Increasing Incidence of Genetic Disorders, Advancements in Genetic Science, and Growing Awareness about Predictive Diagnostics Drive the Global Predictive Diagnostics Market

The global market for predictive diagnostics is projected to reach US$2 billion by 2024, driven by marked increase in occurrence of genetic conditions, higher level of awareness, and technological advancements in genetic science.

The global market for Predictive Diagnostics is advancing rapidly in sync with the progress attained in genetic sequencing. Predictive genetic tests determine the genetic makeup of an individual, exposing predisposition to specific diseases. Driven by a higher level of awareness and a marked increase in the occurrence of genetic conditions, technological advancements in genetic science over the last decade resulted in the development of 'targeted' therapeutics and diagnostics that deliver a more personalized healthcare approach. Thanks to progress made in proteomics and genetics, physicians are increasingly successful in identifying individuals with high susceptibility to several disorders, including CDDs (chronic degenerative diseases) before the appearance of symptoms. Likewise, screening for Breast Cancer (BRCA) gene mutations is conducted in women with close kin who have suffered from breast cancer at a young age. The market for breast cancer gene testing is on the rise, given its preventative aspect against the disease. Predictive gene tests, for instance BRACAnalysis® test from Myriad Genetics, identify women at risk. Apart from the US and Europe, densely populated developing countries, such as China, harbor the largest prospects for breast cancer gene testing market.

Oncology, a major area of interest for drug discovery companies and diagnostic tool developers, is thereby a major market for predictive diagnostic tools, with genetic testing enabling the early identification of the illness and subsequently enabling physicians to decide the most appropriate cancer treatment for specific patients. Owing to the increasing incidence of cancer cases, genetic testing, particularly for breast cancer and colorectal cancer, is expected to register the highest growth in the near future. Advancements in genetic testing space are expected to aid in tailoring personalized medicine for specific targeted markets.

As stated by the new market research report on Predictive Diagnostics, Europe represents the largest market for Predictive Diagnostics, accounting for 46.9% share in 2018. The United States represents the single largest market for predictive diagnostics, on account of various factors including the high prevalence of cancer and the need for diagnostics to detect high-risk patients; screening tests for expectant mothers to detect gene mutations that predispose to cystic fibrosis. Asia-Pacific constitutes the fastest growing market with a CAGR of 15.7% over the analysis period. Huge population in the Asian region, led by China and India, and the ever-increasing measures towards better healthcare, make the region one of the most viable markets for predictive diagnostics.

The predictive diagnostics market is witnessing the emergence of multiple gene germline-sequencing panels.  Following the 2013 court ruling against patenting of gene, multiple gene germline-sequencing panels integrating BRCA1/2 and a few other genes, emerged in the market. These panels were offered at much less cost. Limited tests for four of the breast cancer related genes beyond the BRCA1/2 genes were adopted initially, which currently have been extended to over 100 genes with potential cancer links. This, along with technological advancements in genomics, such as Next-Generation Sequencing (NGS), is replacing conventional DNA sequencing modalities. Essentially, NGS and other high throughput methods for DNA analysis permit optimization and miniaturization of systems, and thereby enable parallel execution of several disparate sequencing reactions. The NGS method makes use of massive parallel platforms for allowing sequencing of very large DNA stretches.

Key players in the market include Abbott Molecular., Almac Group Ltd., Ambry Genetics Corp., BioGenex, Epistem Ltd., Epistem Ltd., Myriad Genetics Inc., MDxHEALTH Inc., OPKO Health, Inc., Prometheus Laboratories Inc., Proteomics International Laboratories Ltd., and QIAGEN N.V.  among others.

The research report titled “Predictive Diagnostics: Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities of major market participants. The report provides market estimates and projections for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific (Excluding Japan), and Rest of World.

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