U.S. Pharmacogenomics Market Expected to Reach $5.6 Billion by 2031 | CAGR of 8.7%

According to a new report published by Allied Market Research, titled, “U.S. Pharmacogenomics Market by Technology, Application and End User: Opportunity Analysis and Industry Forecast, 2022–2031", the U.S. Pharmacogenomics market was valued at $2,463.9 Million in 2021, and is projected to reach $5,676.1 Million by 2031, registering a CAGR of 8.7% from 2022 to 2031. 

Pharmacogenomics, also known as pharmacogenetics, is a branch of genomic medicine that uses a patient's genetic makeup to customize medications they receive. Pharmacogenomics promises to offer a more customized (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 uses genetic testing to assess effectiveness of recently produced medications as well as the likelihood that a patient would develop a particular disease. 

Surge in number of key players who manufacture pharmacogenomic drugs and rise in adoption of key strategies such as partnership, agreement, acquisition, and business expansion by key players act as the key driving forces for growth of the U.S. pharmacogenomics market. For instance, in May 2020, Admera Health, a biotechnology research company announced partnership with Hygea Precision Medicine (Hygea), a company focused on developing a precision medicine software system for healthcare providers and patients to effectively manage genomic testing This important and strategic partnership allows Hygea to offer its customers high quality tests from Admera Health, such as PGxOne Plus for pharmacogenomics. Moreover, rise in application of pharmacogenomics in cardiovascular disease, infectious diseases, oncology, neurological diseases, and psychiatry drives the market growth.  For instance, according to the Pan American Health Organization (PAHO), in 2019, neurological condition accounted 47.39% for deaths per 100,000 population. 

On the basis of technology, the polymerase chain reaction  segment dominated the market, owing to increase in the number of research activities. 

On the basis of application, the oncology segment dominated the U.S. Pharmacogenomics Market, owing to rise in the prevalence of cancer. 

Depending on end user, the hospitals & clinics segment dominated the market, owing to rise in the number of hospitals & clinics and rise in expenditure by government to develop healthcare infrastructure.

Key Findings Of Study 

• By technology, the polymerase chain reaction segment was the highest contributor to the U.S. Pharmacogenomics Market in 2021.
• Depending on application, the oncology segment dominated the U.S. Pharmacogenomics Market in 2021, and is expected to continue this trend during the forecast period.
• Depending on end user, the hospitals & clinic segment dominated the market in 2021, and is expected to continue this trend during the forecast period.