According to this latest publication from Meticulous Research®, the global pharmacogenomics market is projected to reach $19.5 billion by 2031, at a CAGR of 8.9% during the forecast period 2024–2031. The growth of this market is driven by the growing therapeutic applications of pharmacogenomic biomarkers, the increasing adoption of personalized medicines, the rising geriatric population and chronic disease prevalence, and the U.S. FDA’s and EMA’s recommendations for using pharmacogenomic data in drug discovery & development. However, the high costs of personalized medicines restrain the growth of this market.

Furthermore, the increasing application of pharmacogenomics in the treatment of neurological disorders and cancers, the development of new, more advanced diagnostic tools with improved accuracy, and growing awareness regarding adverse drug reactions are expected to generate growth opportunities for the players operating in the pharmacogenomics market. However, low awareness about pharmacogenomics and personalized medicine, the limited understanding of genetic testing and its benefits, and the lack of reimbursements for genetic testing and precision medicine are major challenges impacting market growth.

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Key questions answered in the report:
• What is the current value of revenue generated by pharmacogenomics products across the globe?
• At what rate is the demand for global pharmacogenomics products projected to grow for the next 5-7 years?
• What is the historical market size and growth rate for pharmacogenomics across the globe?
• What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
• Which segments are creating major traction for the vendors in this market in terms of the offering, technology, application, and end user?
• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global pharmacogenomics market?
• Who are the major players in the global pharmacogenomics market? And what are their specific products offered in the pharmacogenomics industry?
• What recent developments have taken place in the global pharmacogenomics market, and how these strategic developments are creating a global impact in this market?

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