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Global Pharmacogenetic Testing Market Growth Prospects, Future Industry Landscape 2033
Pharmacogenetic Testing Global Market Report 2024
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According to The Business Research Company's, 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 in the historic period can be attributed to increasing overall drug efficacy, increasing adoption of personalized medicine, growing need for precision diagnosis, increasing focus on pharmacogenetic testing, and increasing medical expenses.
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 growth in the forecast period can be attributed to rising research and development associated with biotechnology and healthcare, increasing healthcare expenditure, rising prevalence Of chronic diseases, increased accessibility, rise of telemedicine and digital health. Major trends in the forecast period include pharmacogenetic testing, advancements in genomic technologies, technological advancements, advances in companion diagnostics, and innovative diagnostic tests.
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Market Drivers and Trends:
The increasing demand for personalized medicine is expected to propel the growth of the pharmacogenetic testing market going forward. Personalized medicine, also known as precision medicine, is a medical approach that tailors healthcare decisions and treatments to the individual characteristics of each patient. The increasing personalized medicine is due to several factors, such as improved treatment outcomes, a focus on prevention and early detection, and cost-effectiveness. Pharmacogenetic testing is integral to personalized medicine by analyzing an individual's genetic makeup to predict how they will respond to specific medications. This enables healthcare providers to tailor treatments based on genetic factors, optimizing drug efficacy and minimizing adverse reactions. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the increasing demand for personalized medicine is driving the growth of the pharmacogenetic testing market.
Major companies operating in the pharmacogenetics testing market are developing advanced pharmacogenomics testing services, such as prescription-based pharmacogenetic testing, to gain a competitive edge in the market. Prescription-based pharmacogenetic testing refers to genetic tests that are specifically ordered or prescribed by healthcare providers to analyze a patient's genetic makeup before prescribing medications. For instance, in May 2023, UCSF, a US-based healthcare company, launched its pharmacogenomics testing service. It is designed to improve the precision of medical treatments. UCSF's pharmacogenomics testing service helps healthcare providers tailor drug therapies based on an individual's genetic profile, aiming to enhance drug efficacy, minimize adverse reactions, and support personalized medicine strategies.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Pharmacogenetic Testing Market 2024 Key Insights:
• 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%.
• Impact Of Personalized Medicine On The Growth Of The Pharmacogenetic Testing Market
• Advancements In Prescription-Based Pharmacogenetic Testing
• 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
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