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About the Authors:
Joseph Munda
Vice President
Joseph Munda is a vice president specializing in research and investment in healthcare technology. He is a thought leader in his sector, having authored several widely read white papers. He uses his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 2015, he was an equity research analyst covering medical device and healthcare services companies at Sidoti & Co. Earlier, he worked in institutional sales at Bear Stearns/J.P. Morgan. He earned a bachelor’s degree in finance from Fairleigh Dickinson University.
Tracy Marshbanks
Managing Director
Tracy Marshbanks is a managing director. He works with companies in a variety of sectors, particularly businesses where chemical and medical technologies are a key differentiating element. Prior to joining First Analysis in 1999, he held a number of positions with Amoco Corp. with responsibilities ranging from refining research and development to capital planning (first in petroleum refining and then in marketing). He earned an MBA from the University of Chicago, a doctorate in chemical engineering from Purdue University, and a bachelor’s degree in chemical engineering from Colorado State University.
First Analysis Healthcare Technology Team
Joseph Munda
Vice President
Matthew Nicklin
Managing Director
Tracy Marshbanks
Managing Director
Andrew Walsh
Managing Director
Molecular Healthcare
Key early pillar of precision medicine
Genetic sequencing, next-generation sequencing, and the challenges and opportunities at hand
January 3, 2016
  • Molecular healthcare encompasses areas of industry development where we see significant opportunity over the next several years to improve healthcare outcomes and create substantial economic value.
  • While molecular healthcare includes genomics, lipidomics, proteomics, transcriptomics, microbiomics, and metabalomics, to name a few, in this report we focus on the fast-moving area of genomics and the early-innings impact next-generation sequencing (NGS) is having on the proliferation of molecular diagnostics in the clinical setting.
  • We estimate the NGS platform technology market to be ~$2.3 billion today and growing 20% annually with a total addressable market of ~$45 billion. This report reviews the market size, technology platforms, emerging trends, regulatory and reimbursement issues, as well as key growth drivers and moderators for NGS and the ~$7.7 billion molecular diagnostic industry.
  • We also review genetic sequencing basics and profile the key publicly traded and privately held innovators and major players.

TABLE OF CONTENTS

Includes profiles of 32 public and private companies

Summary

Fundamentals of genetic sequencing

Next-generation sequencing

Key NGS focus areas

Sequencing company profiles

Clinical diagnostics

Data interpretation/bioinformatics and molecular diagnostic testing company profiles

SUMMARY

The term “molecular healthcare” is one we use to describe the current impact and direction we see genomics and ancillary molecular testing taking in medicine. While other terms like “precision” or “personalized medicine” are used to describe the advances genomics and other technologies have made in healthcare, we contend the goals of precision or personalized medicine have yet to be achieved. We are of the view that the current practice of medicine remains an inexact science and still tends to be reactive rather than preventive, predictive, and accurate. Therefore, we feel “molecular healthcare” better characterizes the current state of genomics in medicine. While we feel we are still in the early innings of unlocking the true potential of genomics, recent discoveries from sequencing the human genome and movement into the clinical setting have enhanced researchers’ ability to classify individuals into subpopulations by disease type or treatment method. In our view, the further development and use of molecular healthcare will be fueled by healthcare consumers gradually gaining a better understanding of the meaning and value of molecular information as well as clinicians being armed with the right tools and technologies to deal with the complexity of disease diagnosis, onset, progression, treatment, prognosis, and outcome. To achieve the ultimate goal of precision or personalized medicine, further technological advances and infrastructure changes must be realized in the areas of sequencing, testing, and regulation. Although we think we are only in the first couple innings of the development of genomics applications in healthcare, the foundation for such an ecosystem is already being formed, and we believe molecular healthcare is a key early pillar leading to personalized healthcare.

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