What Has Been the Progress and Growth of the Pharmacogenetic Testing Market in Recent Years?
The pharmacogenetic testing market has seen considerable growth due to a variety of factors.
• In the last few years, the market size for pharmacogenetic testing has experienced significant growth. Its growth is projected to rise from $12.37 billion in 2024 to $14.35 billion in 2025, registering a compound annual growth rate (CAGR) of 16.1%.
The notable growth during the historic period is linked to factors such as improved efficacy of drugs, heightened adoption of personalized medicine, an escalating demand for precision diagnosis, intensified focus on pharmacogenetic testing, and augmented medical expenditures.
How Does the Forecast Look for the Pharmacogenetic Testing Market?
The pharmacogenetic testing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of pharmacogenetic testing is predicted to undergo swift expansion in the coming years, with expectations to reach $25.77 billion in 2029 at a CAGR of 15.8%.
This predicted growth during the forecast period can be associated with the upsurge in biotechnology and healthcare research and development activities, increased healthcare spending, higher incidence of chronic ailments, improved accessibility, and the emergence of telemedicine and digital health. The upcoming period will likely witness key developments such as the prevalence of pharmacogenetic testing, advancements in genomic technologies, technological progress, breakthroughs in companion diagnostics, and the introduction of novel diagnostic tests.
What Are The Leading Drivers Of Growth In The Pharmacogenetic Testing Market?
The rising need for customized treatments in healthcare is anticipated to boost the expansion of the pharmacogenetic testing market in the future. Customized treatment, also referred to as precision medicine, is a health care strategy that customizes healthcare choices and therapies to the unique characteristics of each patient. The surge in personalized medicine can be attributed to various factors like enhanced treatment results, an emphasis on prevention and early discovery, and cost-efficiency. Pharmacogenetic testing forms a fundamental part of personalized medicine by studying a person's genetic structure to gauge their responses to specific drugs. This permits healthcare practitioners to modify treatments based on genetic determinants, maximizing drug effectiveness and reducing adverse effects. For example, in February 2024, the Personalized Medicine Coalition, a non-profit organization based in the United States, announced that the FDA gave approval for 16 new personalized therapies for patients with rare diseases in 2023, this was a significant increase from six approvals in 2022. Hence, the escalating demand for personalized medicine is fueling the growth of the pharmacogenetic testing market.
How Are The Segments Defined Within The Global Pharmacogenetic Testing Market?
The pharmacogenetic testingmarket covered in this report is segmented –
1) By Type: Whole Genome Sequencing, Whole Exome Sequencing, Array-Based Tests, Single Gene Tests
2) By Drug Type: Prescription Drugs, Nutraceuticals, Recreational Drugs, Herbal Supplements, Vitamins, Over-The-Counter Medications
3) By Therapeutic Area: Cardiology, Gastroenterology, Anesthesiology, Genomics, Endocrinology, Immunology And Hypersensitivity, Dermatology, Gynecology, Oncology, Other Therapeutic Areas
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacies, Mail-Order Pharmacies, Direct-to-Customer Services
5) By End User: Healthcare Providers, Pharmaceutical And Biotechnology Companies, Centers And Academic Institutes, Other End Users
Subsegments:
1) By Whole Genome Sequencing: Illumina Sequencing, Ion Torrent Sequencing, Pacific Biosciences Sequencing, Oxford Nanopore Sequencing
2) By Whole Exome Sequencing: Capture-Based Exome Sequencing, Targeted Enrichment Exome Sequencing, Hybridization-Based Exome Sequencing
3) By Array-Based Tests: SNP Array Testing, Expression Array Testing, Copy Number Variation Array Testing
4) By Single Gene Tests: Targeted Gene Panels, Mutation Detection Tests, Sequencing Of Specific Genes
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How Are Emerging Trends Reshaping The Dynamics Of The Pharmacogenetic Testing Market?
Leading firms in the pharmacogenetics testing market are innovating by ramping up their pharmacogenomics testing services, such as pharmacogenetic testing tailored to specific prescriptions, to maintain their competitive position. These prescription-specific pharmacogenetic tests are specifically requested or prescribed by healthcare professionals to study a patient's genetic constitution prior to issuing medications. For instance, UCSF, a healthcare organization based in the US, introduced its own pharmacogenomics testing service in May 2023. The service is structured to increase the accuracy of medical treatments. UCSF's pharmacogenomics tests enable healthcare providers to customize medication therapies based on a person's unique genetic structure. The goal is to maximize drug effectiveness, decrease unfavorable reactions and promote personalized treatment strategies.
Who Are the Key Players In The Pharmacogenetic Testing Market?
Major companies operating in the pharmacogenetic testing market are:
• CVS Health Corporation
• Thermo Fisher Scientific Inc.
• Quest Diagnostics Incorporated
• Eurofins Scientific Inc.
• Bio-Rad Laboratories
• Precision Medicine Advsiors
• Azenta Life Sciences
• Fulgent Genetics
• Pacific Biosciences of California Inc.
• Castle Biosciences
• 23andMe Holding Co.
• Helix Inc.
• Genomind Inc.
• MD Labs
• Sonic Genetics
• AutoGenomics Inc.
• LabClinics SA
• Gene By Gene Ltd.
• Xcode Life Sciences
• YouScript
• RxGenomix LLC
What Is The Most Dominant Region In The Pharmacogenetic Testing Market?
Asia-Pacific was the largest region in the pharmacogenetic testing market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmacogenetic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
