Arthur D. Little, a consultancy known for strategic thinking, innovative insight and expertise in technology-intensive and emerging industries, today issued a report covering the future of diagnostics and the growth potential of personal genetics services.
The report, “Future of Diagnostics – Personal Genetic Services Due for Explosive Growth,” identifies genetic services companies as disruptive forces that are consumerizing genomic testing and driving rapid transformation of a soon to become $18 billion global industry. Pharmaceutical companies, payers, providers and medtech companies will be impacted by the shift.
In an outcomes-based quality care environment, access to genetic information is critical to the effectiveness of treatments. According to the report, the emerging testing technology means manufacturers can enhance clinical trials, payers can be selective in authorizing treatment payouts, and patients can have more confidence in outcomes.
“Genetic analysis has moved from the domain of the healthcare practitioner to that of the consumer,” writes Craig Wylie, partner at Arthur D. Little. “We expect that a new, consumer-oriented industry will develop that will help individuals know and manage their risks…we also expect continued introduction of new assays going beyond mutation-based biomarkers to actionable biomarkers for an increasing number of conditions.”
The report includes recommendations on how key players should adjust to a consumer-centric genetic information age, as well as analysis of how genetic information enhances more precise care options when addressing life-threatening and incurable diseases.
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