Global Pharmacogenetics Testing in Psychiatry/Depression Market, By 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) - Industry Trends and Forecast to 2031.
Pharmacogenetics Testing in Psychiatry/Depression Market Analysis and Insights
The increasing number of patients suffering from psychiatry and depression disorders is expected to drive market growth. The rising demand for personalized and precision medicine is helping to boost the market growth. The lack of skilled medical and genomic experts and lack of strong clinical evidence may hamper the market growth. However, the rising technological advancements are expected to act as an opportunity for market growth.
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.
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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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Thermo Fisher Scientific Inc., Illumina Inc., Myriad Genetics Inc., Sonic Healthcare Limited, QIAGEN, AB-BIOTICS S.A., BiogeniQ Inc., Castle Bioscience Inc., Coriell Life Sciences, Dynamic DNA Laboratories, Eurofins Scientific, Genelex, Genewiz, Genomind Inc., GenXys, HealthSpek, HudsonAlpha, MD Labs, ONEOME LLC, and PacBio among others
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Market Definition
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.
Pharmacogenetics Testing in Psychiatry/Depression Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Rising Number of Population Suffering from Depressive Disorder
Depression is a prevalent condition globally that varies from normal mood changes. Depression can become a serious health condition of mild to extreme severity, affecting the person to suffer greatly, and can lead to suicide in the worst cases. While over 45 antidepressants are available, suboptimal response poses difficulty and is considered to be a result of genetic variation.
With the rising prevalence of depression, the demand for pharmacogenetics testing is also increasing as it studies the effect of genetic variants to provide tailored treatment, which is driving the market growth.
- Growing Biotechnology Sector along with Rising Healthcare Expenditure
People are becoming more aware of their health and also there is alertness for preventive healthcare. Emphasis on healthcare is gaining popularity. Awareness of disease and symptoms is essential for screening and early detection of diseases due to advanced technology available in the healthcare system such as advanced testing which helps the healthcare providers and leads to higher survival rates.
The growing biotechnology sector, coupled with rising healthcare expenditure globally, is anticipated to drive the pharmacogenetics testing market in the fields of psychiatry and depression. There is an increased focus on personalized medicine, including pharmacogenetics testing, as biotechnology companies develop innovative testing methods and technologies. This, combined with the rising healthcare expenditure, indicates a growing investment in advanced healthcare solutions that could improve patient outcomes and reduce overall healthcare costs, which is boosting the market growth.
Opportunity
- Advancements in Genetic Testing
The field of healthcare is experiencing rapid technological advancements, particularly in the development of new and sophisticated methods to promote pharmacogenetics testing. These innovative tests utilize advanced genetic testing methods to provide precise results, enabling healthcare providers to tailor treatment regimens more effectively. This advancement presents a significant opportunity for the global pharmacogenetics testing market in psychiatry and depression. As these cutting-edge technologies become more accessible and refined, they have the potential to revolutionize personalized medicine, offering patients more targeted and effective treatments for mental health conditions.
These tests play a crucial role in establishing a meaningful connection between a drug and an individual's genetic profile. This personalized approach aids healthcare providers in selecting the most suitable medications for patients suffering from major depressive disorders and other psychiatric conditions. By leveraging advancements in genetic testing, pharmacogenetics testing can significantly enhance treatment outcomes and improve patient care in psychiatry and depression, which is expected to create an opportunity for market growth.
Restraints/Challenges
- Insufficient Clinical Validation
With advancements in medical sciences, new testing methods are being increasingly developed to come up with potent drugs that are efficient in treating major depressive disorders. The antidepressants and the antipsychotics used in the treatments can be ineffective. They can help in suggesting the drugs that can be used to treat the disease as per individual patient needs.
Even though having such an advantage, the tests lack a strong clinical basis to completely rely on them. Although studies conducted on small populations have shown promising results, the efficacy of the tests has no evidence on the larger population.
The pharmacogenetics testing in psychiatry does not assess for non-compliance in treatment outcomes. As a result, when the rate of non-adherence increases in the population being considered, the power of the statistics lowers leading to a lack of evidence to prove the efficiency of the tests.
The lack of basis to entirely depend on these tests is a major drawback in the market. The patients would prefer to stick to traditional methods of testing and thus, it is hindering the market growth.
