Pharmacogenetic Tests Market Segmented By Product Type such as Single gene tests, Array-based tests, Whole genome sequencing & Next-generation sequencing, Whole exome sequencing
Industry: Healthcare
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP27505
Pharmacogenetic test, also known as drug-gene test is used to study and determine the interactions of drug and the genetic make-up of the individual. It has been observed that different people react differently with drugs according to the expression of the genes induced by the drug.
The effect of the drug largely depends on the age, lifestyle, environmental conditions and other medications taken by the individual. Such factors are considered in the pharmacogenetic tests to prescribe the right medication and treatment option to the patient.
Pharmacogenetic tests aid the medical professional to choose the best medicine for the person undertaking the test. Pharmacogenetic tests search for the gene variants that may be responsible for influencing the effect of the drug and thereby helps to determine the degree of effect a drug has on the individual.
Pharmacogenetic tests are easy and reliable and require blood or oral swab as the sample material. This evidence-based medication management is gaining recognition for specificity and sensitivity detection. Direct-to-customer services are emerging in the pharmacogenetic test market lately, which facilitates easy result access in a smart device.
The increasing evidence of influence of genes on medications drives the pharmacogenetic test market. Moreover, the rising demand for personalized medicines and precision diagnosis is expected to favor the expansion of the pharmacogenetic test market over the forecast period.
Increasing number reimbursement policies for pharmacogenetic tests by insurance companies is expected to influence the growth of pharmacogenetic tests in the market. Increasing healthcare expenditure and higher adoption of advance products in developed and high-income countries is expected to fuel the growth of pharmacogenetic tests market over the forecast period.
On the contrary, limited evidence for clinical utility and uncertainty regarding the benefits of the pharmacogenetic tests hamper the growth of pharmacogenetic tests in the market. Additionally, higher cost associated with the pharmacogenetic tests are expected to restrict the mass adoption of the product.
Medical and genomic expert is required to the interpretation of the results provided by pharmacogenetic tests which currently have limited access, creating a restraint for expansion of pharmacogenetic test market.
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The global pharmacogenetic testing market is expected to witness fast growth over the forecast period due to increasing demand for personalized medicines. On the basis of product type, array-based tests are anticipated to grow with high CAGR in pharmacogenetic test market over the forecast period.
Oncology segment in therapeutic area is projected to account for maximum share in terms of revenue in the pharmacogenetic test market owing to the increasing focus and higher expenditure on cancer research. On the basis of distribution channel, hospital pharmacies segment is expected to contribute major revenue share in the pharmacogenetic testing market over the forecast period.
On the basis of geography, the global pharmacogenetic test market is split into seven key regions viz. North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa. Region wise, North America is anticipated to be the leader in the global pharmacogenetic test market owing to the higher healthcare expenditure coupled with increasing number of manufacturers in the region.
Europe is estimated to represent high incremental opportunities between 2018 and 2028 in the pharmacogenetic test market owing to increasing adoption of the products by end users because of higher spending on healthcare. However, MEA and Latin America are expected to witness stagnant growth in the pharmacogenetic test market owing to the absence of manufacturers in the region and lower healthcare expenditure.
Some of the key players operating in the pharmacogenetic test market are Sonic Healthcare, Kailos Genetics, Inc., GENELEX, GENEWIZ, Inc., Rxight, PGXT, Abomics Ltd., OneOme, LLC, Mako Medical Laboratories, Assurex Health, Inc., and Clinical Reference Laboratory, Inc. amongst others.
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