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 North America Pharmacogenomics Market is experiencing significant growth, fueled by the rising incidence of chronic diseases, the increasing demand for personalized medicine, and substantial investments in pharmacogenomic research. A notable challenge, however, is the anticipated shortage of skilled professionals, which could potentially hinder market expansion during the forecast period.
The prevalence of chronic conditions is a major driver. A significant proportion of older adults, exceeding 60%, grapple with two or more chronic illnesses. Twin studies have provided compelling evidence for the genetic underpinnings of diseases such as cardiovascular disease (CVD), diabetes, obesity, rheumatoid arthritis (RA), Alzheimer’s disease (AD), and depression. Leveraging molecular genetic data from genome-wide association studies (GWAS), it’s now possible to assess individual susceptibility to these conditions. Data from the Centers for Disease Control and Prevention (CDC) in 2020 indicated that nearly 6 in 10 individuals in the US suffered from at least one chronic disease, with 4 in 10 experiencing two or more.
Cardiovascular diseases (CVDs), including atherosclerosis, angina pectoris, and acute myocardial infarction, are major contributors to mortality, often exacerbated by hectic lifestyles. The World Health Organization (WHO) reports that CVDs are the leading cause of death globally, claiming approximately 17.9 million lives annually. Diabetes, a life-threatening disease without a functional cure, presents a significant health burden. All forms of diabetes can lead to severe complications and increase the risk of premature death, including heart attack, stroke, kidney failure, limb amputation, vision loss, and nerve damage.
The escalating number of diabetes cases is leading to life-altering complications worldwide. According to the International Diabetes Federation (IDF), North America reported 46 million diabetic patients in 2017, a figure projected to reach 62 million by 2045. Globally, the number of people with diabetes was approximately 425 million in 2017 and is expected to surge to 629 million by 2045, representing an estimated 35% increase in prevalence. Alzheimer’s disease is also on the rise, with the Alzheimer’s Association reporting 55 million cases worldwide in 2020. This rapid increase in chronic diseases has spurred significant advancements in genomics research aimed at treating these life-threatening illnesses over the past five years, thereby propelling the North America Pharmacogenomics Market.
Furthermore, North America Pharmacogenomics Market is rapidly being integrated into clinical practice and healthcare systems, supported by substantial government funding exceeding US$ 4 billion across at least 14 countries. These national genomic-medicine initiatives are driving transformative changes in real-world settings, addressing implementation barriers, and generating evidence for broader adoption.
Illustrating this trend, in August 2018, Boston Scientific Corporation, based in Massachusetts, secured US$ 4.3 million in seed funding and partnered with Veritas Genetics. This investment aims to support the company’s vision of entering the era of personal genome sequencing by establishing a secure and decentralized marketplace for genomic data. Consequently, ongoing funding from both manufacturers and governments in the genomics sector is a significant driver of the North America Pharmacogenomics Market growth.
North America Pharmacogenomics Market Strategic Insights
Strategic insights for the North America Pharmacogenomics Market offer a data-driven analysis of the industry’s current landscape, encompassing prevailing trends, key market participants, and regional specificities. These insights provide actionable recommendations designed to enable stakeholders to differentiate themselves from competitors by identifying untapped market segments or developing unique value propositions. By leveraging data analytics, these insights assist industry players, including investors, manufacturers, and other stakeholders, in anticipating market shifts. Adopting a future-oriented perspective is crucial for stakeholders to foresee market changes and strategically position themselves for sustained success within this dynamic region. Ultimately, effective strategic insights empower readers to make well-informed decisions that foster profitability and facilitate the achievement of their business objectives within the North America Pharmacogenomics Market.
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
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
