Pharmacogenetics Testing in Psychiatry/Depression Market Will Rise at a CAGR 9.5% by 2029 and is segmented by Test Type, Gene Type, Patient Type,…

SEATTLE, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market Research Published Latest Global Pharmacogenetics Testing in Psychiatry/Depression Market Study by in-depth analysis of the current scenario, the Market size, demand, growth pattern, trends, and forecast. This Pharmacogenetics Testing in Psychiatry/Depression market report studies the market and the healthcare industry comprehensively by considering several aspects. The report helps in achieving sustainable growth in the market, by providing well-versed, specific, and most relevant product and market information. Inputs from various industry experts, essential for the detailed market analysis, have been employed very carefully to generate this finest market research report. The company profiles of all the top market players and brands are listed in the Pharmacogenetics Testing in Psychiatry/Depression report which puts light on their moves like product launches, product enhancements, joint ventures, mergers and acquisitions and their effect on sales, import, export, revenue and CAGR values.

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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Market Insights:-

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.

The growing prevalence of cancer disease, novel technology in the treatment of depression and/or other psychiatric conditions are increasing the adoption of pharmacogenetics testing in psychiatry/depression devices and procedures, and the rising preference for non-surgical procedures are the major drivers which propelled the demand for the market in the forecast period. However, the high cost associated with the tests, stringent regulation, and lack of awareness may expect to hamper the pharmacogenetics testing in psychiatry/depression market growth in the forecast period.

Some of the major players operating in the global pharmacogenetics testing in psychiatry/depression market are

Recent Developments

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Opportunity

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.

Market Dynamics:-

Drivers

Depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5.0% among adults and 5.7% among adults older than 60 years. 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. Although over 45 antidepressants are available, suboptimal response poses a challenge and is considered a result of genetic variation, psychiatry/depression. Depending on the severity and pattern of depressive episodes over time, healthcare providers may offer psychological diagnosis such as behavioral activation, cognitive behavioral therapy, interpersonal psychotherapy, and/or antidepressant medication such as selective serotonin reuptake inhibitors (SSRIs) and tricyclic antidepressants (TCAs). Different drugs are used for this kind of mental disorder.

With the growth in the prevalence of depression, the demand for pharmacogenetics testing is also increasing as it studies the effect of genetic variants intending to furnish tailored diagnosis. The market is expected to grow in foresting period.

Pharmacogenetics test aids the medical professional in choosing the best medicine for the person because the test searches for the gene variant that may be responsible for influencing the effect of the drug.

Medicine is becoming personal, and patients gradually express interest in improved outcomes and less adverse effects with personalized medications. Personalized medicine has the potential to tailor the therapy with a high safety margin and the best response. This trend is largely driven by genome sequencing improvements.

The move toward personal healthcare means changes in the manufacturing of medicines. Manufacturers are moving from creating small molecules to the combination of small molecule and gene therapies. Sponsors focus on replacing inefficient large-scale batch production with investment in new technology and producing personalized drugs.

Critical Insights Related to the Pharmacogenetics Testing in Psychiatry/DepressionIncluded in the Report:

Restraint

Most clinicians still lack confidence in pharmacogenetic (PGx) testing and subsequent data interpretation, indicating insufficient knowledge in this field. It emphasizes the need to improve literacy among healthcare professionals regarding expertise in and understanding of pharmacogenetic (PGx) testing.

Lack of practitioners awareness about the possibilities of pharmacogenetics and poor or insufficient explanation of the test results also reduce personalization technologies for patients. In addition to developing thematic training courses at medical universities, including the educational cycles in continuing professional education systems, and free placement of information for practicing doctors are required: academic internet portals, webinars, etc. A clinical pharmacologist plays a crucial role in the implementation of pharmacogenetic testing.

The competence of a clinical pharmacologist in the field of pharmacogenetics is critical: he or she is the one who organizes the application of genotyping in clinical practice, interprets tests, and informs doctors about the possibilities of pharmacogenetics for patients with specific nosologies, that is, acts as the main link between the scientific world, the healthcare system and practicing physicians in the process of introducing pharmacogenetics.

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Challenge

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.

Segmentation: Pharmacogenetics Testing in Psychiatry/Depression Market

Global pharmacogenetics testing in psychiatry/depression market is segmented into type, test type, gene type, patient type, product, 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 difference in your target markets.

By Type

By Test Type

By Gene Type

By Patient Type

By Product

By End User

By Distribution Channel

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Global Pharmacogenetics Testing in Psychiatry/Depression Market Regional Analysis/Insights

The pharmacogenetics testing in psychiatry/depression market is analyzed, and market size information is provided by the type, test type, gene type, patient type, product, end user, and distribution channel.

The countries covered in pharmacogenetics testing in psychiatry/depression market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Netherlands, Switzerland, Hungary, Austria, Lithuania, Ireland, Norway, Poland, and the rest of Europe, China, Japan, India, South Korea, Singapore, Thailand, Malaysia, Australia, Vietnam, Philippines, Indonesia and rest of Asia-Pacific, UAE, Israel, South Africa, Egypt, Kuwait and rest of the Middle East and Africa, Brazil, Argentina, Peru and, rest of South America.

In 2022, North America is dominating due to the presence of key market players in the largest consumer market with high GDP. The U.S is expected to grow due to the rise in technological advancement in pharmacogenetics testing.

North America is dominating the market. The increasing investment in R&D and increasing adoption of pharmacogenetics testing as an option for formulating treatment regimens is expected to boost the market growth. The U.S. dominates the North American region due to the strong presence of advanced technology providers such as Eurofins Scientific, Illumina, Inc., and others. The U.K. dominates Europe due to the increasing demand from emerging markets and the expansion of pharmaceutical industries. China dominates the Asia-Pacific region due to increased healthcare expenditure.

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Pharmacogenetics Testing in Psychiatry/Depression Market Will Rise at a CAGR 9.5% by 2029 and is segmented by Test Type, Gene Type, Patient Type,...