Pharmacogenomic testing has recently become scalable and available to guide Major Depressive Disorder (MDD). Pharmacogenomic (PGx) testing is being increasingly recognized by clinicians as an essential tool to guide medication decisions for psychiatric illnesses. Extensive implementation of PGx testing is driving the market in the forecast period. Pharmacogenetics testing studies the interaction between the drug and the gene response of a person and searches for the gene variation that is responsible for influencing the drug effect. The test is gaining high demand as many researchers and scientists identified the unique interaction between drugs and individual genes and provides valuable insights that subsequently be used to develop customized or personalized medication.
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Data Bridge Market Research analyzes that the Global Pharmacogenetics Testing in Psychiatry/Depression Market is expected to reach USD 2.66 billion by 2031 from USD 1.22 billion in 2023, growing with a CAGR of 10.4% in the forecast period of 2024 to 2031.
Key Findings of the Study
Increasing Interest for Personalized and Precision Medication
Pharmacogenetics test aids the medical professional in choosing the best medicine for the person because the test searches for the gene variant that may be responsible for influencing the effect of the drug. Medicine is beginning to get personal and patients are gradually expressing interest in improved outcomes and less adverse effects with personalized medications. Personalized medicine has the potential to tailor the therapy with a high safety margin and the best response. This trend is largely driven by genome sequencing improvements. The move towards personal healthcare means the changes in the manufacturing of medicines. Manufacturers are moving from creating small molecules to a combination of small molecules and gene therapies. Sponsors are focusing on replacing inefficient large scale batch production with investment in new technology and producing personalized drugs.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016–2021)
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Quantitative Units
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Revenue in USD Billion and Volume in Units
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Segments Covered
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Type (Anxiety, Depression, Mood Disorders, Bipolar Disorders, Eating Disorders, and Psychotic Disorders), Product (Consumables, Instruments, and Software and Services), Test Type (Whole Genome Sequencing and Chromosomal Array Based Tests), Gene Type (CYP2C19, CYP2C9 and VKORC1, CYP2D6, HLA-B, HTR2A/C, HLA-A, CYP3A4, SLC6A4, MTHFR, COMT, and Others), Patient Type (Adult, Geriatric, and Child), End User (Hospital and Clinics, Diagnostics Laboratories, Academic and Research Institutes, and Others), Distribution Channel (Direct Tender, Third Party Distribution, Hospital Pharmacy, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., France, Italy, Netherlands, Spain, Russia, Switzerland, Turkey, Poland, Norway, Hungary, Austria, Ireland, Lithuania, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Peru, Rest of South America, Saudi Arabia, U.A.E., Israel, South Africa, Egypt, and Rest of Middle East and Africa
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Market Players Covered
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Genelex (U.S.), Genewiz (U.S.), MD Labs (U.S.), BiogeneiQ, Inc. (Canada), ONEOME, LLC (U.S.), Myriad Genetics, Inc. (U.S.), GenXys (Canada), Castle Biosciences, Inc. (U.S.), PacBio (U.S.), QIAGEN (Germany), Thermofisher Scientific Inc. (U.S.), AB BIOTICS SA (Spain), Coriell Life Sciences (U.S.), Sonic Healthcare Limited (Australia), Eurofins Scientific (Luxembourg), Illumina, Inc. (U.S.), Dynamic DNA Laboratories (U.S.), Genomind, Inc. (U.S.), Healthspek (U.S.), and HudsonAlpha (U.S.) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis
The global pharmacogenetics testing in psychiatry/depression market is segmented into type, test type, product, gene type, patient type, end user and distribution channel.
- On the basis of type, the global pharmacogenetics testing in psychiatry/depression market is segmented into anxiety, mood disorders, depression, bipolar disorders, psychotic disorders, and eating disorders
In 2024, the anxiety segment is expected to dominate the Global Pharmacogenetics Testing in Psychiatry/Depression Market
In 2024, the anxiety segment is expected to dominate the market with a market share of 37.17% due to the increasing depression rate among the global population.
- On the basis of product, the global pharmacogenetics testing in psychiatry/depression market is segmented into instruments, consumables, and software & services
In 2024, the consumables segment is expected to dominate the Global Pharmacogenetics Testing in Psychiatry/Depression Market
In 2024, the consumables segment is expected to dominate the market with a market share of 48.03% due to increasing demand for customized drugs.
