The key factors driving the growth of this market are the increasing prevalence of chronic diseases, the surge in demand for precision medicines, and the rise in funding for pharmacogenomic research activities. However, the shortage of skilled professionals is expected to restrict the market growth during the forecast period.
Many older adults (>60%) suffer from two or more chronic conditions. Twin studies have established that genes cause chronic conditions, such as cardiovascular disease (CVDs), diabetes, obesity, RA, Alzheimer's disease (AD), and depression. Using molecular genetic data from genome-wide association studies (GWAS), it is now possible to measure individual-level risks for these chronic diseases. According to the Centers for Disease Control and Prevention (CDC), in 2020, nearly 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions.
CVDs, such as atherosclerosis, angina pectoris, and acute myocardial infarction, due to a hectic lifestyle result in high mortality rates. As per the data provided by the World Health Organization (WHO), CVDs are the leading cause of death, taking ~17.9 million lives each year. Diabetes is one of the life-threatening diseases with no functional cure. Diabetes of all types can lead to various complications in different parts of the body and increase the risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications associated with diabetes. The significant increase in diabetes cases leads to life-changing complications among people. According to the International Diabetes Federation (IDF), in 2017, 46 million diabetic patients were reported in North America, which is expected to reach 62 million by 2045.
The data also reported that ~425 million people had diabetes in 2017, which is expected to reach 629 million by 2045. The disease prevalence will account for a ~35% increase during the forecast period. According to the Alzheimer's Association, in 2020, 55 million people worldwide had Alzheimer's disease. As chronic diseases are increasing quickly, the research on genomics for treating life-threatening illnesses has progressed rapidly over the last five years, driving the market's growth.
Moreover, pharmacogenomics is rapidly transitioning into clinical practice and implementation in healthcare systems supported by government investment totaling over US$ 4 billion in at least 14 countries. These national genomic-medicine initiatives drive transformative change under real-life conditions while simultaneously addressing barriers against implementation and gathering evidence for broader adoption.
In August 2018, Boston Scientific Corporation, a Massachusetts-based company, announced that it landed US$ 4.3 million in seed funding and partnered with Veritas Genetics. With this fund, the company plans to support its mission to enter the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data. Thus, the continuous funding by manufacturers and governments in the genomics field is driving the pharmacogenomics market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 3,333.43 Million |
| Market Size by 2028 | US$ 6,534.83 Million |
| CAGR (2021 - 2028) | 10.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
|
Regions and Countries Covered
|
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| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
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The North America Pharmacogenomics Market is valued at US$ 3,333.43 Million in 2021, it is projected to reach US$ 6,534.83 Million by 2028.
As per our report North America Pharmacogenomics Market, the market size is valued at US$ 3,333.43 Million in 2021, projecting it to reach US$ 6,534.83 Million by 2028. This translates to a CAGR of approximately 10.1% during the forecast period.
The North America Pharmacogenomics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Pharmacogenomics Market report:
The North America Pharmacogenomics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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