Pharmacogenetic testing in psychiatry and depression has gained traction due to its ability to provide valuable information about an individual's drug metabolization. The use of pharmacogenomics in predicting antidepressant response and dosages has shown promising results, leading to improved clinical outcomes. With the expanding biotechnology industry and the increasing prevalence of cancer and psychiatric conditions, there is a growing demand for pharmacogenetic testing, driving market growth in this field.
According to Data Bridge Market Research, the Global Pharmacogenetics Testing in Psychiatry/Depression Market is expected to reach the value of USD 2,133.49 million by 2029, at a CAGR of 9.5% during the forecast period of 2022 to 2029
“Personalized medicine surge market demand"
Personalized medicine is increasingly sought after in various healthcare fields, including psychiatry. Pharmacogenetics testing enables the identification of genetic variations that influence an individual's response to antidepressants. Considering a patient's genetic profile, psychiatrists can customize treatment plans, optimizing medication selection and dosing. This approach enhances treatment outcomes by increasing the likelihood of finding an effective medication while minimizing the need for trial-and-error prescribing. It also helps reduce the risk of adverse reactions and side effects.
What restraints the growth of global pharmacogenetics testing in psychiatry/depression market?
“Limited evidence base can impede the market growth”
Despite the growing evidence supporting the utility of pharmacogenetics testing in psychiatry, the field is still considered relatively new and evolving. Healthcare providers, including psychiatrists, may approach the adoption of testing practices with caution due to the desire for robust clinical trials and a substantial body of evidence supporting its effectiveness. The need for additional studies and evidence-based guidelines could act as a restraint in the widespread implementation of pharmacogenetics testing in psychiatry.
Segmentation: Global Pharmacogenetics Testing in Psychiatry/Depression Market
The pharmacogenetics testing in psychiatry/depression market is segmented on the basis of type, test type, gene type, patient type, product, end user, and distribution channel.
- On the basis of type, the pharmacogenetics testing in psychiatry/depression market is segmented into anxiety, mood disorders, depression, bipolar disorders, psychotic disorders, and eating disorders
- On the basis of test type, the pharmacogenetics testing in psychiatry/depression market is segmented into whole genome sequencing, and chromosomal array-based tests
- On the basis of patient type, the pharmacogenetics testing in psychiatry/depression market is segmented into children, adults, and geriatric
- On the basis of gene type, the pharmacogenetics testing in psychiatry/depression market is segmented into CYP2C19, CYP2C9, VKORC1, CYP2D6, HLA-B, HTR2A/C, HLA-A, CYP3A4, SLC6A4, MTHFR, COMT, and others
- On the basis of products, the pharmacogenetics testing in psychiatry/depression market is segmented into instruments, consumables, software & services
- On the basis of end user, the pharmacogenetics testing in psychiatry/depression market is segmented into hospitals and clinics, diagnostics laboratories, academic and research institutes, and others
- On the basis of distribution channel, the pharmacogenetics testing in psychiatry/depression market is segmented into direct tender, third party distribution hospital pharmacy, and others.
Regional Insights: North America dominates the global pharmacogenetics testing in psychiatry/depression market
The dominance of North America in the market can be attributed to the region's significant investment in research and development, particularly in the field of pharmacogenetics testing. The adoption of personalized medicine approaches and the use of genetic information to guide treatment decisions have fueled the demand for advanced genetic testing services. The strong presence of leading technology providers in the United States further reinforces the region's leadership in the market.
Europe will undergo the highest growth rate during the forecast period owing to the U.K. dominates in the European market for patient access solutions driven by the increasing demand from emerging markets and the expansion of pharmaceutical industries. The country's strong healthcare infrastructure and supportive regulatory environment have contributed to its leading position in the region.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-pharmacogenetic-testing-in-psychiatry-depression-market
Recent Developments in Global Pharmacogenetics Testing in Psychiatry/Depression Market
- In 2022, Blue Care Network (BCN) introduced the Blue Cross Personalized Medicine precision medicine program, which uses genetic testing and pharmacogenomic to more effectively personalize and tailor medication treatments for a subset of members based on a review of their prescribed medications for conditions including behavioral health, cardiovascular, oncology, and cardiology. Lowering adverse drug reactions, OneOme LLC has assisted BCN in achieving the objectives of its precision medicine program, lowering the overall cost of care and improving patient health outcomes. This has aided the business in expanding its selection of products.
The Prominent Key Players Operating in the Global Pharmacogenetics Testing in Psychiatry/Depression Market Include:
- Genelex (Part of Invitae Corporation) (U.S.)
- Genewiz (Part of Azenta Life Sciences) (U.S.)
- MD Labs (U.S.)
- BiogeneiQ, Inc (U.S.)
- ONEOME, LLC (U.S.)
- Myriad Genetics, Inc. (U.S.)
- GenXys (Canada)
- Castle Biosciences, Inc. (U.S.)
- PacBio (Pacific Biosciences) (U.S.)
- QIAGEN (Netherlands)
- Thermo Fisher Scientific Inc. (U.S.)
- AB-Biotics.S.A. (Spain)
- Coriell Life Sciences (U.S.)
- Eurofins Scientific (Luxembourg)
- Illumina, Inc. (U.S.)
- Dynamic DNA Laboratories (U.S.)
- STADAPHARM GmbH (Germany)
- Color Health, Inc. (U.S.)
- Cnsdose (U.S.)
- Genomind, Inc. (U.S.)
- Healthspek (U.S.)
- myDNA Life Australia Pty Ltd. (Australia)
- HudsonAlpha (U.S.)
- Sonic Healthcare Limited (Australia)
Above are the key players covered in the report, to know about more and exhaustive list of global pharmacogenetics testing in psychiatry/depression market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Pharmacogenetics Testing in Psychiatry/Depression Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
