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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, primarily fueled by the rising prevalence of chronic diseases, the increasing demand for precision medicines, and a surge in funding for pharmacogenomic research. However, a shortage of skilled professionals is expected to temper this growth during the forecast period.
Impact of Chronic Diseases: North America pharmacogenomics market
A substantial portion of the global population suffers from chronic conditions, with over 60% of older adults having two or more. Genetic factors are known to contribute to conditions such as cardiovascular diseases (CVDs), diabetes, obesity, rheumatoid arthritis (RA), Alzheimer's disease (AD), and depression. Advances in molecular genetic data from genome-wide association studies (GWAS) now enable the measurement of individual risk for these diseases.
The burden of chronic diseases is significant:
In 2020, nearly 6 in 10 Americans had at least one chronic disease, and 4 in 10 had two or more, according to the Centers for Disease Control and Prevention (CDC).
Cardiovascular diseases remain the leading cause of death globally, claiming approximately 17.9 million lives annually, as reported by the World Health Organization (WHO).
Diabetes is a life-threatening condition with no functional cure, leading to severe complications like heart attack, stroke, kidney failure, and vision loss. The International Diabetes Federation (IDF) reported 46 million diabetic patients in North America in 2017, projected to reach 62 million by 2045. Globally, the number of diabetic patients is expected to increase by approximately 35% from 425 million in 2017 to 629 million by 2045.
Alzheimer's disease affected 55 million people worldwide in 2020, according to the Alzheimer's Association.
The rapid increase in chronic diseases is accelerating genomics research aimed at treating life-threatening illnesses, thereby driving market expansion.
Funding and Clinical Integration
North America pharmacogenomics market is increasingly being integrated into clinical practice and healthcare systems, supported by substantial government investments. Over US$4 billion has been invested by at least 14 countries in national genomic-medicine initiatives. These initiatives are driving transformative changes, addressing implementation barriers, and gathering evidence to support broader adoption.
Furthermore, continuous funding from manufacturers and governments is bolstering the pharmacogenomics market. For example, in August 2018, Boston Scientific Corporation secured US$4.3 million in seed funding and partnered with Veritas Genetics. This funding aims to support their mission of entering the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data.
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
North America pharmacogenomics market Strategic Insights
Strategic insights for the North America pharmacogenomics market provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the North America pharmacogenomics market.
North America pharmacogenomics market Regional Insights
The geographic scope of the North America pharmacogenomics market refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
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