Pharmacogenetic testing is a technique that examines genetic variations of individuals to check their ability to metabolize and respond to drugs. It helps determine the safety and efficacy of medications for an individual based on their genetic makeup. This testing plays a pivotal role in practicing precision or personalized medicine wherein the treatment, its dosage, and duration are customized based on an individual's genetic profile. With the advancement of genomic technologies and declining costs of whole genome sequencing, the market for pharmacogenetic testing is growing rapidly worldwide.
Market Dynamics:
The global pharmacogenetic testing market is driven by rising incidence of chronic diseases requiring long term medication, growing demand for personalized healthcare, declining costs of genomic technologies, and increasing adoption of direct-to-consumer genetic testing kits. However, lack of clinical evidence supporting pharmacogenetic testing, reluctance among physicians for widespread adoption, and reimbursement issues pose challenges to the market growth. Opportunities include growing research activities in pharmacogenomics to discover new biomarkers, partnerships between pharmaceutical companies and diagnostic firms to develop companion diagnostics, and expansion into emerging Asian and Latin American countries.
Key Features of the Study:
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