Abstract
Research Overview
Genetic 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.
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.
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