The global pharmacogenetic testing market involves conducting genetic tests to analyze an individual's DNA and identify genetic variations that influence drug response. This helps physicians prescribe the right medication and dosage to obtain maximal efficacy while minimizing the risk of adverse reactions. Pharmacogenetic testing analyzes variations related to drug absorption, distribution, metabolism, and excretion to offer tailored treatment plans for conditions like cancer, psychiatric disorders, cardiovascular diseases, and pain management. The growing awareness about the role of genetics in drug response and adverse events is propelling the demand for pharmacogenetic testing services.
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 Takeaways
Key players operating in the pharmacogenetic testing market include 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 Pharmacogenetic Testing Market Size offers lucrative opportunities due to the increasing focus on precision medicine and rising investments in R&D activities related to pharmacogenomics. Furthermore, technological advancements like next-generation sequencing have accelerated genetic analysis, enabling more efficient pharmacogenetic testing.
Advancements in sequencing technologies and bioinformatics are allowing researchers to identify new genetic variants linked to drug response. This is expanding the scope of pharmacogenetic testing and fueling market growth.
Market Drivers
One of the key drivers for the pharmacogenetic testing market is the growing emphasis on precision medicine. Precision medicine focuses on tailoring medical treatment to the individual characteristics of each patient. Pharmacogenetic testing plays a vital role in precision medicine by enabling customized drug and dosage selection based on a person's genetic makeup. This drives higher efficacy and safety of drug therapy.
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