Global Pharmacogenetic Testing Market By Type (Single Gene Tests, Array-Based Tests, Whole Genome Sequencing & NGS, Whole Exome Sequencing), Sample (Blood, Saliva), Therapeutic Area (Oncology, Neurology, Cardiology, Genomics, Immunology & Hypersensitivity, Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Mail-Order Pharmacies, Direct-To-Customer Services), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Pharmacogenetic Testing Market
Global pharmacogenetic testing market is expected to register a substantial CAGR in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the need for identifying the influence of medicines on genes.
Market Definition: Global Pharmacogenetic Testing Market
Pharmacogenetic testing is a diagnostic procedure used for the determination of drug and an individual’s genetic make-up interaction. This test is experiencing high demand as various scientists and researchers have identified the unique reactions between each individuals’ genes and drugs which has resulted in the development of a unique test which can record this interaction and provide valuable insights which is subsequently used for the development of personalized therapeutics.
- Favorable scenario of reimbursement for these tests from the insurance providers is expected to propel the growth of the market
- Increasing demand for personalized therapeutic system and diagnostic tests is expected to drive the growth of the market
- High levels of healthcare expenditure being incurred on adoption of advanced testing methods and therapeutics from the developed regions of the world; this factor is expected to boost the growth of the market
- Lack of clinical evidence regarding the effectiveness and utility benefits associated with the tests is expected to hinder the growth of the market
- Lack of skilled individuals that can conduct and provide valuable insights from the test results is expected to act as a restraint for the growth of the market
- Large levels of financial costs associated with these tests is expected to restrict the growth of the market
Segmentation: Global Pharmacogenetic Testing Market
- Single Gene Tests
- Array-Based Tests
- Whole Genome Sequencing & NGS
- Whole Exome Sequencing
By Therapeutic Area
- Immunology & Hypersensitivity
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Mail-Order Pharmacies
- Direct-To-Customer Services
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In January 2019, 23andMe, Inc. announced the availability of pharmacogenomics test which will be commercially available without the need for any prescriptions. This test will help provide patients and physicians with better knowledge and identification services into genes of an individual. Although, FDA has approved this test they have also issued a statement regarding not basing their treatment options on the test results
- In May 2017, Oxford Gene Technology announced that had agreed to be acquired by Sysmex Corporation. This acquisition will allow for complete integration of Oxford’s genetic analysis technologies and expertise which will help enhance the position of Sysmex Corporation globally. Oxford Gene Technology will operate as a wholly-owned subsidiary of Sysmex
Global pharmacogenetic testing market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of pharmacogenetic testing market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global pharmacogenetic testing market are Sonic Healthcare; Genelex; GENEWIZ; Rxight; 23andMe, Inc.; PGXT; OneOme, LLC; Mako Medical Laboratories, LLC; Myriad Genetics, Inc.; Bayer AG; BGI; Pacific Biosciences of California, Inc.; F. Hoffmann-La Roche Ltd; QIAGEN; Luminex Corporation; Eurofins Scientific; Illumina, Inc.; Thermo Fisher Scientific Inc.; PerkinElmer Inc. among others.
Research Methodology: Global Pharmacogenetic Testing Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
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, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Demand Side: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters, and Investors among others.
Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, and Regulatory Affairs Managers among others.
Reasons to Purchase this Report
- Current and future of global pharmacogenetic testing market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
- All segmentation provided above in this report is represented at country level
- All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)