Pharmacogenetic Testing Market Size & Share, by Type (Whole Genome Sequencing, Whole Exome Sequencing, Array-Based Test, Single Gene Test), Drug Type (Prescription Drugs, Nutraceuticals, Recreational Drugs, Herbal Supplements, Vitamins, OTC Medication), Therapeutic Area (Cardiology, Gastroenterology, Anesthesiology, Genomics, Endocrinology, Immunology & Hypersensitivity, Dermatology, Gynecology, Oncology, Neurology) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5787
  • Published Date: Mar 01, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Pharmacogenetic Testing Market size is expected to reach USD 123 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period i.e., 2024-2036. In the year 2023, industry size of pharmacogenetic testing was USD 12 Billion. The market for pharmacogenetic tests is driven by the growing body of information showing how genes affect pharmaceutical efficacy. Additionally, throughout the forecast period, the growing need for precision diagnosis and individualized medications is anticipated to support the growth of the market. New technology could be used by researchers in Boston and New York to cure or perhaps prevent diseases in ways that are not achievable with conventional medications. These researchers are striving to build genetic medicines.

The market expansion of pharmacogenetic tests is anticipated to be impacted by an increasing number of insurance companies' reimbursement policies for these tests. Over the course of the forecast period, rising healthcare spending and a greater uptake of cutting-edge products in developed and high-income nations are anticipated to boost the market for pharmacogenetic tests.


Pharmacogenetic Testing Market overview
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Pharmacogenetic Testing Sector: Growth Drivers and Challenges

Growth Drivers

  • Integration of Electronic Health Records - Comprehensive patient health records and effective, centralized genetic data storage are made possible by seamless integration. This combination makes pharmacogenetic data easier to find and use for medical practitioners, empowering them to make data-driven decisions in real time. When arranging a patient's course of therapy, doctors can easily access genetic insights to ensure that pharmaceuticals are prescribed that are specific to each patient's genetic makeup. The adoption of pharmacogenetic testing is accelerated by the efficiency gains gained from this integration, which also lead to better patient care, streamlined workflows, and eventually, pharmacogenetic testing market expansion. 
  • Growing Adoption of Personalized Medicines - Because it allows for the customization of medication therapies based on a patient's genetic composition, pharmacogenetic testing is essential to personalized medicine. This novel method entails examining a person's genetic differences, which can affect how they metabolize and react to particular drugs. By looking at each individual's distinct genetic makeup, medical professionals can find genetic markers that indicate how their body uses and processes medications. With the use of this data, medication choices and dosages can be tailored to maximize therapeutic results. Pharmacogenetic testing is a major driver behind the personalized medicine paradigm, which is transforming healthcare by encouraging more focused and customized treatment plans that lead to better patient results.

Challenges

  • Reliance of Medical and Genomic Expert for Result Interpretation - One significant obstacle facing the market is the significant reliance on medical and genomic professionals to interpret results. Accurate and meaningful analysis of genetic data requires particular knowledge and skills due to its complicated nature. Highly qualified experts in genetics, pharmacology, and genomics are crucial to correctly interpreting the results of pharmacogenetic tests. The widespread acceptance of pharmacogenetic testing and its scalability are hindered by this dependency. The lack of sufficient competent specialists and the time and effort needed for accurate interpretation frequently cause delays in giving patients and healthcare professionals useful information.
  • High cost of Test is expected to hinder the pharmacogenetic testing market growth in the forecast period
  • Limited evidence for clinical utility and uncertainty regarding benefit of pharmacogenetic test is expected to hinder the market expansion in the forecast period.

Pharmacogenetic Testing Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~9%

Base Year Market Size (2023)

~USD 12 billion

Forecast Year Market Size (2036)

~USD 123 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Pharmacogenetic Testing Segmentation

Therapeutic Area (Cardiology, Gastroenterology, Anesthesiology, Genomics, Endocrinology, Immunology & Hypersensitivity, Dermatology, Gynecology, Oncology, Neurology)

In terms of therapeutic area, the oncology segment in the pharmacogenetic testing market is anticipated to hold the highest CAGR of 20% by the end of 2036. The growth of this industry can be primarily driven by increasing focus and massive expenditure on cancer research. The global number of cancer cases has grown in the last few years and they are expected to double and triple by the end of 2050. Therefore, this would create a lucrative demand for effective and personalized cancer treatments. Cancer is the leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths, reported as of World Health Organization.

