NEW YORK, July 3 – The pharmacogenomics market is expected to grow to more than $6 billion by 2005, compared with $1.7 billion in 2000, consulting firm Frost & Sullivan said Tuesday in a report.
The figures for the pharmacogenomics market reflect actual and anticipated revenues stemming from services, gene-based diagnostics, and orphan drugs.
Yet, despite the strong growth outlook, Frost & Sullivan said that ethical debates could put a damper on growth, particularly in diagnostics.
“The services market for pharmacogenomics currently dominates the share of total revenues, but the diagnostics market is the most potent segment and rife with controversy,” Surabhi Garg, drug discovery technologies manager at Frost & Sullivan, said.
“Legal actions, with regards to privacy and bioethics, will almost certainly restrain the diagnostics market from maximizing its potential,” Garg said.
If these ethical issues are remedied, however, Garg estimated that the DNA-based diagnostics market could surpass $3.5 billion by 2005.
Frost & Sullivan estimated that the orphan drug market could increase to $400 million by 2004.