The pharmacogenetic testing market involves testing of a patient's genetic makeup to determine their ability to metabolize certain medications. Pharmacogenetic testing identifies genetic variations that can affect drug metabolism and response to help guide prescription decisions. The tests analyze single nucleotide polymorphisms (SNPs) to help determine effective and safe medication dosage and reduce risks of adverse reactions. Pharmacogenetic testing is gaining popularity as it offers more precise disease management through a personalized, predictive approach to medication treatment.

The global pharmacogenetic testing market is estimated to be valued at US$24.10 billion in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the pharmacogenetic testing market are 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., and 23andMe, Inc. Growing awareness about the importance of pharmacogenetic testing and its role in improving drug efficacy and safety is fueling market growth. Leading market players are expanding their geographic presence through strategic collaborations and acquisitions to capitalize on emerging opportunities in international markets.

Growing demand for personalized medicine is driving increased adoption of Pharmacogenetic Testing Market Size. The approach aims to tailor medical treatment to the individual characteristics of each patient to deliver the right drug and dosage for their specific genetic makeup. This helps maximize treatment effectiveness while reducing risks of adverse reactions. In addition, a growing patient pool of chronic disease patients requiring long term medication treatment is propelling demand for pharmacogenetic testing.

Rising focus on reducing healthcare costs associated with trial-and-error drug selection and adverse events is propelling the pharmacogenetic testing market growth. Pharmacogenetic testing helps identify appropriate drugs and doses from the outset, avoiding expensive losses from ineffective or harmful treatments. It prevents significant costs of managing adverse reactions and other outcomes from incorrect prescriptions lacking genetic guidance. As healthcare systems aim to deliver more cost-effective precision care, pharmacogenetic testing is gaining recognition.

Market drivers

One of the key drivers for the pharmacogenetic testing market is increasing focus on personalized medicine. Traditionally, medication has adopted a 'one-size-fits-all' approach, but this has limitations in terms of efficacy and safety. Pharmacogenetic testing enables personalized treatment strategies tailored to an individual's genetic characteristics. This improves clinical outcomes by selecting medications and dosages that work best for a patient's metabolism and genetics. As healthcare moves towards more individualized models of care, demand is growing for pharmacogenetic testing to advance personalized medicine.

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