The pharmacogenomics market will propel at a 7.4% compound annual growth rate, to reach USD 10,505.3 million, by 2030.
The growth of the industry is because of the surging incidence of infectious illnesses and numerous kinds of cancers and the increasing acceptance of customized medicine.
The genotyping category, based on service, accounted for the largest share, in the past few years. This is primarily because of the recommendations of healthcare professionals across the globe for acquiring personal genomic profiles, to meet to the continuously growing healthcare requirements.
In recent years, the oncology category, based on application, accounted for the highest revenue, and it will remain the highest in the years to come. This is because of the constant acceptance of pharmacogenomics in the development of drugs, particularly in developed nations; the increasing need for drugs and biologics based on monoclonal antibodies for tumor treatment; and the high prevalence of various kinds of cancers.
The diagnostic centers category, based on end user, is likely to observe the highest growth in the years to come. With the growing prevalence of both cancer and infectious illnesses, diagnostic centers are required to be equipped fully. Moreover, due to the increasing research culminating in highly progressive systems and assays, diagnostic centers held the largest usage of this technology.
North America dominated the industry in recent years, and it will remain the largest, advancing at a CAGR of more than 7%, in the years to come. This is primarily because of the initiatives of the government to integrate targeted medication methods in the mainstream healthcare system.
APAC will observe the fastest growth in the years to come. This is attributed to the growing consciousness of healthcare, a stable economy resulting in a greater effort on research, extensive acceptance of advanced pharmacogenomic tests, and surging incidence of cancer in the continent.
With the surging incidence of infectious illnesses and different types of cancer and increasing acceptance of customized medicine, the pharmacogenomics industry will continue to advance in the years to come.
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