The global Pharmacogenetic Tests Market is expected to grow at a stupendous rate In Upcoming Years. Today calls for prediction tools that are powered by AI to optimize the usage of the resources available. This could also help in crisis management. As such, key market participants are likely to invest in predictive analytics for condoning unforeseen circumstances. These would be preventive steps taken by the enterprises on the whole.
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Pharmacogenetic test, also known as drug-gene test is used to study and determine the interactions of drug and the genetic make-up of the individual. It has been observed that different people react differently with drugs according to the expression of the genes induced by the drug.
The effect of the drug largely depends on the age, lifestyle, environmental conditions and other medications taken by the individual. Such factors are considered in the pharmacogenetic tests to prescribe the right medication and treatment option to the patient.
Pharmacogenetic tests aid the medical professional to choose the best medicine for the person undertaking the test. Pharmacogenetic tests search for the gene variants that may be responsible for influencing the effect of the drug and thereby helps to determine the degree of effect a drug has on the individual.
Pharmacogenetic tests are easy and reliable and require blood or oral swab as the sample material. This evidence-based medication management is gaining recognition for specificity and sensitivity detection. Direct-to-customer services are emerging in the pharmacogenetic test market lately, which facilitates easy result access in a smart device.
The increasing evidence of influence of genes on medications drives the pharmacogenetic test market. Moreover, the rising demand for personalized medicines and precision diagnosis is expected to favor the expansion of the pharmacogenetic test market over the forecast period.
Increasing number reimbursement policies for pharmacogenetic tests by insurance companies is expected to influence the growth of pharmacogenetic tests in the market. Increasing healthcare expenditure and higher adoption of advance products in developed and high-income countries is expected to fuel the growth of pharmacogenetic tests market over the forecast period.
On the contrary, limited evidence for clinical utility and uncertainty regarding the benefits of the pharmacogenetic tests hamper the growth of pharmacogenetic tests in the market. Additionally, higher cost associated with the pharmacogenetic tests are expected to restrict the mass adoption of the product.
Medical and genomic expert is required to the interpretation of the results provided by pharmacogenetic tests which currently have limited access, creating a restraint for expansion of pharmacogenetic test market.
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Market Segmentation:
Based on Product Type
Single gene tests
Array-based tests
Whole genome sequencing & Next-generation sequencing
Whole exome sequencing
Based on sample
Blood
Saliva
Based on therapeutic area
Oncology
Neurology
Cardiology
Genomics
Immunology and Hypersensitivity
Others
Based on distribution channel
Hospital Pharmacies
Retail Pharmacies
Mail-Order Pharmacies
Direct to Customer Services
Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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On the basis of geography, the global pharmacogenetic test market is split into seven key regions viz. North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa. Region wise, North America is anticipated to be the leader in the global pharmacogenetic test market owing to the higher healthcare expenditure coupled with increasing number of manufacturers in the region.
Europe is estimated to represent high incremental opportunities between 2018 and 2028 in the pharmacogenetic test market owing to increasing adoption of the products by end users because of higher spending on healthcare. However, MEA and Latin America are expected to witness stagnant growth in the pharmacogenetic test market owing to the absence of manufacturers in the region and lower healthcare expenditure.
Some of the key players operating in the pharmacogenetic test market are Sonic Healthcare, Kailos Genetics, Inc., GENELEX, GENEWIZ, Inc., Rxight, PGXT, Abomics Ltd., OneOme, LLC, Mako Medical Laboratories, Assurex Health, Inc., and Clinical Reference Laboratory, Inc. amongst others.
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