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(February 12, 2018)
The Global Pharmacogenomics Market is expected to grow at a ~CAGR of 5.8% during the forecast period.
The pharmacogenomics market is growing at an incremental pace of development on the global stage due to the large number of advantages associated to personalized therapy. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently forecasted in its report on Global Pharmacogenomics Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR ~5.8 % while achieving million dollar growth readily in the forecast period.
Pharmacogenomics is one of the basic components in customized pharmaceutical. The basic idea in pharmacogenomics is that interindividual fluctuation in tranquilize reaction is an outcome of different variables, including genomics, epigenomics, the earth and a patient's attributes, for example, sexual orientation, age as well as attendant medicine.
Pharmacogenomics assumes a vital part in tranquilize revelation and improvement. Pharmacogenomics alludes to the impacts of hereditary polymorphism and genomic variations on tranquilize reaction, its data can help in determination of the ideal medication, measurements, treatment process, and maintain a strategic distance from unfavorable medication responses. As antagonistic medication responses have been accounted for as one of the main sources of death among hospitalized patients. Unfriendly medication responses are additionally alluded as the factor behind loss of trust in the social insurance framework and the reducing fulfillment of the two patients and wellbeing experts.
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Latest Industry Updates
Nov 2017: Myriad Genetics, Inc., announced positive results from a double-blind, multi-center, randomized controlled trial assessing the impact of the GeneSight Psychotropic test (GeneSight) on psychiatric treatment response in 1,200 patients with major depressive disorder. GeneSight is one of the leading pharmacogenomics test to help guide medication selection for mental health disorders.
June 2016: OneOme announced about key business milestones in advance of launching its RightMed test. RightMed test is a cost-effective, comprehensive, personalized pharmacogenomics product which analyses 22 genes which provided at the point of care. The OneOme platform was co-developed and exclusively licensed from Mayo Clinic to bring pharmacogenomics into routine clinical care. OneOme’s RightMed test is currently in use by Mayo Clinic Center for individualized medicine. The test helps providers easily make personalized treatment decisions across more than 300 medications for more than 20 medical indications.
Global Pharmacogenomics Market - Competitive Analysis
Pharmacogenomics in recent years has used a new generation of technology approaches that has led to a revolution in the understanding of disease susceptibility and pathophysiology, providing enormous potential for novel therapeutic strategies.
However, with companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the best strategies.
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The key players profiled in pharmacogenomics market report includes Myriad Genetics, Inc. (U.S.), 23andMe, Inc. (U.S.), Pathway Genomics (U.S.), GeneTech (U.S.), GeneDx. (U.S.), Future Science Group (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Assurex Health, Inc. (U.S.), OneOme (U.S.) and others.
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