PUBLISHER: The Business Research Company | PRODUCT CODE: 1608796
PUBLISHER: The Business Research Company | PRODUCT CODE: 1608796
Pharmacogenetic testing is a specialized form of genetic testing that evaluates how an individual's genetic profile affects their response to specific medications, facilitating the customization of drug treatments to enhance efficacy and minimize side effects. This personalized approach significantly improves patient care by aligning therapies with genetic characteristics. It finds extensive application in areas such as oncology, psychology, and cardiology.
The primary types of pharmacogenetic testing include whole genome sequencing, whole exome sequencing, array-based tests, and single gene tests. Whole genome sequencing is a thorough method that analyzes the entire genome of an individual, sequencing all DNA in a single test to provide a comprehensive view of genetic information. The scope of drugs assessed includes prescription medications, nutraceuticals, recreational drugs, herbal supplements, vitamins, and over-the-counter products across various therapeutic areas, such as cardiology, gastroenterology, anesthesiology, genomics, endocrinology, immunology and hypersensitivity, dermatology, gynecology, oncology, and others. These products are distributed through hospital pharmacies, retail pharmacies, mail-order services, and direct-to-consumer channels, serving diverse end users including healthcare providers, pharmaceutical and biotechnology companies, research centers, and academic institutions.
The pharmacogenetic testing market research report is one of a series of new reports from The Business Research Company that provides pharmacogenetic testing market statistics, including pharmacogenetic testing industry global market size, regional shares, competitors with a pharmacogenetic testing market share, detailed pharmacogenetic testing market segments, market trends and opportunities, and any further data you may need to thrive in the pharmacogenetic testing industry. This pharmacogenetic testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pharmacogenetic testing market size has grown rapidly in recent years. It will grow from $10.68 billion in 2023 to $12.37 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth observed during the historical period can be attributed to several factors, including enhanced overall drug efficacy, a rising adoption of personalized medicine, an increasing need for precision diagnostics, a heightened focus on pharmacogenetic testing, and growing medical expenditures.
The pharmacogenetic testing market size is expected to see rapid growth in the next few years. It will grow to $22.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The anticipated growth during the forecast period can be attributed to several factors, including increased research and development in biotechnology and healthcare, rising healthcare expenditures, a growing prevalence of chronic diseases, enhanced accessibility to healthcare services, and the rise of telemedicine and digital health solutions. Key trends expected to shape this period include the expansion of pharmacogenetic testing, advancements in genomic technologies, ongoing technological innovations, improvements in companion diagnostics, and the development of novel diagnostic tests.
The rising demand for personalized medicine is anticipated to drive growth in the pharmacogenetic testing market in the foreseeable future. Also referred to as precision medicine, personalized medicine is a healthcare approach that customizes medical decisions and treatments to align with the individual characteristics of each patient. The growing focus on personalized medicine is influenced by multiple factors, including improved treatment outcomes, an emphasis on prevention and early detection, and enhanced cost-effectiveness. Pharmacogenetic testing plays a crucial role in personalized medicine by examining an individual's genetic makeup to predict their response to specific medications. This allows healthcare providers to customize treatments based on genetic factors, optimizing drug efficacy and minimizing adverse effects. For instance, in February 2024, the Personalized Medicine Coalition, a US-based non-profit organization, reported that the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, up from six in 2022. Thus, the escalating demand for personalized medicine is propelling the growth of the pharmacogenetic testing market.
Leading companies in the pharmacogenetics testing sector are advancing their offerings with cutting-edge pharmacogenomics testing services, such as prescription-based pharmacogenetic testing, to establish a competitive edge. Prescription-based pharmacogenetic testing involves genetic tests specifically ordered or prescribed by healthcare providers to analyze a patient's genetic profile prior to medication prescriptions. For example, in May 2023, UCSF, a US-based healthcare organization, introduced its pharmacogenomics testing service aimed at enhancing the precision of medical treatments. This service assists healthcare providers in tailoring drug therapies according to an individual's genetic profile, with the objective of improving drug efficacy, reducing adverse reactions, and bolstering personalized medicine strategies.
In May 2023, HealthOme, a US-based company specializing in advanced genetic testing and personalized medicine solutions, acquired Kailos Genetics for an undisclosed sum. This acquisition aims to strengthen HealthOme's genetic testing and personalized medicine capabilities by integrating Kailos Genetics' advanced genomic technologies and expertise. Kailos Genetics is a US-based firm that offers comprehensive pharmacogenetic testing services through its Inspexion platform.
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
Asia-Pacific was the largest region in the pharmacogenetic testing market in 2023 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.
The countries covered in the pharmacogenetic testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pharmacogenetic testing market consists of revenues earned by entities by providing services such as predicting drug efficacy, guiding dosage selection, and preventing adverse drug reactions. The market value includes the value of related goods sold by the service provider or included within the service offering. The pharmacogenetic testing market also includes sales of gene panels, deoxyribonucleic acid (DNA) sequencers, and home testing kits. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pharmacogenetic Testing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pharmacogenetic testing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pharmacogenetic testing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pharmacogenetic testing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.