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Pharmacogenetic Testing Market is Anticipated to Witness High Growth

Pharmacogenetic Testing Market

Pharmacogenetic testing involves analysing an individual's genetic makeup to look for variants in genes related to drug metabolism and response with the aim of improving drug therapy and dosages. These tests are gaining prominence as they help determine treatment with minimal trial and error method and reduce the chances of adverse drug reactions. The increasing shift towards personalized medicine and growing awareness about the importance of understanding how genes affect an individual's response to medicines is driving the adoption of pharmacogenetic testing.

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.

Pharmacogenetic testing enables clinicians to select the right medication and dose that is most likely to be effective for a patient based on his genetic makeup. This helps optimize drug therapy and improves treatment outcomes while minimizing risks of adverse reactions. With a rise in complex diseases like cancer that require customized treatment approaches, demand for pharmacogenetic tests is growing globally.

Key Takeaways

Key players operating in the Pharmacogenetic Testing Market are 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. These players are focusing on new product launches, collaborations, and geographic expansions to gain market share.

The increasing prevalence of chronic diseases like cancer, cardiovascular diseases, and neurological disorders presents significant growth opportunities for Pharmacogenetic Testing Market Demand providers. As treatment patterns evolve to become more precise and targeted, demand for genetic screening to identify appropriate therapies is expected to rise substantially.

Many pharmacogenetic testing companies are actively pursuing global expansion strategies to capitalize on rising demand from international markets. While North America currently dominates the market, regions like Asia Pacific and Latin America offer promising opportunities for growth, driven by growing healthcare investments, awareness, and economic development.

Market Drivers:

Growing prevalence of chronic diseases globally drives the need for more effective targeted therapies. Pharmacogenetic testing can improve outcomes for complex conditions by identifying genetic factors influencing drug metabolism and response. Stringent regulatory norms favoring companion diagnostics with targeted therapies are boosting the adoption of pharmacogenetic tests.

Market Restrains:

The high cost of Pharmacogenetic Testing Market Size and Trends limits accessibility, especially in price-sensitive developing markets. Tests are typically not covered by insurance or reimbursed unless a clear link to improved clinical outcomes has been established. Low genetic literacy among physicians acts as another restraint as they may not confidently integrate PGx testing into routine practice. Privacy and security concerns also create reticence among some patients regarding genomic screening.

Segment Analysis

The pharmacogenetic testing market can be segmented by technology into polymerase chain reaction, microarray, sequencing, and other technologies. Within this segment, sequencing is estimated to account for over 30% share of the market in 2024 due to its ability to provide detailed genomic information with high accuracy. Other segment includes ELISA, pyrosequencing and mass spectrometry which play a key role in specific disease applications and are expected to witness substantial growth.

Global Analysis

In terms of regional analysis, North America dominated the global pharmacogenetic testing market in 2024 and is expected to continue its dominance during the forecast period. This is due to the rising application of pharmacogenetic tests in this region. Presence of advanced healthcare infrastructure and large drug development activities are some major factors responsible for North America's large share. However, Asia Pacific is estimated to exhibit the highest CAGR during the forecast period owing to growing healthcare spending, rising awareness among patients, and improving healthcare infrastructure in emerging economies of this region.

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About Author:

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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

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