Pharmacogenetic Testing: Core Growth Enabler in the Impact Of Personalized Medicine On The Growth Of The Pharmacogenetic Testing Market Market, 2025

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What Will the Pharmacogenetic Testing Industry Market Size Be by 2025?
In recent times, the market size for pharmacogenetic testing has experienced significant growth. The market is forecasted to expand from $12.37 billion in 2024 to $14.33 billion in 2025, marking a compound annual growth rate (CAGR) of 15.8%. The surge during the historic period can be explained by factors such as the rise in overall drug efficacy, higher acceptance of personalized medicine, escalating demand for precision diagnosis, enhanced focus on pharmacogenetic testing, as well as increased medical costs.

What's the Long-Term Growth Forecast for the Pharmacogenetic Testing Market Size Through 2029?
Anticipations are high for the pharmacogenetic testing market as it's poised for significant expansion in the upcoming years. The market is forecasted to reach a value of "$25.62 billion by 2029, with a compound annual growth rate (CAGR) of 15.6%. This predicted growth within the specified period can be accredited to escalating R&D activities in the biotechnology and healthcare domains, burgeoning healthcare expenses, growing incidence of chronic conditions, enhanced accessibility, and the rise of telemedicine together with digital health. The forecast period will witness noteworthy trends such as advancements in pharmacogenetic testing, progress in genomic technologies, technological development, breakthroughs in companion diagnostics, and creative diagnostic tests.

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What Are the Key Growth Drivers Fueling the Pharmacogenetic Testing Market Expansion?
The push for personalized medicine and its consequent need is anticipated to boost the pharmacogenetic testing market's expansion. Personalized medicine, also referred to as precision medicine, adopts a healthcare approach that modifies treatment plans and decisions based on a patient's unique characteristics. Several aspects contribute to the surge in personalized medicine, such as better treatment results, emphasis on early detection and prevention, and cost-efficiency. Pharmacogenetic testing plays a crucial role in personalized medicine as it examines a person's genetic composition to foresee their reaction to certain medications. This empowers healthcare experts to adjust treatments based on genetic attributes, maximizing drug effectiveness and reducing unwanted side effects. For instance, the Personalized Medicine Coalition, a non-profit entity in the US, confirmed in February 2024 that the FDA approved 16 new personalized therapies for patients suffering from rare diseases in 2023, a noticeable increase from six in 2022. Thus, the escalating demand for personalized medicine directly impacts the pharmacogenetic testing market's growth.

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What Trends Will Shape the Pharmacogenetic Testing Market Through 2029 and Beyond?
Leading firms in the pharmacogenetics testing market like UCSF, a healthcare company based in the US, are creating innovative pharmacogenomics testing services for an advantageous market position. Among these advanced services is prescription-based pharmacogenetic testing, a form of genetic testing ordered specifically by healthcare professionals to understand a patient's genetic structure before prescribing any drugs. In May 2023, for example, UCSF introduced its own pharmacogenomics testing service with the goal of enhancing the accuracy of medical treatments. With UCSF's testing service, healthcare professionals can adjust medication therapies to fit an individual's genetic mapping, aiming to improve drug efficiency, reduce negative side effects, and aid in the implementation of personalized medicine strategies.

How Is the Pharmacogenetic Testing Market Segmented?
The pharmacogenetic testing market 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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Which Companies Are Leading the Charge in Pharmacogenetic Testing Market Innovation?
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

Which Regions Are Leading the Global Pharmacogenetic Testing Market in Revenue?
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.

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