NEW YORK, NY / ACCESSWIRE / March 8, 2021 / Adoption of artificial testing is gaining traction in pharmacogenomics testing, according to latest analysis by consulting firm Fact.MR. Expansion of R&D activities by vendors will fuel the growth of pharmacogenic texting market through 2021 and beyond, reveals the analysis by Fact.MR.
According to the study, the market is likely to gain the expansion from the research specific activities carried out by the leading players for the oncology and cardiovascular test study initiatives. A recent study by American Heart Association (AHA) released the laboratories are using specialized individualized treatment for patients spurring the offset of their clinical test trials.
"Artificial Intelligence is aiding pharmacogenic (PGx) testing manufacturers, while initiatives undertaken by private and public organizations are spurring the growth of the market," says an Fact.MR analyst.
For instance, a leading player Myriad Genetics announced earlier this year the collaboration with Intermountain Precision Genomics to offer comprehensive germline and somatic tumor testing services with combined advanced treatment and diagnostic test with the help of AI.
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- Pharmacogenic diagnostic tests is expected to emerge as lucrative segment in the forecast period
- Oncology pharmacogenic testing to remain in the forefront in the application segment
- North America is expected to be dominant followed by Europe
- Asia Pacific to emerge as the fastest growing market backed by the increasing availability of these tests
- By test type, diagnostic tests to dominate the market
- Diagnostic testing is expected to be the primary focus for the end-users
- Germany and France are leading the Europe market backed by the extensive R&D activities
Key pharmacogenomic testing market players profiled by Fact.MR include Becton Dickinson & Co., Affymetrix Inc., Bayer AG, Abbott Laboratories Inc., AstraZeneca Plc., Thermo Fisher Scientific Inc., Kroger Health, 23andMe, Digbi Health, Genelex, Myriad, Sema4, 2bPrecise and QIAGEN among others. Key players are focusing on organic strategies to further their expansions by mergers and collaborations among each other.
For instance, in January 2020, a leading player, Precision Health Company developed a new platform for streamline genetic testing.
Earlier this year, in March 2021, another key player Becton Dickinson acquired GSL Solutions Inc., to develop smart testing solution and collaborate smart technology to increase security, efficiency and tracking of controlled substances for patient safety.
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More Valuable Insights on Pharmacogenic (PGx) testing Market
In its latest report, Fact.MR offers an unbiased analysis on the global pharmacogenic testing market. To understand the global market potential, its growth, scope of the market and opportunities prevailing in upcoming years, the market is segmented on the basis of test type (therapeutic tests & diagnostic tests), application (oncology, cardiovascular & others) and end-user (diagnostic laboratories, research institutions and academic research institutes) across seven regions (North America, Latin America, Western Europe, Eastern Europe, Japan, APEJ and Middle East & Africa).
Key Questions Covered in the Report
- How will adoption of pharmacogenic (PGx) testing evolve in the future?
- In which markets is pharmacogenic testing being researched aggressively?
- Which is the top selling pharmacogenic (PGx) testing solution?
- Which is the impact of regulation on pharmacogenic (PGx) testing market?
- Which are the top companies operating in the market?
- What is the impact of Covid-19 on pharmacogenic (PGx) testing market?
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