady economy leading to a higher focus on research, and the growth in the adoption of pharmacogenomic tests, among others.

Key Topics Covered:

1 Market

2 Industry Analysis
2.1 Overview
2.2 Legal Requirements and Framework in the U.S.
2.3 Legal Requirements and Framework in Europe
2.3.1 China
2.3.2 Japan

3 Market Dynamics
3.1 Overview
3.2 Iceberg Analysis - Global Pharmacogenomics Services Market
3.3 Impact Analysis
3.4 Market Drivers
3.4.1 Increasing Prevalence of Infectious Diseases and Various Types of Cancer Globally
3.4.2 Increase in Adoption of Personalized Medicine Shifting the Paradigm from Reaction to Prevention on a Global Level
3.4.3 Increasing Rate of Adverse Drug Reaction
3.4.4 Surge in Usage of Pharmacogenomics for Drug Discovery and Development
3.5 Market Restraints
3.5.1 Lack of Use of Available Data for Drug Development Initiatives
3.5.2 Lack of High Complexity Testing Centers
3.5.3 Difficulties in Detecting Gene Variation Affecting Drug Response
3.5.4 Regulatory Challenges for Direct-to-Consumer (DTC) Pharmacogenomics Companies
3.6 Market Opportunities
3.6.1 Massive Scope for Adoption of Pharmacogenomics in Emerging Nations
3.6.2 Technological Advancements in Molecular Techniques for Pharmacogenomic Diagnostic Tests
3.6.3 Rise of Direct-to-Consumer (DTC) Testing Services

4 Competitive Landscape
4.1 Overview
4.2 Synergistic Activities
4.3 Product Approvals
4.4 Product Launches
4.5 Business Expansion, Funding, and Reimbursement Activities
4.6 Mergers and Acquisitions
4.7 Market Share Analysis, 2019 and 2020
4.8 Growth Share Analysis
4.8.1 Growth Share Analysis (by Company)
4.8.2 Growth Share Analysis (by Technology)
4.8.3 Growth Share Analysis (by Application)

5 Service, $Million, 2020-2031
5.1 Overview
5.2 Genotyping
5.3 SNP Identification
5.4 Pharmacogenetic Testing
5.5 Other Services

6 Technology, $Million, 2020 - 2031
6.1 Overview
6.2 Polymerase Chain Reaction (PCR)
6.3 Microarray
6.4 Sequencing
6.5 Other Technologies

7 Application, $Million, 2020-2031
7.1 Overview
7.2 Oncology
7.3 Infectious Diseases
7.4 Neurology/Psychiatry
7.5 Cardiovascular
7.6 Other Applications

8 End User, $Million, 2020-2031
8.1 Overview
8.2 Research Organizations
8.2.1 Global Pharmacogenomics Services Market (Research Organizations, by Service)
8.3 Pharmaceutical Companies
8.3.1 Global Pharmacogenomics Services Market (Pharmaceutical Companies, by Service)
8.4 Diagnostic Centers
8.4.1 Global Pharmacogenomics Services Market (Diagnostic Centers, by Service)
8.5 Other End Users
8.5.1 Global Pharmacogenomics Services Market (Other End Users, by Service)

