Global Pharmacogenetics Testing in Psychiatry/Depression Market is Projected To Reach USD 3.3 billion by 2030 at a CAGR

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Global Pharmacogenetics Testing in Psychiatry/Depression Market Size, Share & Recession Impact Analysis, By Type (Anxiety, Mood Disorders, Depression, Bipolar Disorders, Psychotic Disorders and Eating Disorders), By Test Type (Whole Genome Sequencing and Chromosomal Array-Based Tests),

The global pharmacogenetics testing in psychiatry/depression market is expected to exhibit strong growth, reaching USD 3.3 billion by 2030. As per the report titled "Pharmacogenetics Testing in Psychiatry/Depression Market Size, Share Recession Impact Analysis, By Type (Anxiety, Mood Disorders, Depression, Bipolar Disorders, Psychotic Disorders and Eating Disorders), By Test Type (Whole Genome Sequencing and Chromosomal Array-Based Tests), By Gene Type (CYP2C19, CYP2C9 AND VKORC1, CYP2D6, HLA-B, HTR2A/C, HLA-A, CYP3A4, SLC6A4, MTHFR, COMT and Others), By Patient Type (Child, Adult and Geriatric), By Product (Instruments, Consumable and Software Services), By End User (Hospitals Clinics, Diagnostics Laboratories, Academic And Research Institutes and Others), By Distribution Channel (Direct Tender, Third-Party Distribution, Hospital Pharmacy and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 1.7 billion and USD 3.3 billion in 2030. The market is expected to exhibit a CAGR of 9.70% during the forecast period.

 

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Myriad Genetics, Inc. has Announced the Availability of a Home Collection Kit for the GeneSight Psychotropic Test for Patients

In July 2020, the launch of a home collection kit for patients taking the GeneSight Psychotropic Test was announced by Myriad Genetics, Inc. The test will aid medical professionals in comprehending how antidepressants and similar medications affect a patient's genetic make-up. This will enable them to administer medications that are appropriate for their patients, increasing the results. This will support market expansion in the upcoming years.
 
Growing  Demand for Personalized and Precision Medicine to Accelerate Market Growth

The pharmacogenetics test assists the medical practitioner in selecting the optimal medication for the patient by looking for the gene variant that may be influencing the drug's effect. Patients gradually exhibit interest in better outcomes and fewer side effects with tailored prescriptions as medicine becomes more personal. With a large safety margin and the best response, personalised medicine has the potential to tailor the recommended course of treatment. The advancements in genomic sequencing are largely responsible for this development. The transition to personal healthcare necessitates modifications in the pharmaceutical industry. Small drug and gene therapy combinations are increasingly being produced by manufacturers instead of standalone small compounds. Sponsors place a priority on investing in new technology and generating tailored pharmaceuticals to replace ineffective large-scale batch manufacture.
 

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Strict government regulations on the approval of new products and instruments limit market expansion

Concerns about product efficacy and safety have prompted most governments to establish regulatory agencies and policies to oversee the development of new medical products or tests. These medical products can only be used after they have passed stringent regulatory standards that ensure the product is safe, well studied, and has no adverse reactions. Manufacturers will find adequate guidance in the new guidelines and amendment. International regulations such as food, drug, and administration play a significant role in the market introduction of new medical products or tests. As a result, it has the potential to be a significant market restraint. As a result, strict government regulation on new product and instrument approval will most likely have an impact on the market.
 
Major Players Develop Acquisition Plans to Boost Brand Image

The leading businesses in the pharmacogenetics testing in psychiatry/depression market plan acquisitions to improve their brand recognition globally. For instance, in April 2022, Blue Care Network (BCN) launched Blue Cross Personalized Medicine, a precision medicine programme that uses pharmacogenomics, or genetic testing, to personalise and tailor medication treatments for select members based on a review of their prescribed medications for various diagnoses such as behavioural health, cardiology, cardiovascular, and oncology.
 
Recent Development:

  • In July 2022, Major Depressive Disorder (MDD) remission rates were significantly increased when clinicians had access to GeneSight Psychotropic test results from Myriad Genetics, Inc. in the largest-ever mental health PGx randomised controlled trial, according to a new nationwide study of nearly 2,000 veterans conducted by the U.S. Department of Veterans Affairs (VA).

 

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List of Key Players Profiled in the Report

  • 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
  • Cnsdose
  • Genomind, Inc.
  • Healthspek,
  • myDNA Life Australia Pty Ltd.
  • HudsonAlpha
  • Sonic Healthcare Limited
  • Others

Further Report Findings

  • The market in North America is expected to gain a huge portion of the global Pharmacogenetics testing in psychiatry/depression market share in the coming years because there are sizable market players in the largest consumer market with the highest GDP.
  • The United States is expected to expand as a result of the increased technological advancement in pharmacogenetics testing.
  • In the Europe, the growth in this region is primarily driven by expanding pharmaceutical industries.

 

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