F&S predicts pharmacogenomic diagnostics prosperity
treatment with the move towards personalised medicine and
prevention-oriented healthcare all opening up market opportunities
for genetic pinpointing techniques.
Predictive medicine, pharmacogenomic, and prenatal and newborn screening will experience significant growth over the next decade - something the pharma industry is well aware off.
The current raft of products with a pharmacogenomic theme is going under a period of rapid expansion with competition set to intensify.
"Understanding the clinical utility of genetic tests as they apply to various healthcare segments is imperative for success in this market," commented Martin Nejat, Frost & Sullivan's research analyst.
According to Frost and Sullivan, human genome sequencing and increased clinical validation of genotype/phenotype correlation has made it possible to apply genetic testing in the clinical setting.
In this context genetic diagnostics is certain to play a crucial role in early diagnosis, optimising patient treatment and mitigating treatment side effects.
Cancer diagnostic tests currently hold the largest share in the pharmacogenomic and predictive medicine market segments.
Oncologists across the United States are willing to invest in high-value tests given the adverse reactions caused by cancer drugs combined with the high mortality rates for the diseases.
"In order to gain share in some of the fastest growing segments, manufacturers must consistently reiterate the fact that the benefits of genetic testing outweigh the high costs," said Nejat.
"For instance, genetic diagnostics tests are more specific, sensitive, and in the long run allow the healthcare practitioners to reduce cost while increasing patient outcomes."
Despite its unique value proposition, clinicians are still sceptical about genetic diagnostics due to the challenges surrounding reimbursement, regulation, privacy, ethical issues, and clinical validity.
In order to maximise utilisation, innovative methods of clinician education with respect to genetic tests must take precedence.
"Highlighting information regarding the application and interpretation of pharmacogenomic testing through presentations or workshops at medical conferences could be a valuable method to create a better-informed medical community and spur demand for genetic diagnostics," he added.
Frost & Sullivan's latest report: "US Genetic Diagnostics Market," is available from the company's website.
