A pharmacogenetic test, commonly referred to as a drug-gene test, is used to research and ascertain how medications interact with a person’s genetic makeup. It has been shown that many people react to medications differently depending on the expression of the genes the drug induces. Based on a person’s genetic composition, it can accurately forecast medication metabolism and clearance rate.
The pharmacogenomics market is primarily benefited by the growing acceptance of precision medicine. Also, it has been observed that pharmacogenomics research and development spending is rising, which is helping innovative products emerge quickly. The increased incidence of negative medication responses also contributes to the growing use of pharmacogenomics on the international market.
Pharmacogenetic testing is the process of analyzing a person’s genetic makeup to predict how they will respond to certain medications. It involves examining genetic variations that may affect the way a drug is metabolized or processed in the body, potentially leading to differences in its effectiveness or side effects.
Pharmacogenetic testing is a relatively new field that has gained significant attention in recent years due to advances in DNA sequencing technology and the increasing availability of personalized medicine. It is already being used in clinical practice for certain drugs, such as clopidogrel for cardiovascular disease and warfarin for blood thinning, to help guide dosing and reduce the risk of adverse reactions.
Pharmacogenetic testing has the potential to revolutionize the way drugs are prescribed and personalized for individual patients. However, there are still many challenges to overcome, such as the need for standardized testing protocols and guidelines for interpreting results, as well as the cost-effectiveness of widespread testing. Nevertheless, as our understanding of genetics and drug metabolism continues to advance, pharmacogenetic testing is likely to become an increasingly important tool in clinical practice.
Growth rate of pharmacogenetic testing market
- According to Data Bridge Market Research, the pharmacogenetic testing market, which was valued at USD 6.15 billion in 2022, is projected to grow to USD 12 billion by 2030 and have a CAGR of 8.70% from 2023 to 2030. The market reports compiled by Data Bridge Market Research also include in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework. These insights on market scenarios include market value, growth rate, segmentation, geographic coverage, and major players.
- Several factors are driving the growth of the pharmacogenetic testing market, including increasing awareness of personalized medicine and the potential for improved patient outcomes, advances in DNA sequencing technology and reduced costs of genetic testing, and growing demand for precision medicine and targeted therapies.
- The report also suggests that the oncology segment is expected to dominate the pharmacogenetic testing market due to the high prevalence of cancer and the increasing use of targeted therapies. Other segments expected to see significant growth include cardiology and neurology.
- However, the market also faces challenges such as the lack of standardization and regulation in the field, as well as ethical and legal concerns regarding genetic privacy and discrimination. Despite these challenges, the pharmacogenetic testing market is poised for continued growth as personalized medicine and precision medicine become more integrated into clinical practice.
Fundamentals of Pharmacogenetic Testing Market
- Increasing Number of Older People
Due to weakened immune systems, adults 65 years of age and older are likely to have a greater prevalence of chronic illnesses and other disorders. According to data from the World Health Organization, there will be 1.4 billion older people on the planet by 2030, up from 1 billion in 2020. And by 2050, there will probably be 2.1 billion people in the world who are 60 years of age or older. Older adults are more susceptible to unsuccessful treatments and a variety of negative medication responses (ADRs). Pharmacogenomics enables the detection of negative medication responses linked to individualised treatment plans. As a result, this component spurs market expansion.
- Expanding Pharmacogenetics-Related R&D Activity
Adoption of pharmacogenomics and a rise in research and development spending fuel industry expansion. For instance, in 2021, the Israel Precision Medicine Partnership (IPMP) granted around USD 9.9 million to 11 Israeli projects to do customised medicine research on disorders including Crohn’s disease, malignancies, and uncommon diseases. The market growth during the forecast period will be accelerated by this increase in R&D spending. As a result, this component spurs market expansion.
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