PHARMACOGENETIC TESTING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has emerged as the dominant region in the global pharmacogenetic testing market. The region is expected to account for a market share of 41.2% in 2024. The U.S. accounts for the largest share primarily due to the presence of key market players and availability of advanced healthcare facilities. The country has witnessed a significant increase in precision medicine initiatives by both public and private entities aiming to develop personalized treatment options for patients. Additionally, favorable regulatory policies have promoted the integration of pharmacogenetic testing to optimize drug prescription in the country. The growing demand for personalized drugs and diagnosis has encouraged pharmaceutical companies to invest heavily in R&D activities involving pharmacogenetics.

Asia Pacific is poised to be the fastest growing regional market during the forecast period. Rapid economic development across developing nations such as China and India has improved access to advanced healthcare facilities. The rising healthcare expenditure accompanied with growing geriatric population susceptible to chronic diseases has propelled the need for accurate diagnosis. Several local diagnostic players have entered partnerships with global leaders to provide affordable pharmacogenetic testing services. This has boosted their domestic market share. Simultaneously, concerns regarding drug efficiency and safety have driven increased adoption. Additionally, governments of various Asia Pacific countries have announced favorable regulatory guidelines and reimbursement policies to encourage precision medicine practices. This has spurred the integration of pharmacogenetic testing procedures among hospitals and clinics across the region.