- On the basis of test type, the global pharmacogenetics testing in psychiatry/depression market is segmented into whole genome sequencing and chromosomal array based tests. In 2024, the whole genome sequencing segment is expected to dominate the market with a market share of 63.41%Bipolar Disorders
- On the basis of gene type, the global pharmacogenetics testing in psychiatry/depression market is segmented into CYP2C19, CYP2C9 and VKORC1, CYP2D6, HLA-B, HTR2A/C, HLA-A, CYP3A4, SLC6A4, MTHFR, COMT, and others. In 2024, the CYP2C19 segment is expected to dominate the market with a market share of 26.59%
- On the basis of patient type, the global pharmacogenetics testing in psychiatry/depression market is segmented into child, adults, and geriatric. In 2024, the adult segment is expected to dominate the market with a market share of 56.06%
- On the basis of end user, the global pharmacogenetics testing in psychiatry/depression market is segmented into hospitals and clinics, diagnostics laboratories, academic and research institutes, and others. In 2024, the hospitals and clinics segment is expected to dominate the market with a market share of 45.35%
- On the basis of distribution channel, the global pharmacogenetics testing in psychiatry/depression market is segmented into direct tender, third party distribution hospital pharmacy, and others. In 2024, the direct tender segment is expected to dominate the market with a market share of 49.71%
Major Players
Data Bridge Market analyzes Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Sonic Healthcare Limited (Australia), and QIAGEN (U.S.) as the major players in the global pharmacogenetics testing in psychiatry/depression market.
Market Development
- In February 2024, Myriad Genetics, Inc., a pioneer in genetic testing and precision medicine, has acquired select assets from Intermountain Health's Precision Genomics (IPG) laboratory. This includes the Precise Tumor Test, the Precise Liquid Test, and IPG's CLIA-certified laboratory in St. George, Utah. This acquisition allows Myriad to enhance its tumor profiling offerings and expand its oncology portfolio, which includes hereditary cancer and companion diagnostic testing options
- In February 2024, QIAGEN announced that it has been recognized for its sustainability efforts by My Green Lab, a non-profit organization focused on promoting sustainability in scientific research. This will enhance QIAGEN's reputation for sustainability, potentially attracting environmentally conscious customers and partners
- In November 2023, QIAGEN and DNA Labs International collaborated to solve two decades-old cold cases using QIAGEN's ForenSeq Kintelligence System for forensic genetic genealogy, in conjunction with the GEDmatch PRO database. This highlights the effectiveness and increasing adoption of this approach to human identification. This will result in the effectiveness of QIAGEN's forensic genetic genealogy solutions, potentially boosting their adoption and sales in the forensic market
- In June 2022, Castle Biosciences, Inc, a company improving health through innovative tests that guide patient care, today announced it has signed a definitive agreement to acquire AltheaDx, Inc. This acquisition would enable to potentially develop a mental health franchise, starting with a test that currently receives Medicare reimbursement for depression
- In May 2022, Coriell Life Sciences won Second MedTech Breakthrough Award for Genomics Innovation which leads the way in unlocking the power of pharmacogenomics to improve healthcare. the organization’s Corigen Medication Safety Program has been named “Best Overall Genomics Solution” in the 2022 MedTech Breakthrough Awards. The award will give the testing more credibility among the users
Geographical Analysis
The countries covered in the global pharmacogenetics testing in psychiatry/depression market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Netherlands, Spain, Russia, Switzerland, Turkey, Poland, Norway, Hungary, Austria, Ireland, Lithuania, rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, Peru, rest of South America, Saudi Arabia, U.A.E., Israel, South Africa, Egypt, and rest of Middle East and Africa.
North America is estimated to be the dominant region in the Global Pharmacogenetics Testing in Psychiatry/Depression Market
North America is expected to dominate the market due to factors such as the presence of major players along strategic initiatives and, the presence of highly developed medical and healthcare infrastructure.
Asia-Pacific is estimated to be the fastest growing region in the Global Pharmacogenetics Testing in Psychiatry/Depression Market
Asia-Pacific is the fastest growing region in the market due to growing biotechnology sector along with rising healthcare expenditure.
For more detailed information about the Global Pharmacogenetics Testing in Psychiatry/Depression Market report, click here – https://www.databridgemarketresearch.com/es/reports/global-pharmacogenetic-testing-in-psychiatry-depression-market
