The pharmacogenetic testing market involves DNA analysis to customize treatment and medication of diseases according to a person’s genetic makeup. Pharmacogenetic testing enables precise diagnosis by identifying which genes may affect an individual’s response to certain drugs, thus helping clinicians determine effective and safe medication for patients. The increasing demand for personalized healthcare is driving widespread adoption of pharmacogenetic testing globally.
The Global pharmacogenetic testing market is estimated to be valued at US$ 24.10 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the pharmacogenetic testing market include Abbott Laboratories, Admera Health, Agena Bioscience, BiogeniQ, Bio-Rad Laboratories, Inc., Cepheid, Gene by Gene, Ltd., Genomic Health, Illumina, Inc., Laboratory Corporation of America Holdings (LabCorp), Myriad Genetics, Inc., OneOme, LLC, OPKO Health, Inc., Quest Diagnostics Incorporated, Roche Molecular Diagnostics, Sonic Healthcare, Thermo Fisher Scientific Inc., and 23andMe, Inc.
Key opportunities: Growing awareness about the benefits of Pharmacogenetic Testing Market Growth, increasing prevalence of chronic diseases, rapid advancements in precision medicine and rising focus on companion diagnostics present lucrative opportunities in the market.
Global expansion: Leading players are expanding their presence in high-growth emerging markets through partnerships, acquisitions and new product launches to tap the large untreated patient pool and further accelerate market growth.
Market drivers:
The increasing demand for personalized healthcare driven by surging healthcare costs is a major growth driver for the pharmacogenetic testing market. Personalized treatment helps deliver the right medication to the right patient in the right dosage at the right time, thereby improving efficacy and safety of treatment while reducing healthcare expenditure associated with trial-and-error methods.
PEST Analysis
Political: Regulations related to patient privacy and data security are becoming more stringent. Governments worldwide are supporting large scale genome sequencing projects.
Economic: Growing aging population and rising health care costs are increasing the demand for more personalized Pharmacogenetic Testing Market Size and Trends approaches. Falling costs of genome sequencing are making pharmacogenetic testing more affordable.
Social: Increasing awareness among patients and physicians regarding benefits of pharmacogenetic testing to avoid adverse drug reactions and improve treatment outcomes. More patients want their genetic make-up to be considered for medication selection.
Technological: Rapid advances in fields of genome sequencing, bioinformatics and machine learning are enabling the analysis of more genetic variations and their role in drug response. Next generation sequencing technologies are making large scale genome analysis faster and cheaper.
Geographical regions where market in terms of value is concentrated:
North America presently accounts for the largest share of the global pharmacogenetic testing market value due to established healthcare infrastructure, presence of leading market players and increasing adoption of personalized medicines. Asia Pacific region is also growing at a healthy rate due to rising healthcare spending, large patient pools and supportive government policies.
Fastest growing region for this market:
Asia Pacific region is expected to experience the fastest growth over the forecast period owing to expansion of healthcare systems, rising disposable incomes, increasing awareness about genetic testing and presence of low-cost medical tourism destinations. Rapid economic development in countries like China and India is facilitating wider access to advanced diagnostic technologies. Favorable reimbursement policies are further boosting regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile