The Global Market for Predictive Diagnostics is Projected to Reach US$2 Billion by 2020

Increasing Disease Prevalence & Focus on Preventive Healthcare Drive the Predictive Diagnostics Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Predictive Diagnostics. The global market for Predictive Diagnostics is projected to reach US$2 billion by 2020, driven by the next-generation genetic sequencing and the ability to identify disease-causing mutations, increasing incidence and prevalence of chronic degenerative diseases, and ageing population, among others.

Predictive diagnostics refer to a series of genetic tests that determine individual susceptibility to diseases, such as 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, such as in the numerous types of cancer. With an increase in chronic degenerative diseases (CDD), including cardiovascular diseases, neurodegenerative disorders, cancer, and autoimmune diseases, there is an acute need for predictive diagnostics. Factors driving the market include the emergence of new diseases, increasing aging population and age-related diseases, an increasing preference for Point-of-Care (POC) diagnostic tests and kits, and favorable economic scenario and healthcare spending in the emerging economies.  

Oncology, a major area of interest for pharmaceutical companies, is a major market for predictive diagnostic tools, because genetic testing enables early identification of the illness and guides physicians in taking the most appropriate course of treatment. With the cost of sequencing the entire genome falling below US$1,000 in comparison to anti-cancer treatment which cost over US$50,000, physicians increasingly prefer predictive diagnostics, following which medications are prescribed to only those patients who are more likely to respond to a specific cancer therapy or treatment option. Genetic testing, particularly for breast cancer and colorectal cancer, is expected to register the highest growth in the near future. With the WHO predicting that over 2 million breast cancer cases would be diagnosed by 2030, predictive diagnostics assume increased importance in the detection and management of breast cancer.

As stated by the new market research report on Predictive Diagnostics, Europe represents the largest market, while the United States ranks as the fastest growing market with a high compounded annual growth rate (CAGR) of 18.7% over the analysis period. While developed economies with advanced healthcare infrastructure are at the forefront in the adoption of predictive genetic testing, population growth and recent government initiatives for better healthcare are expected to spur demand in developing countries in the near future. Asia-Pacific represents the second fastest growing market for predictive diagnostics.

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, and 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 scenario, market trends, growth drivers, product information, product launches, mergers and acquisitions, and other strategic industry activities. The report provides market estimates and projections for major geographic markets, including the US, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and Rest of World.