Pharmacogenetic testing offers details about a person's drug metabolization, which is helpful to medical practitioners. This knowledge can prevent medical professionals from recommending antidepressants that could have negative side effects. The main factors driving the market demand in the forecast period are the rising preference for non-surgical procedures, the rising prevalence of cancer disease, and 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. However, the forecasted expansion of the pharmacogenetics testing in psychiatry/depression market may be hampered by the high cost of the tests, strict regulation, and lack of knowledge.
RECESSION IMPACT
The recession will have a significant effect on the market for pharmacogenetics testing in psychiatry/depression. Pharmacogenetic testing may be less popular if healthcare funding is cut back as a result of a recession. Those without insurance or other financial assistance to cover the expense of testing may be disproportionately impacted by this. The effect of a recession on pharmacogenetic testing in the market for psychiatry and depression is unknown and may depend on a number of variables, including the depth and length of the recession, changes in healthcare funding and policies, and the degree of awareness and acceptance of pharmacogenetic testing among patients and healthcare professionals.
DRIVING FACTORS
Increase in the Number of People Seeking Treatment for Mental and Depressive Disorders Would Aid the Market Expansion
An estimated 3.8% of the world's population suffers from depression, including 5.0% of adults and 5.7% of persons over the age of 60. Depression can develop into a significant health disease that ranges in intensity from mild to extreme, causing the person to suffer greatly and, in the worst circumstances, leading to suicide. Although there are more than 45 antidepressants on the market, inadequate response still poses a problem and is thought to be caused by genetic variation, psychiatry, or depression. Healthcare professionals may recommend psychological treatments like behavioural activation, cognitive behavioural therapy, interpersonal psychotherapy, and/or antidepressant drugs like selective serotonin reuptake inhibitors (SSRIs) and tricyclic antidepressants depending on the severity and pattern of depressive episodes over time (TCAs). For this form of mental condition, various medicines are employed. As the incidence of depression rises, so does the demand for pharmacogenetics testing, which examines the impact of genetic variations in an effort to provide a customised diagnosis. In the time of the forest, the market is anticipated to expand.
RESTRAINING FACTORS
Lack of Skilled Professionals to Limit Market Growth
Most medical professionals still lack confidence in pharmacogenetic (PGx) testing and the ensuing data interpretation, which is an indication of a lack of expertise in this area. It underlines the necessity of raising healthcare workers' literacy levels in terms of knowledge of and familiarity with pharmacogenetic (PGx) testing. Personalization technologies for patients are also less effective when practitioners are unaware of the potential of pharmacogenetics and test findings are poorly or insufficiently explained. It is necessary to create theme training programmes at medical colleges as well as include educational cycles in continuous professional education systems and provide free material to working physicians through academic internet portals, webinars, etc. Implementing pharmacogenetic testing requires the assistance of a clinical pharmacologist.
SEGMENTATION
By Type
Based on type, the pharmacogenetics testing in psychiatry/depression market is segmented into anxiety, mood disorders, depression, bipolar disorders, psychotic disorders and eating disorders. The bipolar disorders category dominated the market in 2022. The mental health disease known as bipolar disorder, formerly known as manic-depressive illness, is marked by abrupt changes in mood, energy, level of activity, and capacity to do everyday duties. These fluctuations can range from episodes of mania or hypomania to spells of sadness, and they can last for days, weeks, or months.
By Test Type
Based on test type, the pharmacogenetics testing in psychiatry/depression market is segmented into whole genome sequencing and chromosomal array-based tests. The whole genome sequencing category dominated the market in 2022. The entire DNA sequence of an organism's genome is ascertained by a method called whole genome sequencing (WGS), which is carried out in a lab. A complete picture of a person's genetic make-up is provided by this, which contains all of their genes and non-coding DNA sections.