Distribution Channel (Hospital Pharmacy, Retail Pharmacies, Mail-Order Pharmacies, Direct-to-Customer Services)

Based on distribution channel, the hospital pharmacy segment is expected to hold 40% share of the global pharmacogenetic testing market during the time period between 2024-2036. Pharmacogenetic testing can aid in identifying patients who are unlikely to respond to certain medications or at risk of severe side effects leading to more targeted and effective plans. This translates to enhanced clinical outcomes, reduced hospital readmissions and lowered healthcare costs.

Our in-depth analysis of the global market includes the following segments:

          Type

  • Whole Genome Sequencing
  • Whole Exome Sequencing
  • Array-Based Tests
  • Single Gene Tests

          Gene Type

  • CYP2C19
  • CYP2D6
  • CYP2C9 & VKORC1
  • CYP1A2
  • HLA-B*1502
  • HLA-B*5701
  • CYP2D
  • OPRM1
  • ONCOTYPE DX & MAMMAPRINT
  • DRD3
  • D4D4
  • SLC6A4
  • HTR2A/C
  • TMPT

          Drug Type

  • Prescription Drugs
  • Nutraceuticals
  • Recreational Drugs
  • Herbal Supplements
  • Vitamins
  • Over-the-Counter Medications

          Sample

  • Blood
  • Saliva

          Therapeutic Area

  • Cardiology
  • Gastroenterology
  • Anesthesiology
  • Genomics
  • Endocrinology
  • Immunology & Hypersensitivity
  • Dermatology
  • Gynecology
  • Oncology
  • Neurology

          Application

  • Clinical Practice
  • Drug Development
  • Drug Regulation

          End User

  • Healthcare Providers
  • Pharmaceutical & Biotechnology Companies
  • Research Centres and Academic Institutes

          Distribution Channel

  • Hospital Pharmacy
  • Retail Pharmacies
  • Mail-Order Pharmacies
  • Direct-to-Customer Services

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Pharmacogenetic Testing Industry - Regional Synopsis

North American Market Forecasts

The pharmacogenetic testing market in the North American region is set to hold the highest revenue share of 35% by the end of 2036. The growth of this market can be ascribed on the back of increasing healthcare expenditure and presence of manufacturers in the region. The US spent USD 4.5 trillion on health care in 2022, up 4.1 % from the previous year, or USD 12,493 per person. Health spending accounted for 17.2 percent of the nation's GDP. Shifting healthcare landscape emphasizes tailoring treatment to individual needs based on genetic variations. Pharmacogenetics offers insights into individual drug response variability leading to more effective treatments with fewer side effects. Next generation sequencing and other technologies make testing cheaper, faster, and more accessible. Enhanced accuracy and wider test panels encourage broader adoption.

European Market Statistics

The market in the European region is set to grow significantly by the end of forecast period. The growth of this market be attributed on the account of increasing demand by end users owing higher healthcare spending in the region. Advancements in DNA sequencing technologies are making pharmacogenetic testing more affordable and accessible. This is making it more feasible for healthcare providers to offer pharmacogenetic testing in their patients. Furthermore, some European governments are implementing policies that support the use of pharmacogenetics testing.

Research Nester
Pharmacogenetic Testing Market size
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Companies Dominating the Pharmacogenetic Testing Landscape

top-features-companies
    • PerkinElmer Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Illumina, Inc.
    • Thermo Fisher Scientific Inc.
    • Dynamic DNA Laboratories
    • Sonic Healthcare
    • QIAGEN
    • Eurofins Scientific
    • 23andMe, Inc
    • OneOme
    • Pacific Biosciences of California, Inc.

In-the-news

In The News

  • PacBio and Twist Bioscience Corporation declared the availability of an initial portfolio of off-the-shelf long-read gene panels in October 2022. To effectively and efficiently capture the target areas, these fixed panels of Twist Alliance are constructed. Moreover, customers will be able to create a panel of their designs which is fully adaptable and scalable for sequencing using the PacBio HiFI read.
  • In May 2023, PerkinElmer Inc. announced the launch of Revvity, Inc. as a provider of science based solutions that use advances in diagnostics and life sciences to improve people's lives around the world. Already, the commerce was associated to PerkinElmer, Inc. Clients of Revvity come from different businesses, counting pharma and biotech, symptomatic labs, the scholarly community, and administrative organizations.  Reagents, consumables, assays, instruments and software are available from Revvity.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 5787
  • Published Date: Mar 01, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand for personalized medicines and growing integration EHR are some of the major factors anticipated to drive the growth of the pharmacogenetic testing market.

The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2024-2036.

The major players in the market are of Thermo Fisher Scientific Inc., Dynamic DNA Laboratories, Sonic Healthcare, QIAGEN, Eurofins Scientific, 23andMe, Inc, and others.

The hospital pharmacy segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Pharmacogenetic Testing Market Report Scope
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