stic tests remain major restraints for market growth. Lack of education and awareness among the medical community is an additional impediment, as physicians unfamiliar with this novel approach are more likely to abide by traditional methods. Eventually, patient demand could have the final say on the acceptance or rejection of pharmacogenomics.
"With clinical applicability being the prime competitive factor in the market, it will be crucial for pharmacogenomics developers to prove the clinical applicability of their tests to clinicians," says Dr. Rahman. "Clinical applicability includes the price of the test, clinical validity, specificity, sensitivity and prevalence of adverse conditions the test is seeking to prevent."
Going forward, companies will have to clearly demonstrate the clinical practicality of their tests to the medical community. Apart from oncologists, most physicians have misconceptions about the clinical practicality and do not understand the benefits of pharmacogenomic tests. Hence, they should be made aware of the long-term value proposition of pharmacogenomic testing in terms of lowering the overall healthcare cost and increasing patient well being.
European Personalised Medicine and Pharmacogenomics Market is part of the Drug Discovery Technologies Growth Partnership Service program, which also includes research on the following: European Molecular Diagnostics Markets, European IVD Market and European Cancer Diagnostic Market, European Primary Care Diagnostics. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consPage: 1 2 3 Related medicine news :1
. Panacea Biotech To Market Anthrax Vaccine2
. Ranbaxy Labs Entry Into Anti-Acne Market 3
. FDA to bring about changes in Marketed Non-Steroidal Anti-Inflammatory Drugs4
. FDA To Set New Guidelines To Revise Drug Companies Marketing Tactics5
. Donated Mothers Milk To Hit The Market6
. New Four- in- one Vaccine For DTP & Hepatitis To Hit The Indian Market7
. Record Growth Of Soya-Based Dairy Alternatives Over The Past Year In European Markets 8
. Junk Food Marketing to be banned9
. Biovac, Hepatitis A Vaccine Marketed By Wockhardt10
. Government Should Restrict Junk Food Marketing11
. Canada May Not Permit Bextra To Reenter Market