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

Pharmacogenetic testing is a technique that examines genetic variations of individuals to check their ability to metabolize and respond to drugs. It helps determine the safety and efficacy of medications for an individual based on their genetic makeup. This testing plays a pivotal role in practicing precision or personalized medicine wherein the treatment, its dosage, and duration are customized based on an individual's genetic profile. With the advancement of genomic technologies and declining costs of whole genome sequencing, the market for pharmacogenetic testing is growing rapidly worldwide.

Market Dynamics:

The global pharmacogenetic testing market is driven by rising incidence of chronic diseases requiring long term medication, growing demand for personalized healthcare, declining costs of genomic technologies, and increasing adoption of direct-to-consumer genetic testing kits. However, lack of clinical evidence supporting pharmacogenetic testing, reluctance among physicians for widespread adoption, and reimbursement issues pose challenges to the market growth. Opportunities include growing research activities in pharmacogenomics to discover new biomarkers, partnerships between pharmaceutical companies and diagnostic firms to develop companion diagnostics, and expansion into emerging Asian and Latin American countries.

Key Features of the Study:

• This report provides in-depth analysis of the global pharmacogenetic testing market, and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global pharmacogenetic testing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Laboratory Corporation of America Holdings, Thermo Fisher Scientific, Illumina, Inc, Abbott Laboratories, F. Hoffmann-La Roche Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global pharmacogenetic testing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global pharmacogenetic testing market

Detailed Segmentation-

• By Technology
• • Polymerase Chain Reaction (PCR)
  • Sequencing
  • Microarray Analysis
  • Other Technologies
• By Application
• • Cardiology
  • Gastroenterology
  • Endocrinology
  • Immunology & Hypersensitivity
  • Gynecology
  • Oncology
  • Neurology
  • Others
• By End User
• • Hospitals & Clinics
  • Academic & Research Institutes
  • Biopharmaceutical Companies
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
• • 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.
  • 23andMe, Inc.