9 Region, $Million, 2020-2031

10 Company Profiles
10.1 Overview
10.2 Abbott Laboratories
10.2.1 Company Overview
10.2.2 Role of Abbott Laboratories in the Global Pharmacogenomics Services Market
10.2.3 Financials
10.2.4 Key Insights about Financial Health of the Company
10.2.5 SWOT Analysis
10.3 Admera Health, LLC
10.3.1 Company Overview
10.3.2 Role of Admera Health, LLC in the Global Pharmacogenomics Services Market
10.3.3 SWOT Analysis
10.4 Mesa Laboratories, Inc.
10.4.1 Company Overview
10.4.2 Role of Mesa Laboratories, Inc. in the Global Pharmacogenomics Services Market
10.4.3 Financials
10.4.4 Key Insights about Financial Health of the Company
10.4.5 SWOT Analysis
10.5 Dynamic DNA Laboratories
10.5.1 Company Overview
10.5.2 Role of Dynamic DNA Laboratories in the Global Pharmacogenomics Services Market
10.5.3 SWOT Analysis
10.6 F. Hoffmann-La Roche Ltd.
10.6.1 Company Overview
10.6.2 Role of F. Hoffmann La-Roche Ltd. in the Global Pharmacogenomics Services Market
10.6.3 Financials
10.6.4 Key Insights about Financial Health of the Company
10.6.5 SWOT Analysis
10.7 geneOmbio Technologies Pvt Ltd.
10.7.1 Company Overview
10.7.2 Role of geneOmbio Technologies Pvt Ltd. in the Global Pharmacogenomics Services Market
10.7.3 SWOT Analysis
10.8 Exact Sciences Corporation
10.8.1 Company Overview
10.8.2 Role of Exact Sciences Corporation in the Global Pharmacogenomics Services Market
10.8.3 Financials
10.8.4 Key Insights about Financial Health of the Company
10.8.5 SWOT Analysis
10.9 Illumina, Inc.
10.9.1 Company Overview
10.9.2 Role of Illumina, Inc. in the Global Pharmacogenomics Services Market
10.9.3 Financials
10.9.4 Key Insights about Financial Health of the Company
10.9.5 SWOT Analysis
10.1 Laboratory Corporation of America Holdings
10.10.1 Company Overview
10.10.2 Role of Laboratory Corporation of America Holdings in the Global Pharmacogenomics Services Market
10.10.3 Financials
10.10.4 SWOT Analysis
10.11 Myriad Genetics, Inc.
10.11.1 Company Overview
10.11.2 Role of Myriad Genetics, Inc. in the Global Pharmacogenomics Services Market
10.11.3 Financials
10.11.4 Key Insights about Financial Health of the Company
10.11.5 SWOT Analysis
10.12 OmeCare
10.12.1 Company Overview
10.12.2 Role of OmeCare in the Global Pharmacogenomics Services Market
10.12.3 SWOT Analysis
10.13 QIAGEN N.V.
10.13.1 Company Overview
10.13.2 Role of QIAGEN N.V. in the Global Pharmacogenomics Services Market
10.13.3 Financials
10.13.4 Key Insights about Financial Health of the Company
10.13.5 SWOT Analysis
10.14 Quest Diagnostics Incorporated
10.14.1 Company Overview
10.14.2 Role of Quest Diagnostics Incorporated in the Global Pharmacogenomics Services Market
10.14.3 Financials
10.14.4 SWOT Analysis
10.15 Thermo Fisher Scientific Inc.
10.15.1 Company Overview
10.15.2 Role of Thermo Fisher Scientific Inc. in the Global Pharmacogenomics Services Market
10.15.3 Financials
10.15.4 Key Insights about Financial Health of the Company
10.15.5 SWOT Analysis
10.16 Precipio
10.16.1 Company Overview
10.16.2 Role of Precipio in the Global Pharmacogenomics Services Market
10.16.3 Financials
10.16.4 SWOT Analysis
10.17 23andMe, Inc.
10.17.1 Company Overview
10.17.2 Role of 23andMe, Inc. in the Global Pharmacogenomics Services Market
10.17.3 SWOT Analysis
10.18 OneOme, LLC
10.18.1 Company Overview
10.18.2 Role of OneOme, LLC in the Global Pharmacogenomics Services Market
10.18.3 SWOT Analysis
10.19 DiaCarta, Inc.
10.19.1 Company Overview
10.19.2 Role of DiaCarta, Inc. in the Global Pharmacogenomics Services Market
10.19.3 SWOT Analysis
10.2 OPKO Health
10.20.1 Company Overview
10.20.2 Role of OPKO Health in the Global Pharmacogenomics Services Market
10.20.3 Financials
10.20.2 Key Insights About Financial Health of the Company
10.20.3 SWOT Analysis

For more information about this report visit https://www.researchandmarkets.com/r/uwt4oh

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets