The North America Pharmacogenomics Market is expected to reach US$ 6,534.83 million by 2028 from US$ 3,333.43 million in 2021. it is estimated to grow at a CAGR of 10.1% from 2021 to 2028.
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.
NORTH AMERICA PHARMACOGENOMICS MARKET SEGMENTATION
North America Pharmacogenomics Market By Technology
- Hospitals & Clinics
- Biopharmaceutical Companies
- CROs and CDMOs
- Others
North America Pharmacogenomics Market By Application
- PCR
- Sequencing
- Microarray
- gel electrophoresis
- mass spectrometry
- Others
North America Pharmacogenomics Market By End User
- Drugs Discovery
- Oncology
- Neurological & Psychiatry
- Pain Management
- Cardiovascular
- Others
North America Pharmacogenomics Market By Country
- US
- Canada
- Mexico
North America Pharmacogenomics Market Company Profiles
- Abbott
- F. HOFFMANN-LA ROCHE LTD.
- Oxford Nanopore Technologies
- THERMO FISHER SCIENTIFIC INC.
- Illumina, Inc.
- QIAGEN
- Agilent Technologies, Inc.
- Myriad Genetics, Inc.
- Admera Healt
The Growing Burden of Chronic Diseases and the Rise of Pharmacogenomics
A significant portion of the aging population (over 60%) contends with multiple chronic conditions. Genetic factors, as evidenced by twin studies and genome-wide association studies (GWAS), play a substantial role in the development of diseases like cardiovascular disease (CVD), diabetes, obesity, rheumatoid arthritis (RA), Alzheimer’s disease (AD), and depression. The Centers for Disease Control and Prevention (CDC) reports that in 2020, nearly 60% of Americans had at least one chronic disease, with 40% suffering from two or more.
CVDs, driven by modern lifestyles, remain the leading cause of global mortality, claiming approximately 17.9 million lives annually, according to the World Health Organization (WHO). Diabetes, another critical health concern, lacks a definitive cure and leads to severe complications, including heart attack, stroke, kidney failure, and vision loss. The International Diabetes Federation (IDF) projects a substantial increase in diabetes cases, with North America expected to see a rise from 46 million in 2017 to 62 million by 2045. Globally, diabetes prevalence is estimated to surge by 35% between 2017 and 2045, reaching 629 million cases. Furthermore, Alzheimer’s disease affected 55 million people worldwide in 2020, as reported by the Alzheimer’s Association.
The increasing prevalence of these chronic diseases has spurred significant advancements in genomics research, particularly in pharmacogenomics. This field, which tailors medical treatments to individual genetic profiles, is rapidly being integrated into clinical practice. Governments in numerous countries have invested over US$4 billion in genomic medicine initiatives, facilitating real-world implementation and evidence gathering.
The growing importance of this subject can be seen by the increasing financial investments being made. For example, in 2018, Boston Scientific Corporation secured US$4.3 million in seed funding and partnered with Veritas Genetics to develop a decentralized marketplace for genomic data. This exemplifies the industry’s commitment to personalized genome sequencing and the continued governmental and manufacturing investment propelling the pharmacogenomics market forward.
Strategic Insights for North America Pharmacogenomics
To capitalize on this dynamic landscape, stakeholders in the North American pharmacogenomics market require data-driven strategic insights. These insights should provide:
- Comprehensive industry analysis: Covering current trends, key players, and regional nuances.
- Actionable recommendations: To enable differentiation and the identification of untapped market segments.
- Data analytics: To anticipate market shifts and inform strategic decision-making.
- A future-oriented perspective: To ensure long-term success in this evolving field.
By leveraging these insights, investors, manufacturers, and other industry players can make informed decisions, drive profitability, and achieve their business objectives.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
