The Pharmacogenetic Testing Market is projected to experience an 8.7%market growth rate during the forecast period from 2021 to 2028.
Pharmacogenetic Testing Market
Every year thousands of people are injured or die in hospitals from adverse drug events, which cost millions of dollars in healthcare each year. It has been proven that individuals react differently to drugs, based upon the expression of the genes induced by the drug. In order to reduce the problem with costs associated with adverse drug events or the bad reactions to pharmacotherapy, the field of genomic medicine, and more specifically pharmacogenetics, presented one possible solution. The pharmacogenetic test uses a patient’s genetic makeup in combination with other clinical information and after examination, creates a personalized medication regimen that is safer and more efficient for the individual patient.
In recent years, the number of clinical pharmacogenetic tests has steadily increased as the understanding of the role of genes in drug response has grown. A large number of prescribed medications now involves pharmacogenetic data that supports appropriate dosing or selection. Furthermore, pharmacogenetic analyses are routinely performed for drug development purposes and the levels of healthcare expenditure are rising, which positively affects industry growth.
Pharmacogenetic Testing Market Growth and Trend
A number of factors are expected to have a positive effect on the growth of the Pharmacogenetic Testing Market. Observations show that the ageing population is rising and so are the cases related to chronicle diseases like cancer, tuberculosis, HIV, and others. For that reason, the awareness of patients for the possibility of personalised treatment is also growing, as pharmacogenomics procedures become more recommended by professionals. This has been one of the major drivers of industry growth. The technological advancements within the sector, which allow the molecular diagnostics procedure for a better understanding of the genetic structure of the individual patient, are expected to be another factor behind the growth of the Pharmacogenetic Testing Market in the future.
However, the development and utilization of pharmacogenetic testing are associated with very high prices, which combined with the unavailability of funding for the research and development of different pharmacogenomics pathways, results in expectations for slowing down of industry growth. In addition, the performance of pharmacogenetic testing requires highly trained and skilled healthcare professionals, which is yet another factor that may hamper the growth of the Pharmacogenetic Testing market.
Pharmacogenetic Testing Market Segmentation
The Pharmacogenetic Testing industry is segmented based on type, sample, therapeutic area, and distribution channel. According to the type of testing, the market is divided into single-gene tests, array-based tests, whole-genome sequencing, and NGS and whole-exome sequencing. Based on sample type, the Pharmacogenetic Testing Market differentiates between blood and saliva samples. Additionally, on the basis of the therapeutic area, the market is divided into oncology, neurology, cardiology, genomics, immunology and hypersensitivity, and others. Based on the distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, mail-order pharmacies, direct-to-customer services.
Pharmacogenetic Testing Market Regional Analysis
The stable economic conditions and development of the healthcare sector are both crucial factors that differ between regions. Based on these factors, the North American region holds the dominant position within the Pharmacogenetic Testing Market, as a result of its advancements in the healthcare sector. This trend is expected to be sustained, and the market to be developed even further in the future, due to the occurrence of the advanced countries within the region that would have the potential to invest in innovations. Nevertheless, the Asia Pacific region is projected to increase its presence in the Pharmacogenetic Testing industry, due to the rising number of patients within the region, and the prevalence of advanced countries.
Pharmacogenetic Testing Market Share and Competition
The major players operating in the Pharmacogenetic Testing Market are Sonic Healthcare, Genelex, GENEWIZ, Rxight; 23andMe, Inc., PGXT, OneOme, LLC, Mako Medical Laboratories, LLC, Myriad Genetics, Inc., Bayer AG, BGI, Pacific Biosciences of California, Inc., F. Hoffmann-La Roche Ltd, QIAGEN, Luminex Corporation, Eurofins Scientific, Illumina, Inc., Thermo Fisher Scientific Inc., and PerkinElmer Inc, and others.
• Historical data and analysis of the Pharmacogenetic Testing Market forecast based on market segmentation (2021 -2028)
• Revenue Analysis
• Regional Analysis
• Import/ ExportAnalysis
• Price trend Analysis
• Competition analysis and Market share
Industry segmentation and Revenue Breakdown
Test Type Analysis (Revenue, USD Million, 2021 - 2028)
• Single Gene Tests
• Array-Based Tests
• Whole Genome Sequencing, NGS, Whole Exome Sequencing
Sample Type Analysis (Revenue, USD Million, 2021 - 2028)
Therapeutic Area Analysis (Revenue, USD Million, 2021 - 2028)
Distribution Channel Analysis (Revenue, USD Million, 2021 - 2028)
• Hospital Pharmacies
• Retail Pharmacies
• Mail-Order Pharmacies
• Direct-To-Customer Services
Country Analysis (Revenue, USD Million, 2021 - 2028)
• Rest of South America
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Saudi Arabia
• South Africa
• Rest of the Middle East and Africa
Pharmacogenetic Testing Market Companies
• Sonic Healthcare
• 23andMe, Inc.
• OneOme, LLC
• Mako Medical LaboratoriesLLC
• Myriad Genetics, Inc.
• Bayer AG
• Pacific Biosciences of California, Inc.
• F. Hoffmann-La Roche Ltd
• Luminex Corporation
• Eurofins Scientific
• Illumina, Inc.
• Thermo Fisher Scientific Inc.
• PerkinElmer Inc