Illumina, Inc. (US) and Thermo Fisher Scientific Inc. (US) are Leading Players in the Pharmacogenomics Market
The pharmacogenomics market is projected to reach USD 5.8 billion by 2028 from an estimated USD 3.5 billion in 2023, at a CAGR of 10.6% during the forecast period. The major factors driving the growth of this pharmacogenomics market include increasing research activities in the field of genomics, growing prevalence of chronic and genetic diseases, and rising investments and fundings to support genomics projects.
The global pharmacogenomics market is competitive with top players such as Illumina, Inc. (US), Thermo Fisher Scientific Inc. (US), QIAGEN (Netherlands), and F. Hoffmann-La Roche Ltd (Switzerland). The market players have adopted various strategies such as new product/service launches, acquisitions, agreements, collaborations, and geographical expansions to strengthen their position in the global pharmacogenomics market.
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Illumina, Inc. (US)
Illumina, a global leader in sequencing and array-based solutions for genetic and genomic analysis, offers an extensive array of products and services catering to diverse markets. Their offerings empower the integration of genomic solutions in both research and clinical environments. Its comprehensive portfolio includes integrated sequencing and microarray systems, consumables, and analysis tools strategically crafted to expedite and streamline genetic analysis. The company has established strategic partnerships in the pharmacogenomics market, which has contributed to its market growth. For instance, in March 2023, Illumina Inc. and Myriad Genetics Inc. extended their strategic alliance, facilitating wider access to oncology HRD testing in the US. The collaboration introduces Illumina TruSight Oncology 500 HRD and forms a specialized companion diagnostic (CDx) alliance, fostering gene-targeted therapy clinical research. Illumina's comprehensive genotyping solutions, cost-effective technologies, and strategic partnerships make it a strong player in the growing pharmacogenomics market.
Thermo Fisher Scientific Inc. (US)
Thermo Fisher Scientific Inc. is a leading science and technology company engaged in manufacturing high-end analytical instruments, laboratory equipment, software, consumables, reagents, and services for scientific research, analysis, discovery, and diagnostics. Thermo Fisher has adopted growth strategies such as expansions, partnerships, collaborations, and acquisitions. For instance, in May 2023, Pfizer and Thermo Fisher Scientific have announced a collaboration agreement to increase local access to next-generation sequencing (NGS)-based testing for lung and breast cancer patients in more than 30 countries across Latin America, Africa, the Middle East, and Asia, where advanced genomic testing has previously been limited or unavailable. This partnership aims to provide faster analysis of associated genes, empowering healthcare providers to select the right therapy for individual patients.
Danaher Corporation (US)
Danaher Corporation manufactures and markets medical, industrial, and commercial products and services. In March 2018, Danaher acquired DNA Integrated Technologies. The company operates in over 60 countries, has 261 significant offices, and manufacturing & distribution facilities across North America, Europe, Asia, South America, and Australia. The company continues to adopt strategic alliances to strengthen its position in the pharmacogenomics market. For instance, in April 2023, Integrated DNA Technologies, Inc. (IDT) acquired Archer Inc. NGS research assays from Invitae Corporation which amplifies xGen NGS lineup, fast-tracking oncology research, notably in discovering new cancer fusions. This addition to IDT's comprehensive xGen NGS portfolio empowers researchers with unified solutions for uncovering crucial biomarkers, particularly significant cancer fusions.
Related Reports:
Pharmacogenomics Market by Product & Service (Kits & Reagents), Technology (Sequencing, PCR, Microarray), Application(Drug Discovery, Clinical Research, Personalized Medicine), Disease Area (Cancer, Neurological, Cardiovascular) - Global Forecast to 2028
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