The pharmacogenetic testing market involves the analysis of a person's DNA and RNA characteristics to analyze an individual's genetic response to drugs. It aids in offering tailored treatment plans and determining the most prescribed medication based on one's genetic makeup. The growing demand for precision and personalized medicine worldwide along with the increasing adoption of direct-to-customer genetic testing kits is boosting the pharmacogenetic testing industry.
The global pharmacogenetic testing market is estimated to be valued at USD 13.11 Bn in 2024 and is expected to reach USD 24.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031.
Key TakeawaysKey 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. The companies are focusing on mergers and acquisitions to expand their service offerings.The growing awareness about the clinical benefits of pharmacogenetic testing and favorable reimbursement policies for molecular diagnostic tests present significant growth opportunities for players in the Pharmacogenetic Testing Market Growth. Several market players are collaborating with health systems, pharmaceutical manufacturers, and payers to incorporate pharmacogenetic testing and facilitate informed prescription decisions.Globally, there is a rising focus on developing infrastructure for pharmacogenomics with an aim to deliver customized patient care. Various countries are investing in research activities to understand the genetic basis of drug responses. This will aid market players to expand their presence and offerings across international markets over the coming years.Market driversThe increasing demand for personalized medicine is one of the major drivers of the pharmacogenetic testing market. With advances in genetic research, healthcare providers are able to understand an individual's genetic makeup and recommend lifestyle modifications or medications accordingly. This drives the need for pharmacogenetic testing worldwide.
PEST AnalysisPolitical: Drug approvals and reimbursement policies for pharmacogenetic tests vary between regions and nations, impacting Pharmacogenetic Testing Market Size and Trends.Economic: Rising healthcare expenditures to treat diseases like cancer are boosting demand for personalized medicine approaches like pharmacogenomics that improve treatment outcomes.Social: Increased awareness among patients and physicians about how genetic variations impact drug responses is propelling adoption of pharmacogenetic testing in therapeutics development and clinical care.Technological: Advancements in sequencing technologies, bioinformatics and machine learning are enabling more comprehensive genotyping and better interpretation of genetic data to guide treatment choices.The market in terms of value is currently concentrated in North America and Europe due to larger adoption rates driven by supportive regulatory frameworks and reimbursement scenarios in countries like the US, Canada, Germany, France and the UK. The Asia Pacific region is projected to be the fastest growing market during the forecast period attributed to expanding healthcare infrastructure, growing medical tourism, and increasing genomic research activities in nations such as China, Japan and India.The US currently commands the largest share of the global pharmacogenetic testing market in terms of value on account of a well-established regulatory approvals process, coverage policies, clinical guidelines and demand for these services from healthcare stakeholders and patients. Growing collaborations between regional payers, providers, pharma companies and diagnostic labs are further fueling market expansion. High adoption of genomic approaches for managing cancer, cardiovascular, neuropsychiatric and infectious conditions also contributes to market growth here.
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