Analysis of Pharmacogenomic (PGx) Testing market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Pharmacogenomic (PGx) testing is study of the effect of individual genetic make-up on the therapeutic effect of the medication. The individual response to the medication is determined by the various factor such as weight, age, diet, habits, and genetic factors, etc. The genetic make-up of the individual majorly decides the metabolism rate of the medication along with other factors. Depending on the variation in person to person gene make-up, metabolism of the medication varies significantly. One drug that works efficiently may not work for the other person due to variation in the time for metabolism.
For example, prodrugs administered are required to be converted into the active form for the therapeutic effect whereas if the metabolism rate is too slow then amount of the prodrug converted to active form may be very less hampering the desired bioavailability of actual active drug which in turn may not work. Whereas, if the metabolism is too fast for the prodrug then too much of active drug can result in the hyperactivity.
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Increasing use of the patient specific treatment expected to drive the growth of the pharmacogenomic (PGx) testing market. The increasing emphasis of healthcare professionals to minimize sever adverse reactions of medication which varies person to person tremendously further expected to drive the growth of the pharmacogenomic (PGx) testing market. The growing patient specific approach for the treatment of chronic diseases and study of factors which can impact treatment such as genetic factors which may influence the desired action of medication further expected to fuel the growth of pharmacogenomic (PGx) testing market.
The genetic make-up is unique for each person and it doesn’t change hence pharmacogenomic (PGx) testing helps in choosing the patient specific treatment option driving the growth of the market. Pharmacogenomic (PGx) testing enables physicians to choose better suited treatment for the particular patient in turn helping to attain better therapeutic effect driving the growth of the pharmacogenomic (PGx) testing market. Whereas, low awareness among the general population and healthcare professionals may hamper the potential growth of the market.
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The increasing episodes of the adverse reactions in patients forcing healthcare professionals as well as manufacturers to alter the traditional treatment method, which is one of the major factor driving the growth of pharmacogenomic (PGx) testing market. By test type, diagnostic tests expected to dominate the global market. Whereas, by application pharmacogenomic (PGx) testing market is expected to be dominated by the oncology segment due to higher reports of life threatening adverse reactions in the cancer patients.
By end user the global pharmacogenomic (PGx) testing market is expected to be dominated by the diagnostic laboratories due to higher patient footfall for the test. The manufacturers in the global pharmacogenomic (PGx) testing market are focusing on the research and development activity.
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The global pharmacogenomic (PGx) testing market is dominated by the North America due to availability of high end products for the pharmacogenomic (PGx) testing. Europe is expected to be second most lucrative pharmacogenomic (PGx) testing market in due to higher reports of adverse reactions and for the prevention more physicians are preferring use of pharmacogenomic (PGx) testing. Asia-Pacific is the emerging market due to increasing awareness about the availability of such pharmacogenomic (PGx) testing to minimize adverse events.
Latin America pharmacogenomic (PGx) testing market is expected to experience gradual growth whereas Middle East and Africa is expected to be least lucrative pharmacogenomic (PGx) testing market due to low product penetration in the most part of the region.
The key market players operating in the pharmacogenomic (PGx) testing market are: Affymetrix, Inc., Becton Dickinson and Company, Bayer AG, Abbott Laboratories, Inc., Thermo Fisher Scientific Inc., AstraZeneca PLC, QIAGEN and others.
The research report presents a comprehensive assessment of the Pharmacogenomic (PGx) Testing market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Pharmacogenomic (PGx) Testing market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global pharmacogenomic (PGx) testing market is segmented based on the by test type, application, end user and region
By test type pharmacogenomic (PGx) testing market is segmented as:
By application, the global pharmacogenomic (PGx) testing market is segmented as:
By end user, global pharmacogenomic (PGx) testing market is segmented as:
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Demand for pharmacogenomic (PGx) testing is slated to rise at an 8% CAGR through 2028.
Rising investments in research & development and a growing focus on healthcare are two prominent drivers for the market.
The presence of developed healthcare infrastructure and availability of high-end pharmacogenomic testing products make North America a bankable market.
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