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U.S. Genetic Diagnostics MarketsPublished by: Frost & Sullivan Published: Sep. 28, 2005 Table of Contents1. Executive Summary 2. Total Market 3. Pharmacogenomic Testing Market 4. Prenatal and Newborn Genetic Screening Market 5. Predictive Medicine Market 6. Decision Support Database AbstractResearch OverviewGenetic Diagnostics Set to Revolutionize Healthcare Practices The increased understanding of the genetic basis of disease and genotype/phenotype correlation has allowed genetic diagnostics to become one of the fastest growing segments in the healthcare industry. However, there are challenges surrounding reimbursement, regulation, privacy, ethical issues, and clinical validity. It has therefore become imperative to market the value proposition of genetic diagnostics in terms of marked improvements in the quality and efficiency of medical diagnosis and treatment. In the long run, as clinicians realize the benefits of early detection and elimination of redundant testing, they are likely to overlook the high costs of genetic diagnostics and eventually increase adoption. This Frost & Sullivan research service analyzes the growing U.S. genetic diagnostics market across three main clinical applications: pharmacogenomic testing, disease screening, and predictive medicine. It discusses the various market trends and opportunities while providing an in-depth analysis of market share, revenue forecasts, and market drivers and restraints. The comprehensive focus of the study backed by strategic recommendations enables companies to align their positioning strategies to benefit from the changing market conditions and obtain maximum return on investment. Clinicians Need for More Information with Regard to Therapeutic Treatment Drives Demand for Pharmacogenomic Testing Pharmacogenomic testing is going to be a key driver for the uptake of genetic diagnostics as clinicians strive to acquire high quality sensitive information earlier on in the treatment process. "Healthcare practitioners across the United States are working toward optimized medial treatment wherein the patient has minimal if not zero side effects," say the analyst of this research service. "There is no doubt that clinicians stand to benefit from the vast amount of information available through genetic testing." Manufacturers of genetic diagnostic tests must take on the responsibility of educating clinicians about the benefits of pharmacogenomic testing in order to ensure proper and maximum utilization of the tests at all levels in the treatment process. For example, direct-to-consumer advertising or presentations or workshops at medical conferences are likely to be vital in educating the medical community on the use of genetic diagnostics. Predictive Medicine Shows Immense Potential for Genetic Diagnostics "Genetic tests are proving to be consistently in line with larger healthcare goals of preventative and personalized medicine and the market will see significant growth over the next seven years," observes the analyst. While prenatal, newborn, and reproductive screening is the largest segment in the market, predictive medicine shows huge potential for genetic diagnostics with revenues expected to grow from $100.0 million in 2004 to $286.1 million in 2011. Cancer diagnostic tests hold the largest share in the predictive medicine market segment while other esoteric tests are likely to remain marginal contributors to revenues. Oncologists are aware that the high severity of adverse reactions caused by cancer and cancer drugs, combined with the high mortality rates call for high value genetic tests. In the future, prices for genetic testing can be expected to reduce to enable both reference laboratories and diagnostic manufacturers to maintain desirable profit margins. Benefits of this Service Improved Accuracy of Business Planning Specific segments of the genetic diagnostics market will experience different rates of growth. Certain medical specialties have been more eager to adopt genetic tests than others. In addition similar genetic tests are performed on different platforms and methodologies. Understanding the growth trends in the genetic diagnostics market will allow for improved accuracy of business planning. Effective Competitive Strategies Genetic tests can be applied to pharmaceuticals and drug discovery. The incorporation of pharmacogenomic testing into the drug discovery process improves the time to market of drugs as well as the markets adoption of that drug. Trends in the application of genetic data to drug discovery can offer a significant competitive advantage. Improvements in Marketing Effectiveness Genetic diagnostics tests offer tremendous value to physicians. A diagnostic test combined with a drug allows a marketing team to have better access to physicians who are eager to learn about genetic diagnostics. Moreover, clinicians have a variety of concerns when it comes to genetic tests. This study details such views and effective marketing strategies to counter common perceptions about genetic testing. Emerging Technologies Imply Start of a New Era and Offer Tremendous Growth Opportunities The genetic diagnostics market will experience tremendous growth in the next several decades and will revolutionize the practice of medicine. Understanding the nature of the diagnostics market allows a company to fill the need the healthcare industry will have with regard to genetic diagnostics. Ancillary growth opportunities also exist in providing computers, software, data mining capability, and biomarkers. Increased Market Share Genetic diagnostics is one the highest growth areas of the clinical diagnostics market. Understanding regulatory and reimbursement issues that face the genetic market will allow companies to formulate business strategies to guard against the pitfalls that face the industry and increase market share. Market Sectors Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
The following technologies are covered in this research:
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