The Road Ahead for the Pharmacogenetic Testing Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Pharmacogenetic Testing Market During the Forecast Period, and Why?
The market size for pharmacogenetic testing has seen quick expansion in the past years. The market is projected to increase from a value of $12.37 billion in 2024 to $14.35 billion in 2025, with a compound annual growth rate (CAGR) of 16.1%. Factors contributing to this growth in the preceding period include enhanced drug efficacy overall, a rise in the use of personalized medicine, amplified demand for precise diagnosis, a heightened focus on pharmacogenetic testing, and growing medical costs.
The market for pharmacogenetic testing is anticipated to experience a swift expansion in the near future, with its value expected to reach $25.77 billion by 2029, growing at a compound annual growth rate (CAGR) of 15.8%. Factors contributing to this surge in the forecast period include enhanced research and development in biotechnology and healthcare, a surge in healthcare spending, increasing incidences of chronic illnesses, improved accessibility, and the emergence of telemedicine and digital health. Noteworthy trends predicted for this period are pharmacogenetic testing, progression in genomic technologies, technological advancements, development in companion diagnostics, and innovative diagnostic tests.
Which Primary Drivers Are Supporting the Continued Expansion of the Pharmacogenetic Testing Market?
The burgeoning need for individualized healthcare is predicted to bolster the expansion of the pharmacogenetic testing market. Precision medicine, another term for personalized medicine, is a healthcare strategy that customizes medical decisions and treatments according to the unique attributes of every patient. The escalating trend towards personalized medicine is attributed to various factors including enhanced treatment results, an emphasis on early detection and prevention, and economic efficiency. Essential to personalized medicine, pharmacogenetic testing scrutinizes an individual’s genetic profile to speculate their reaction to certain medications. This allows medical professionals to customize treatments influenced by genetic factors, optimizing the effectiveness of drugs and decreasing undesirable side-effects. For example, in February 2024, the Personalized Medicine Coalition, a non-profit organization based in the US, announced that the FDA sanctioned 16 novel personalized therapies for patients suffering from rare diseases in 2023, a significant increase from just six in 2022. Hence, the escalating need for personalized medicine is propelling the expansion of the pharmacogenetic testing market.
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Which Companies Are Poised to Shape the Future of 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 Are the Latest Innovations and Trends Influencing the Pharmacogenetic Testing Market?
Leading firms in the pharmacogenetics testing market are innovating by creating cutting-edge pharmacogenomics testing services, such as prescription-driven pharmacogenetic testing, to solidify their market position. This type of testing is specifically requested or prescribed by healthcare professionals to evaluate a patient’s genetic profile before determining the appropriate medication. For example, in May 2023, UCSF, a healthcare company based in the US, introduced its pharmacogenomics testing service, aimed at heightening the accuracy of medical treatments. UCSF’s service assists healthcare providers in customizing drug treatments reliant on a person’s genetic makeup, with the goal of maximizing drug effectiveness, reducing adverse effects, and promoting personalized medicine approaches.
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Which Industry Segments Are Leading the Development and Expansion of the 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
What Regions Are Contributing Significantly to the Growth of 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.
How Is the Definition of the Pharmacogenetic Testing Market Impacting Future Growth?
Pharmacogenetic testing is a type of genetic testing that examines how an individual’s genetic makeup influences their response to specific medications, helping to tailor drug treatments for better efficacy and reduced side effects. This personalized approach enhances patient care by tailoring therapies based on genetic profiles. It is widely used in fields such as oncology, psychology, and cardiology.
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