GlobalData, a data and analytics company, on Wednesday said that genomics holds the potential to enhance the speed of diagnosis and provide opportunities to personalize patient treatment approaches. This can happen with continuous advancements in sequencing and data analysing technologies.
According to the company, Genomics will continue to play a significant role in helping to understand, prevent, and treat diseases throughout 2023.
A survey by GlobalData, which was published in its latest yearly report, ‘The State of the Biopharmaceutical Industry 2023’, reveals that 17 percent of healthcare industry professionals expect genomics to have the greatest impact on the pharmaceutical industry in 2023.
Although genomics was still scored as the most impactful industry trend, it was down by 10% compared to the data obtained one year ago from the same survey, the company stated.
“Genomics has already played a key role in the rapid development, approval, and roll out of the first COVID-19 vaccines, as advancing genomic sequencing allowed scientists to read the COVID-19 genome almost immediately after the virus was identified. Genomics was also scored as the industry trend to have the greatest impact on the healthcare industry among industry professionals last year, but with a much higher percentage of respondents (27%) believing that it would be the most impactful industry trend. This could be attributed to the sequencing of the SARS-CoV-2 viral genome that allowed the development of highly efficacious mRNA vaccines,” Urte Jakimaviciute, Senior Director of Market Research at GlobalData, said in a statement.
Living with COVID-19 is becoming a new normal now. While the effects of the pandemic led to an increase in the number of COVID-19 related clinical trials. For example, the number of clinical trials initiated for prophylactic mRNA vaccines in infectious diseases increased from three in 2018 to 328 in 2021, it declined sharply in 2022. Nevertheless, genomics has a bright future, it stated.
The genomics market is expected to exhibit further growth due to rising prevalence of chronic diseases, decreasing sequencing costs, and increasing funding in the area, it claimed.
“If we look at the impact of gene therapy in oncology, even though it has been limited so far, with oncolytic viruses and gene-modified cell therapies being the only treatment modalities reaching the market, a much larger impact is expected in the future. For example, as of December 2022, there were 9 DNA- or messenger RNA-based oncology drugs approved or in pre-registration globally, and 344 in Phase II or III development,” Jakimaviciute added.