By Gene Type
Based on gene type, the pharmacogenetics testing in psychiatry/depression market is segmented into CYP2C19, CYP2C9 AND VKORC1, CYP2D6, HLA-B, HTR2A/C, HLA-A, CYP3A4, SLC6A4, MTHFR, COMT and others. The CYP2C19 category dominated the market in 2022. A person's hereditary capacity to metabolise medications that are metabolised by CYP2C19 can be determined by genetic testing. In order to achieve the best therapeutic results and reduce the risk of negative drug reactions, this information can be utilised to help guide treatment decisions, such as choosing the right medicine or modifying the dose.
By Patient Type
Based on patient type, the pharmacogenetics testing in psychiatry/depression market is segmented into child, adult and geriatric. The adult category dominated the market in 2022. Millions of adults worldwide suffer from depression, a mental health problem. It is thought that both hereditary and environmental variables might have an impact on depression, which is a complicated condition. Despite the fact that certain genetic changes have been linked to a higher risk of depression, they cannot be used to predict whether an adult would have depression or how they will react to treatment.
By Product
Based on product, the pharmacogenetics testing in psychiatry/depression market is segmented into instruments, consumable and software & services. The instruments category dominated the market in 2022. The most expensive product is in the instrument/panel sector, which also contains high-end equipment including mass spectrometers, microarray panels, next-generation sequencers, and PCR heat cyclers. The sector, which accounts for a sizeable share of market revenue, consists of specialised pharmacogenetics test kits in psychiatry/depression.
By End User
Based on end user, the pharmacogenetics testing in psychiatry/depression market is segmented into hospitals & clinics, diagnostics laboratories, academic and research institutes and others. The academic and research institutes category dominated the market in 2022 due to the rising acceptance and integration of pharmacogenetics testing solutions into R&D and drug discovery pipelines. Moreover, clinical trials, particularly Phase III trials, utilise pharmacogenetics testing goods and services in this market segment. As a result, the market opportunity is growing, and by the end of the projected time, we expect a sizeable influx of income.
By Distribution Channel
Based on distribution channel, the pharmacogenetics testing in psychiatry/depression market is segmented into direct tender, third-party distribution, hospital pharmacy and others. The direct tender category dominated the market in 2022. With online channels like websites or mobile applications, genetic testing businesses can promote directly to consumers. Customers can purchase a pharmacogenetics testing kit, take a DNA sample at home, and mail it back to the business for examination. Usually, the consumer receives the results directly.
REGIONAL INSIGHTS
North America is projected to hold the largest share of the pharmacogenetics testing in psychiatry/depression market over the forecast period because the largest consumer market with the highest GDP has significant market players. Due to the increased technological development in pharmacogenetics testing, the U.S. is anticipated to grow. It is anticipated that the market would increase as a result of rising R&D expenditures and rising use of pharmacogenetics testing as a tool for creating treatment plans. On the other hand, the Europe pharmacogenetics testing in psychiatry/depression market is anticipated to grow significantly because the pharmaceutical industries are growing and there is more demand from emerging markets. In addition, the population of people who suffer from mental problems is growing. Due to rising pharmacogenetics testing awareness, Germany is anticipated to expand.
LIST OF KEY COMPANIES PROFILED:
- 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
- In February 2022, the Hospital for Sick Children (SickKids) in Toronto, Canada is using HiFi whole genome sequencing (HiFi WGS) to potentially identify genetic variants that may be linked to medical and developmental conditions, according to PacBio, a leading provider of high-quality, highly accurate sequencing platforms. Short-read DNA sequencing technique was used to sequence the samples that were subjected to HiFi WGS analysis, but no disease-causing variants were discovered.
| Attributes | Details |
| Market Size in 2022 | USD 1.7 Billion |
| Market Forecast in 2030 | USD 3.3 Billion |
| Compound Annual Growth Rate | 9.70 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Type, By Test Type, By Gene Type, By Patient Type, By Product, By End User, By Distribution Channel and By Geography |
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| By Test Type |
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| By Gene Type |
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| By Patient Type |
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| By Product |
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| By End User |
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| By Distribution Channel |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2016-2021 |
| Forecast Year | 2023-2030 |
