Pharmacogenomics Technology & Theranostics & Companion Diagnostics (CDx) Market Size, Share, Growth, and Industry Analysis by Type (PCR, In-situ Hybridization, Immunohistochemistry, Sequencing, Others), by Application (Oncology, Neurological Disorders, Cardiovascular Disease, Immunological Disorders, Others), Regional Insights and Forecast to 2032

Updated On: 22 April 2024

PHARMACOGENOMICS TECHNOLOGY & THERANOSTICS & COMPANION DIAGNOSTICS (CDx) MARKET REPORT OVERVIEW

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global pharmacogenomics technology & theranostics & companion diagnostics (CDx) market size was usd 5180.8 million in 2020 and market to touch usd 11886.75 million by 2032 at cagr 6.9% during the forecast period.

Pharmacogenomics and theranostics are paving the way for integrated medicine. Prompt development in this group of specialized molecular diagnostic tests is contributing in improvement for assessment of real-time treatment of disease. Pharmacogenomics aims to develop rational means to optimize drug therapy, with respect to the patient’s genotype to ensure maximum efficiency with minimal adverse effects. Theranostics refers to a treatment strategy that combines diagnostics with therapeutic interventions. The diagnostic test is used to identify patients who are most likely to benefit from a specific treatment, monitor the progress of the treatment, and amend it if essential.

CDx are medical devices often in vitro diagnostics, which provide information that is essential for the safe and effective use of a corresponding drug or biological product. Advancements in genomics have led to an increased understanding of genetic variations and their impact on drug response, which is a chief motivating factor in the growth of the market. As genomic research and therapeutic innovations progress this market remains vital in reshaping the scenery of drug development and patient-centred medical care. The integration of AI and machine learning in diagnostics is enhancing the precision and efficiency of these technologies. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

PHARMACOGENOMICS TECHNOLOGY & THERANOSTICS & COMPANION DIAGNOSTICS (CDx) MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into PCR, in-situ hybridization, immunohistochemistry, sequencing, others.

Immunohistochemistry will capture the maximum market share through forecast period.  

PCR is a method for amplifying specific DNA segments. In other words, PCR allows researchers to selectively amplify the target gene sequences from small amounts of genomic DNA which can then be analysed and quantified accurately by various methods such as sequencing or restriction digestion.

In-situ hybridization is based on the principle of complementary base pairing between single strands of the nucleic acid probe and target sequence. The probe molecule is labelled with a fluorescent, radioactive, or enzymatic tag that can be detected by microscopy.

Immunohistochemistry is a method that antibodies detect protein and peptide antigens in tissue sections. IHC is used to identify protein expressions that are indicative of certain types of cancers or other diseases, guiding treatment decisions.

Sequencing is a laboratory process that determines the order of nucleotide bases in a DNA molecule. It is identify mutations and other genetic variants and also studies gene expression and protein sequences. Sequencing is detect changes in genes, including those associated with cancer, heart disease, and other diseases.

• By Application Analysis

According to application, the market can be segmented into oncology, neurological disorders, cardiovascular disease, immunological disorders, others.

Pharmacogenomics technology & theranostics & companion diagnostics (CDx) market players cover segment as oncology will dominate the market share during forecast period.

The use of pharmacogenomics technology theranostics companion diagnostics CDx in oncology is increasing day by day. It helps to identify the genes which are associated with cancer and helps in the selection of the right drug for treatment.

The use of pharmacogenomics technology theranostics companion diagnostics CDx in neurological disorders is on the rise. The technology can help to identify and diagnose various neurological disorders at an early stage.

Pharmacogenomics technology theranostics companion diagnostics CDx is used in cardiovascular disease to identify genetic variants that may affect a person's response to a drug. It helps in the early detection of cardiovascular diseases and also helps in choosing the right medication for patients.

DRIVING FACTORS

"Increasing Occurrence Of Chronic Disease To Boost The Market Growth"

Increasing occurrence of chronic disease has led to an increased demand for personalized medicine, which is contributing, to market growth. Personalized treatment plans, especially in oncology and chronic diseases, are becoming more prevalent, driving demand for pharmacogenomics and companion diagnostics.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the pharmacogenomics technology & theranostics & companion diagnostics (CDx) market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Innovations in genomics, bioinformatics, and molecular techniques have significantly improved the accuracy and efficiency of these technologies.

RESTRAINING FACTOR

"Infrastructure And Training Requirements To Hamper The Market Growth"

Adequate infrastructure and training are required for healthcare providers to effectively utilize these technologies, which can be a barrier, especially in resource-limited settings.  Technical difficulties will reduce the industry revenue.

PHARMACOGENOMICS TECHNOLOGY & THERANOSTICS & COMPANION DIAGNOSTICS (CDx) MARKET REGIONAL INSIGHTS

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"North America to Dominate the Region Due To The Presence Of Established Players"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

North America is further expected to witness growth in the pharmacogenomics technology & theranostics & companion diagnostics (CDx) market share. The region is dominating the market due to the presence of established players operating in this region.  The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Qiagen NV (Germany)
• GE Healthcare (U.S.)
• Agilent Technologies (U.S.)
• Foundation Medicine (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)

INDUSTRIAL DEVELOPMENT

December 2023: GE HealthCare a leading global medical technology, pharmaceutical diagnostics and digital solutions innovator, and AirStrip, a vendor-agnostic clinical surveillance technology company and a member of the Nantworks group of AI driven companies, announced today a joint commercialization agreement.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.