Predictive Diagnostics: A Global Multi-Client Research Initiative
San Jose, California (PRWEB) August 23, 2013
Follow us on LinkedIn – In the coming months, GIA will complete an extensive secondary and primary research program involving some of the industry’s leading players and experts. The study will examine key drivers and trends impacting the market such as growing emphasis on personalized medicine; rising prevalence of chronic degenerative diseases as a direct fallout of the aging population worldwide; increase in genetic diseases; emphasis on reducing healthcare costs; challenges to technology development posed by below cost reimbursement; and developments in biomarkers with superior clinical value in terms of specificity and sensitivity. All of these factors wield the potential to influence the development of predictive diagnostics and its ability to change traditional approaches of medicine.
Defined as diagnostic tests capable of predicting the probability of disease development, and progression, and possible patient response to treatment regimes, Predictive Diagnostics is expected to witness strong growth in the coming years. A significant portion of this growth will be driven by technology developments in genomics, cytomics and proteomics. Technology developments that help improve the precision rate of predictive test values will score the maximum gains in the market. Increasing public awareness about genetic diseases is helping spur demand for prenatal genetic testing in advanced countries as well as in developing countries with high birth rates. Predictive diagnostics flaunt the potential to reduce healthcare expenditure by increasing the efficacy of personalized therapies, and by reducing the costs associated with broad range ineffective therapies. Predictive diagnostics also help in early prescription of prophylactic therapies thus preventing acute exacerbations and reducing hospitalization and related expenses. Oncology and neurodegenerative diseases are poised to emerge as lucrative application areas in the medium to long-term. The lack of available treatment for neurodegenerative diseases especially places emphasis on the value of predictive diagnostics and its ability to identify high risk individuals much before the clinical manifestation of the disease.
The popularity of medical genetic tests surged following the conclusion of the Human Genome Project in 2003. Subsequent breakthroughs in the field of genetics transformed predictive diagnostics into a commercial business opportunity, catalyzing growth of companies specializing in developing predictive genetic tests. Currently, predictive diagnostic solutions available include prenatal tests as well as tests for Alzheimer’s, cystic fibrosis, colon cancer, mental retardation, ovarian cancer, Down syndrome and sickle-cell anaemia, among others.
The study estimates Predictive Diagnostics to be a multi-million dollar market worldwide, while more precise market-size and growth projections will be made available during the 2nd stage of report preparation, and data analysis.
The research and analyses will be released shortly in the form of a comprehensive research report. The report by design, will attempt to provide exhaustive analysis, data, trends, market share, market size, statistics, forecasts and competitive intelligence. The report is modeled to offer precise and unbiased, actionable market insights including in-depth segmentation of market sub-sectors, demand estimates and projections and analysis of trends in each of the sectors, identification of leading players, and the competitive structure, among others.
The report outlines both the medical & market potential of predictive diagnostics and highlights key trends in R&D, product marketing, reimbursement policies & their ability to influence future developments in the market. Developed for medical device manufacturers/vendors, technology domain experts, consulting firms, market strategists, and C-level decision makers, among others, the report helps identify the biggest opportunities in this space and offers accurate latent demand forecasting that empowers quantitative decision making among existing market players and new entrants.
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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.
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