Advances in Genetic Sequencing to Augment Growth in the Predictive Diagnostics Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) October 04, 2013 -- Follow us on LinkedIn – Predictive diagnostics refer to a series of genetic tests that determine individual susceptibility to diseases, individual response to specific therapies/interventions and the outcome of diseases. Genetic testing has emerged as a lucrative sector in the molecular diagnostics market led by the fact that appropriate and accurate diagnosis is the cornerstone of advanced healthcare. Predictive testing involves identifying the presence or inheritance of faulty gene among members of a family, such as those resulting in Tay-Sachs disease, cystic fibrosis, Lou Gehrig's disease, Huntington's disease and Alzheimer's disease. Predictive diagnostics are also beneficial in examining the gene composition and interaction in diseased tissue/cells to understand and determine progress of the disease as well as the response to treatment.
Though a relatively small market, predictive diagnostics is witnessing steady growth owing to increasing awareness among medical professionals and patients. Proportional to rising life expectancy and mean age, chronic degenerative diseases (CDD) including cardiovascular diseases, neurodegenerative disorders, cancer and autoimmune diseases, have surged globally, translating into demand for predictive testing. The rapidly ageing society in major Western and Eastern economies is therefore a prime driver of demand for predictive diagnostics for age-related disorders. Traditionally offered through physicians, genetic testing kits are now being offered directly to the consumer through web-based stores. However, the security and utility of DTC genetic testing kits is being questioned as several companies tend to circumvent third party reimbursement and regulatory issues.
Decreasing costs coupled with the enhanced efficiency and speed of gene sequencing has resulted in rapidly unfurling information on cancer gene mechanisms. With the cost of sequencing the entire genome falling below US$1,000 in comparison to anti-cancer treatments which cost over US$50,000, physicians are opting to conduct genomic tests to determine patient drug response, following which medications are prescribed to only those patients who are more likely to respond to a specific cancer therapy or treatment option. Technological advancements in genomics such as Next-Generation Sequencing (NGS) are replacing conventional DNA sequencing modalities. Advanced NGS systems offer the capability of sequencing and comparing up to 4 human genomes within a space of two weeks. Demand for genetic tests designed for screening newborn infants, diagnosis of orphan diseases and other rare or fatal disorders, and assessment of the probability of occurrence of conditions such as Huntington’s disease, is expected to expand dramatically in the near term. On the flip side, as the new era of genetic medicine dawns upon the healthcare sector, the need of the hour is a clear and comprehensive framework addressing the medical, economic, ethical and legal aspects of subjecting healthy individuals to genetic testing for disease prevention.
As stated by the new market research report on Predictive Diagnostics, the United States represents the largest market worldwide. Screening for genetic mutations within the CFTR (cystic fibrosis trans-membrane conductance regulator) gene is the most frequently conducted test in the country. While developed economies with advanced healthcare infrastructure are at the forefront in the adoption of predictive genetic testing, population growth and recent government initiatives to improve healthcare delivery to all sections of the population is expected to propel demand in developing countries in the near future. Countries such as China harbor the largest prospects for breast cancer gene testing. Attributed to lifestyle changes as a result of rapid industrialization and increasing urbanization, the country is registering a surge in cases of breast cancer.
Major players covered in the report include Abbott Molecular, Almac Group Ltd., BioGenex, Covance Inc., Dako Denmark A/S, Epistem Plc, F. Hoffmann-La Roche Ltd., Genomic Health, Inc., MDxHEALTH Inc., Myriad Genetics Inc., Precision Therapeutics Inc., Prometheus Laboratories, QIAGEN N.V., among others.
The research report titled "Predictive Diagnostics: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), and Rest of World.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Predictive_Diagnostics_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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Public Relations, Global Industry Analysts, Inc., http://www.StrategyR.com/, 408-528-9966, [email protected]
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