- Rising Concern Regarding Data Privacy and Security
Pharmacogenetic testing, which analyzes how an individual's genetic makeup influences their response to medications, raises significant concerns about data privacy and security, particularly in the context of global data sharing and storage. Genetic information is inherently personal and can reveal sensitive details about an individual health, including predispositions to certain diseases and responses to specific drugs. As such, there is a heightened risk of this information being misused or improperly accessed if not adequately protected.
A major concern is the risk of genetic discrimination, where individuals could experience negative outcomes in employment or insurance due to their genetic information. Data breaches are another significant risk, particularly as genetic information is increasingly shared across borders for research or clinical purposes. The transfer of data between jurisdictions with differing privacy regulations can further complicate efforts to ensure data security.
Data privacy and security stand out as significant challenges for the global implementation of pharmacogenetic testing in the psychiatry depression market due to the sensitive nature of genetic information, there is a potential risk of misuse or unauthorized access of patients data which they have provided. The sensitive nature of the data can give rise to several issues, which are expected to challenge the market growth.
Recent Developments
- 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
Global Pharmacogenetics Testing in Psychiatry/Depression Market Scope
The global pharmacogenetics testing in psychiatry/depression market is segmented into seven notable segments based on type, product, test type, gene type, patient type, end user, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the differences in your target markets.
Type
- Anxiety
- Depression
- Mood Disorders
- Bipolar Disorders
- Eating Disorders
- Psychotic Disorders
On the basis of type, the global pharmacogenetics testing in psychiatry/depression market is segmented into anxiety, depression, mood disorders, bipolar disorders, eating disorders, and psychotic disorders.
Product
- Consumables
- Instruments
- Software and Services
On the basis of product, the global pharmacogenetics testing in psychiatry/depression market is segmented into consumables, instruments, and software and services.
Test Type
- Whole Genome Sequencing
- Chromosomal Array Based Tests
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.
Gene Type
- CYP2C19
- CYP2C9 and VKORC1
- CYP2D6
- HLA-B
- HTR2A/C
- HLA-A
- CYP3A4
- SLC6A4
- MTHFR
- COMT
- Others
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.
Patient Type
- Adult
- Geriatric
- Child
On the basis of patient type, the global pharmacogenetics testing in psychiatry/depression market is segmented into adult, geriatric, and child.
End User
- Hospital and Clinics
- Diagnostics Laboratories
- Academic and Research Institutes
- Others
On the basis of end user, the global pharmacogenetics testing in psychiatry/depression market is segmented into hospital and clinics, diagnostics laboratories, academic and research institutes, and others.
Distribution Channel
- Direct Tender
- Third Party Distribution
- Hospital Pharmacy
- Others
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.
Global Pharmacogenetics Testing in Psychiatry/Depression Market Regional Analysis/Insights
The global pharmacogenetics testing in psychiatry/depression market is segmented into seven notable segments based on type, product, test type, gene type, patient type, end user, and distribution channel.
The countries covered in this 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 expected to dominate the global pharmacogenetics testing in psychiatry/depression market as increasing number of population suffering from depressive disorder in the region. The U.S. is expected to dominate the North America region because robust initiatives taken by manufacturers due to genetic variability. China is expected to dominate the Asia-Pacific region due to the growing biotechnology sector along with rising healthcare expenditure. Germany is expected to dominate the Europe region due to increasing interest for personalized and precision medication.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.
Global Pharmacogenetics Testing in Psychiatry/Depression Market Competitive Landscape and Share Analysis
The global pharmacogenetics testing in psychiatry/depression market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, product width and breadth, application dominance, and product type lifeline curve. The above data points provided are only related to the company’s focus on the global pharmacogenetics testing in psychiatry/depression market.
Some of the major players operating in the market are Thermo Fisher Scientific Inc., Illumina Inc., Myriad Genetics Inc., Sonic Healthcare Limited, QIAGEN, AB-BIOTICS S.A., BiogeniQ Inc., Castle Bioscience Inc., Coriell Life Sciences, Dynamic DNA Laboratories, Eurofins Scientific, Genelex, Genewiz, Genomind Inc., GenXys, HealthSpek, HudsonAlpha, MD Labs, ONEOME LLC, and PacBio among others.
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