Pharmacogenomics deals with the influence of genetic variation on drug response in patients by correlating gene expression changes and Single-Nucleotide Polymorphisms (SNPs) with a drug's efficacy or toxicity. Growing concerns for the early identification of drug advertises, drug safety, and growing need for prompt compliance to regulatory guidelines have led the introduction of new technologies and methods by pharmaceutical manufacturers and other intermediaries. These advancements are expected to fuel adoption of pharmacogenomics technology during the forecast period. Pharmacogenomics has different restorative applications such as cardiology, oncology, neurological disorder, and pain management. In this manner, through further headways in this field, by enhancing drug safety, optimizing drug therapy with increasing patient compliance and further reducing healthcare costs is expected to result in the meteoric growth of the pharmacogenomics market over the forecast period.

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Many government agencies are actively supporting the implementation of pharmacogenomics in drug development and surveillance, so that patients can benefit from advances in genomic science and technology. The government is also involved in funding companies that work to develop bioinformatics technology for precision medicine research applications. For instance, in 2017, Armonica Technologies, Inc. an Albuquerque based company received US$1.5 Mn from the states US $40 Mn catalyst fund. This fund is intended for seed early stage-companies in New Mexico that are involved in developing novel technologies. Clinically personalized medicine is also expected to provide tools that will enhance the traditional approaches for estimating the risk/benefit of an intervention in patients.

The global pharmacogenomics market was valued at US$ 8,357.3 million in 2017 and is expected to witness a CAGR of 10.8% during the forecast period (2018 – 2026).

Increasing demand for various techniques to pinpointing diagnoses down to the subtype of chronic conditions will drive the pharmacogenomics market
Increasing number of research studies pertaining to sequencing, especially next generation sequencing, are expected to increase demand for pharmacogenomics tests. Meteoric progress in the aspects of NGS technology, platform, and data analysis solutions is propelling widespread, as it shows valid results for problematic areas that have long plagued the drug development industry.

 Increasing prevalence of several infectious and non-infectious diseases is also one of the major factors boosting the demand for regulated next-generation sequencing-based clinical trial assays and companion diagnostics. According to U.S. Food and Drug Administration (FDA) statistics, over 100,000 people in the U.S. die each year from injurious responses to drugs that were correctly prescribed by a physician. Additionally, over 2.2 million people endure acute, though not fatal, side effects. Worldwide, BioWorld estimates those figures increase to 200,000 deaths and over 4.5 million people suffering serious side effects.

Pharmacogenomics tests are expected to predict susceptibility to maladies as well as create therapeutics tailored to an individual's specific genetic profile. This in turn, is expected to increase market growth. However, unavailability of proper diagnostic testing due to lack of trained personnel, high costs associated with tests, dearth of laboratory facility, and lack of standardization and validation of the test procedures hampers the development of the personalized medicine.

Technological advancements leading to new product launch is a prominent factor fueling market growth
Today, screening of known polymorphic drug metabolism enzymes and transporters (DMET) is rapidly becoming routine practice in clinical research. So manufacturers are currently focusing on various approaches to pharmacogenomics analysis to provide rapid and cost-effective solutions for both the screening of known polymorphisms and discovery of novel variants. Few of the advanced technologies already been commercialized like Illumina HiSeq-2000 and HiScan, Roche 454 GSFLX Titanium and the Applied Biosystems SOLiD Analyzer 5500xl. Besides, the combination of goldstandard Applied Biosystems TaqMan Assays with the high-throughput Applied Biosystems Open Array manufactured by Thermo Fisher Scientific Inc., enables analysis of common variants, typically in under four hours with the flexibility to modify array content.

North America held the largest and the fastest market owing to presence of major key players and strategic collaborations among them. Asia Pacific is also expected to exhibit substantial growth rate after North America due to increased investments in R&D and increasing number of clinical trials. In November 2016, according to the Pharmaceutical Research and Manufacturers of America (PhRMA) data, EFPIA and PhRMA member companies conducted 825 clinical trials for various therapeutic indications across Japan in 2015, showing an increase of 21% in comparison to 2013. Latin America and Africa are expected to grow at a steady pace, as countries in these regions have shown considerable interest in research and continuous efforts made by major players to expand their business in these regions. South African Medical Research Council (SAMRC) has collaborated with Beijing Genomics Institute in April 2017, to understand the genetic composition of the population, which is expected to augment growth of the pharmacogenomics in South Africa.

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The market is driven by collaborations and pipelines for upcoming products. Objective of the collaborations between the organization and the companies is identification of specific tumor targets by expansion of known mutations associated with defective DNA repair. Companies are engaged in development of single comprehensive tests that can capture a large amount of relevant content. For instance, in 2017, Qiagen N.V. and Bristol-Myers Squibb signed an agreement for use of Next Generation Sequencing technology to develop gene expression profiles for immuno-oncology therapies.

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