Pharmacogenetics Testing in Psychiatry/Depression Market Size, Share, Demand, Key Drivers, Development Trends and Competitive Outlook
Pharmacogenetics Testing in Psychiatry/Depression Market research report has been produced with a nice blend of industry insight, smart and practical solutions and newest technology to endow with the better user experience. To execute market research study competent and advanced tools and techniques including SWOT analysis and Porter’s Five Forces Analysis have been employed. Besides, the market share of major competitors on global level is also studied where key areas such as Europe, North America, Asia Pacific and South America are taken into account in the persuasive Pharmacogenetics Testing in Psychiatry/Depression Market report. It simplifies the flow of information for better user understanding.
Pharmacogenetic testing helps medical professionals by providing information on how a person metabolizes a medication. This information can help doctors and others avoid prescribing antidepressants that could produce undesirable outcomes. Pharmacogenomics has shown promise for predicting antidepressant response and tolerability in major depressive disorder (MDD). Pharmacogenomics can improve clinical outcomes by guiding antidepressant selection and dosing. The growing biotechnology sector, and increasing health expenditure, have accelerated the demand for pharmacogenetic testing in psychiatry/depression.
Data Bridge Market Research analyzes that 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. Anxiety accounts for the largest type segment in the market due to the increasing depression rate among the global population. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Pharmacogenomic testing has recently become scalable and available to guide major depressive disorder (MDD). Clinicians increasingly recognize Pharmacogenomic (PGx) testing as an essential tool to guide medication decisions for psychiatric illnesses. Extensive implementation of PGx testing is driving the market in the forecast period.
The terms personalized medicine, stratified medicine, and precision medicine are close relatives of pharmacogenetics, but these are broader terms that also cover additional non-genetic factors. Nevertheless, pharmacogenetics is an important component of these areas. Pharmacogenetics is primarily concerned with human germline DNA variation, but there have also been important recent advances in understanding mood disorders, and mental illnesses.
Pharmacogenetics testing studies the interaction between drug and gene response of a person and searches for the gene variation which 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 which subsequently be used to develop customized or personalized medication.
Opportunity
- Rising advancements in technology
Advances in pharmacogenomics have introduced an increasing number of opportunities to bring personalized medicine into clinical practice for psychiatric disorders. Personalized medicine may be defined as a comprehensive, prospective approach to preventing, diagnosing, treating, and monitoring disease in ways that achieve optimal individual health care decisions. Over 100 medications now contain United States Food and Drug Administration (FDA) labelling related to potentially applicable pharmacogenomic biomarkers with technological advancements in healthcare. Also, new and advanced methods are being developed to promote pharmacogenetics testing in depression-like disorders. These tests use advanced genetic testing methods to give precise results to form a treatment regimen. The improvements in technology supporting tests improved accessibility of testing options, and the growing number of resources that help clinicians understand how to use this information when it is available are making this aspect of personalized or precision medicine a reality. Thus, providers need to become more aware of the scientific and clinical relevance of pharmacogenomic tests.
The tests also help to establish a meaningful relationship between a drug and the individual genetic makeup. This helps in deciding the drugs to be administered to the patient to treat major depressive disorders and other psychiatric conditions.
Challenge
- Strict government regulation on new products and instruments approval
The concerns regarding the efficacy and safety of products have caused most governments to develop regulatory agencies and policies to look after the development of new medical products or tests. The use of these medical products can be done after passing stringent regulatory standards, which ensure the product is safe, well studied, and has no adverse reactions.
The recent guidelines and the amendment have adequate guidance for manufacturers. International regulations such as food, drug, and administration play a major role in the new launch of medical products or tests into the market. Thus, it can be a major restraint for the market. Therefore, strict government regulation on new products and instrument approval will likely impact the market.
Recent Developments
- In April 2022, Blue Care Network (BCN) launched a precision medicine program, Blue Cross Personalized Medicine, which leverages pharmacogenomics, or genetic testing, to personalize and tailor medication treatments more effectively for select members based on a review of their prescribed medications for various diagnosis including behavioral health, cardiology, cardiovascular and oncology. OneOme LLC has helped BCN achieve its precision medicine program goals and reduce the total cost of care and improve patient health outcomes by reducing adverse drug reactions. This has helped the company to enhance its product portfolio
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Some of the major players operating in the global pharmacogenetics testing in psychiatry/depression market are
- Genelex (Part of Invitae corporation)
- Genewiz (Part of Azenta Life Sciences)
- MD Labs
- BiogeneiQ, Inc.
- ONEOME, LLC
- Myriad Genetics, Inc.
- GenXys
- Castle Biosciences, Inc.
- PacBio
- QIAGEN
- Thermo Fisher Scientific Inc.
- AB-Biotics.S.A.
- Coriell Life Sciences
- Eurofins Scientific
- Illumina, Inc.
- Dynamic DNA Laboratories
- STADAPHARM GmbH
- Color Health, Inc.
- Cnsdose
- Genomind, Inc.
- Healthspek
- myDNA Life Australia Pty Ltd.
- HudsonAlpha
- Sonic Healthcare Limited
Pharmacogenetics Testing in Psychiatry/Depression Market Scope
- Global Pharmacogenetics Testing In Psychiatry/Depression Market, By Type
- Anxiety
- Mood Disorders
- Depression
- Bipolar Disorders
- Psychotic Disorders
- Eating Disorders
On the basis of type, global pharmacogenetics testing in psychiatry/depression market is segmented into anxiety, mood disorders, depression, bipolar disorders, psychotic disorders, and eating disorders.
- Global Pharmacogenetics Testing In Psychiatry/Depression Market, By Test Type
- Whole Genome Sequencing
- Chromosomal Array-Based Tests
On the basis of test type, global pharmacogenetics testing in psychiatry/depression market is segmented into whole genome sequencing, and chromosomal array-based tests.
- Global Pharmacogenetics Testing In Psychiatry/Depression Market, By Gene Type
- CYP2C19
- CYP2C9 AND VKORC1
- CYP2D6
- HLA-B
- HTR2A/C
- HLA-A
- CYP3A4
- SLC6A4
- MTHFR
- COMT
- OTHERS
On the basis of gene type, global 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.
- Global Pharmacogenetics Testing In Psychiatry/Depression Market, By Patient Type
- Child
- Adult
- Geriatric
On the basis of patient type, the global pharmacogenetics testing in psychiatry/depression market is segmented into children, adults, and geriatrics.
- Global Pharmacogenetics Testing In Psychiatry/Depression Market, By Product
- Instruments
- Consumable
- Software & Services
On the basis of product type, global pharmacogenetics testing in psychiatry/depression market is segmented into instruments, consumables, and software & services.
- Global Pharmacogenetics Testing In Psychiatry/Depression Market, By End User
- Hospitals & Clinics
- Dignostics Laboratories
- Academic And Research Institutes
- Others
On the basis of end user, global pharmacogenetics testing in psychiatry/depression market is segmented into hospitals and clinics, diagnostics laboratories, academic and research institutes, and others.
- Global Pharmacogenetics Testing in Psychiatry/Depression Market, By Distribution Channel
- Direct Tender
- Third-Party Distribution
- Hospital Pharmacy
- Others
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