Global Pharmacogenomics (PGx) Market Analysis: Focus on Ecosystem Players (Diagnostic Test, Pharmaceutical & Others), Therapeutic Applications (Oncology, Cardiovascular & Others), and Geography – Estimation & Forecast 2016-2022
Rapid advancement and innovation of new healthcare technologies such as next generation sequencing, High Throughput Screening (HTS), and Digital Polymerase Chain Reaction (PCR) are developing a strong base for the growth of Pharmacogenomics (PGx) market. The completion of first human genome project in 1990s has created a platform for the development of further enhanced Pharmacogenomics solutions. PGx is not a modernized market yet, however, the increasing demand for precision medicine, targeted therapeutics and increasing cases of adverse drug reactions are some of the major factors which led to a tremendous growth rate in the past few years.
Since the announcement of ‘Precision Medicine Initiative’ by the President Barack Obama in January 2015, a large number of Research and Development (R&D) programs has been taken up for the developing precise drugs, targeted therapeutics, and laboratory tests which required Pharmacogenomics analysis. At present, government initiatives are focused towards launching a large number of PGx test & drugs, controlling the increasing level of genetic disorders, and integrating advanced technologies to fulfill the unmet needs of the patients. Most of the developments taking place in the present scenario are mainly related to oncology & cardiovascular diseases, but it is anticipated that it may target almost all therapeutic areas affected by genetic mutations.
Government regulations and standards are sustaining the growth and development of the PGx market. The main aim of these regulations is to make the PGx solutions more adaptable and focused toward oncology, pain management, central nervous system (CNS), Cardiovascular (CVD), and infectious diseases among others. The patients benefit indirectly from these regulations as it saves time and cuts down cost as the patients get the required treatment for the specific disease.
The market growth is propelled due to factors such as: rising usage in drug discovery processes, increasing demand for pharmacogenomics & precise drugs, technological innovation and advancement, increasing genetic disorder/abnormalities, and government support and regulations.
This study includes an overview and analysis of the PGx market, by type of ecosystem players ,type of therapeutics application, technology type, and geographical regions; allowing the researcher to develop a comprehensive outlook of the market. The PGx market report presents a detailed analysis of the key market dynamics and provides an extensive insight into various forms of developments, trends and key participants. All of the above mentioned report coverage parameters are discussed across different regions like North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).
While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section of the prominent consortiums, compliances, and regulatory bodies, and their involvement in the PGx market. The research incorporates Porter’s Five Forces Model for in-depth analysis of the PGx market and an assessment of the factors governing it.
The answers to the following key questions can be found in the report:
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