by Pharmacogenetic testing refers to evaluating how an individual’s genetic makeup affects their response to certain medications. These tests analyze single nucleotide polymorphisms (SNPs) to determine metabolizer status for drugs and use them for dosing of medications or choosing alternate medications for patients. With the growing need for precision medicine and wide range of genetic variations among individuals, pharmacogenetic testing is becoming increasingly important for determining the right medication and dosage for patients.
The Global Pharmacogenetic Testing Market is estimated to be valued at US$ 24.10 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.
Pharmacogenetic testing helps avoid severe adverse drug reactions, improve therapeutic outcomes and reduce healthcare costs associated with trial-and-error prescribing approaches. These advantages have fueled for Pharmacogenetic Testing Market Demand globally.
Key Takeaways
Key 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 growing demand for precision medicine across various therapeutic areas like oncology, cardiology, neurology is a major factor driving the pharmacogenetic testing market. Various guidelines recommending pharmacogenetic testing by regulatory bodies is further fueling the adoption of these tests.
The pharmacogenetic testing market is also witnessing high growth owing to expansion of key players into emerging markets of Asia Pacific, Latin America, and Middle East & Africa. Partnerships with diagnostic laboratories and healthcare providers in these regions is helping companies strengthen their global presence.
Market key trends
The integration of Pharmacogenetic Testing Market Size and Trends into electronic health records is one of the key trends in this market. This allows clinicians to easily access pharmacogenetic profiles of patients to aid clinical decision making during drug selection and dosing. Vendors are focusing on developing integrated solutions combining genetic profiling and EHR systems to facilitate precision prescribing. This trend is helping boost the utility and large-scale adoption of pharmacogenetic testing.
Porter’s Analysis
Threat of new entrants: The high capital requirements and economies of scale in operations pose significant barriers to new entrants in the pharmacogenetic testing market.
Bargaining power of buyers: Buyers have moderate bargaining power in the pharmacogenetic testing market due to the availability of substitute products and buying consortiums.
Bargaining power of suppliers: Research laboratories and diagnostic kit manufacturers that are high in demand have significant bargaining power over buyers in the market.
Threat of new substitutes: The threat is moderate as new methods for drug metabolism and safety testing can emerge as substitutes over the long run.
Competitive rivalry: The competitive rivalry in the market is high with the presence of several global and regional players.
Geographical Regions
North America holds the largest share of the overall pharmacogenetic testing market, both in terms of value and volume, owing to the increasing adoption of pharmacogenetic testing services. The United States specifically holds a significant share in North America.
The Asia Pacific region is anticipated to witness the fastest growth in the market during the forecast period, attributable to factors such as rising awareness and increased accessibility of pharmacogenetic testing, large patient pools in China and India, and growing focus of key players in expanding their presence in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
