Pharmacogenetic Testing Market Size

Pharmacogenetic Testing Market size is expected to reach USD 123 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period i.e., 2024-2036. In the year 2023, industry size of pharmacogenetic testing was USD 12 Billion. The market for pharmacogenetic tests is driven by the growing body of information showing how genes affect pharmaceutical efficacy. Additionally, throughout the forecast period, the growing need for precision diagnosis and individualized medications is anticipated to support the growth of the market. New technology could be used by researchers in Boston and New York to cure or perhaps prevent diseases in ways that are not achievable with conventional medications. These researchers are striving to build genetic medicines.

The market expansion of pharmacogenetic tests is anticipated to be impacted by an increasing number of insurance companies' reimbursement policies for these tests. Over the course of the forecast period, rising healthcare spending and a greater uptake of cutting-edge products in developed and high-income nations are anticipated to boost the market for pharmacogenetic tests.