Advances in molecular biology now make it possible to detect diseases sooner, allowing physicians to advise patients on optimal therapies. “Global Molecular Diagnostics Market: Opportunities & Future Forecast” reports that based on its exceptional ability to accurately detect the primary cause of disease, molecular diagnostics has emerged as the fastest growing segment of the in vitro diagnostics (IVD) industry.
The Diagnostics and Personalized Medicine Panel at OneMedForum Sf 2011, brought together executives, experienced venture capitalists, and a physician to explore the changing world of diagnostics.
The panel was moderated by James Datin, EVP & Managing Director of the Life Sciences Group at Safeguard Scientific, Inc. The panelists included Scott T. Garrett, Former Chairman and CEO of Beckman Coulter, Inc.; Paul Grossman Ph.D, Senior Vice President of Strategy & Corporate Development at Life Technologies; Dr. Risa Stack, Partner, KPCB; and Ben Verwer, Ph.D., MBA, Director of Strategic Planning & Bus. Dev. at Becton Dickinson.
Molecular diagnostic tests typically analyze key DNA, RNA, or protein biomarkers (analytes) to identify a disease, determine its course, evaluate response to therapy, or predict individual predisposition to a disease. The techniques applied involve analysis of DNA sequences, DNA methylation patterns, gene expression profiles, proteins, protein expression, or combinations of these biomarkers. Such biomarkers provide direct information about genotypic and/or phenotypic changes associated with specific diseases or responses to treatment. Biomarker analysis has also become an important tool in drug discovery, preclinical drug development, and patient monitoring during clinical trials.
Risa Stack noted, “Moving forward, the vision hat we all have for molecular diagnostics and personalized medicine is getting more bigger players involved.”
Paul Grossman, Ph.D said, “Among the players involved now, we think there is going to be some technological differentiation over the next couple of years and that that will form the basis of very sustainable competitive advantage. The informatics side of the equation is going to be huge. The amount of data will be overwhelming and the opportunity to find clinical relevance for all that data will be difficult. Much more difficult than it is on the research side.”
Huge investment in research and developments and commercially successful innovations in the diagnostic industry has helped the US to outperform other prominent diagnostic markets including EU, Japan etc. Looking ahead, the US is expected to maintain its position of the world’s largest IVD market, growing at a moderate CAGR of around 9.3% during 2010-2014. Favorable reimbursement policies for clinical lab testing, increasing awareness about early disease detection, and aging population that demands increased diagnostic testing will be the main growth drivers.
Notable companies making advancements in diagnostics include Advanced Biosensors, BioCurex, ECI Biotech, and GlySure.