PHARMACOGENETIC TESTING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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The increasing funding and investments
The increasing funding and investments directed towards DNA sequencing programs globally is significantly driving the growth of the pharmacogenetic testing market. Various governments and non-profit organizations are investing heavily to support DNA sequencing initiatives that study genetic variations and understand how genes impact an individual's response to medications. For instance, the National Human Genome Research Institute, a part of the United States National Institutes of Health, invested over US$806 million in 2020 towards Genome projects alone. Such large investments are helping accelerate DNA sequencing research. Several clinical research studies utilizing DNA sequencing are helping pharmacogenetic testing gain more prominence. DNA sequencing studies are helping identify genetic markers that influence drug metabolism and effectiveness. They are correlating genetic variants to adverse drug reactions. For instance, according to a May 2022 report from the NIH of the U.S., spending on cancer genomics research has increased notably, rising from USD 1,160 million in 2021 to USD 1,220 million. This significant investment in genomics and personalized medicine is expected to positively influence the growth of the pharmacogenomics market. Pharmacogenomics plays a crucial role in cancer treatment, enhancing patient survival rates while also reducing unnecessary costs associated with ineffective treatments.
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