Precision medicine also known as personalized medcines is a new concept of treating various diseases. This emerging approach allows doctors to personalize treatments matching patients’ genetic profile. Since these medicines are developed based on a genetic understanding of their disease they are most likely to help patients. With the help of precision medicine, doctors and researchers can predict more accurately which treatment and prevention strategies will suit a person suffering from a particular disease.
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Although in practice for several years, advances in science and technology have helped speed up the pace of this area of research over the past couple of years. Many new treatments designed to target a specific change are being under clinical trials currently — factors as such presage that the golden era of precision medicines is around the corner.
The precision medicines market is already in the growing phase. According to Market Research Future (MRFR) the global precision medicine market had valued at USD 38.92 BN, in 2015. And, it is further expected to reach USD 88.64 BN by 2022, registering a staggering double-digit CAGR of 12.48% throughout the forecast period (2016 to 2022).
Additional factors helping the market to substantiate continually, include the rising prevalence of genetic diseases due to mutations, patient’s involvement in personal healthcare, and integration of wireless technologies with portable healthcare devices among others. Moreover, the spreading awareness towards precision medicines and their uptake in the academic medical centers, by the surgeons, and biomedical researchers propel the growth of the market.
On the other hand, factors such as the lack of awareness towards the possible applications of precision medicine, reimbursement policies, and regulatory framework, are expected to impede the growth of the market, especially in the underdeveloped regions. Also, factors such as the limited knowledge about the application of test and techniques, lack of research and pieces of evidence are obstructing the market growth, creating hindrances in applications of prescribed medicines.
Nevertheless, there are drug discoveries that have been proven effective against cancers and are discussed in targeted cancer therapies with specific genetic changes and which are also approved by the FDA. Such factors are expected to support the growth of the market throughout the forecast period.
Highly competitive, the precision medicine market appears to be fragmented owing to the presence of several large as well as small players. Initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration remain the key strategies of market players to achieve competitive advantage.
Key players leading the global precision medicine market include Almac Group, Ltd., Abbott Laboratories, Asuragen, Inc., Cepheid Inc., Biomérieux Sa, Cetics Healthcare Technologies Gmbh, GlaxoSmithKline Plc, Ge Healthcare, Johnson & Johnson, Medtronic, Laboratory Corporation of America Holdings, Novartis, Qiagen, Pfizer Inc., Biobase Gmbh, Randox Laboratories Ltd., Quest Diagnostics Inc, Sanofi Pharma, Takeda Pharmaceutical Company Limited, Ab-Biotics Sa, Teva Pharmaceutical Industries Ltd., Caris Life Sciences, IBM, Healthcore, Inc., Innventis, Molecular Health Gmbh, Intel Corporation, and Precision For Medicine among others.
Industry Related News:
April 09, 2019 — Pfizer Inc. (the US), a multinational pharmaceutical corporation and Concerto HealthAI (the US), a leading provider of advanced AI insights and clinical cloud solutions, accelerating needed innovations announced their partnership for precision medicines. Pfizer will leverage Concerto’s artificial intelligence-powered analytics capabilities to gain better oncology insights.
Concerto’s AI platform will help Pfizer to gain faster actionable insights for its investigational therapies and commercializing therapeutics for the treatment of solid tumors and hematologic malignancies, finding and acting on meaningful insights in key cancer subpopulations.
For ease of understanding, the MRFR analysis has been segmented into four key dynamics: –
By Ecosystem : Pharma & Biotech Companies, Diagnostic Tool Companies, Healthcare IT/ Big Data Companies, and Clinical Laboratories among others.
By Sub-market : Companion Diagnostics, Biomarker-Based Test, Targeted Therapeutics, Pharmacogenomics, and Molecular Diagnostics among others.
By Therapeutics : Cancer/Oncology, Cardiovascular Disease, Central Nervous System, and Infectious Diseases among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
The North American region heading with the increasing demand for personalized or customized medicines dominates the global precision medicine market. Factors such as the presence of several noteworthy market players account for a key driving force behind the growth of the regional market, meeting the clinical needs of the increasing number of patients of chronic diseases & disorders.
Also, factors such as the well-spread awareness towards the availability of precision medicines and advanced therapies are substantiating the growth of the market. Additionally, growing government initiatives and funding programs for research in the field, the rising demand for accurate diagnosis, alongside the awareness about the benefits of precision medicines are some of the factors acting as significant tailwinds for the market growth.
The precision medicine market in the European region accounts for the second-largest market, globally. The presence of a well-proliferated healthcare sector, technological advancements, and the adoption of precision medicine foster the growth of the market in the region.
Moreover, factors such as the increasing biomedical research initiatives, the availability of advanced treatment facilities, and new drug discoveries are positively impacting the growth of the regional market. Rapid strategic initiatives such as partnerships and collaborations and increasing healthcare expenditure led by the rapid economic growth are attributing to the growth of the regional market.
The Asia Pacific Precision medicine market has emerged as a lucrative market, globally. Factors such as the large technological advancements, proliferating healthcare sector, and ever-increasing population, especially in India and China are positively impacting the growth of the regional market. Japan holds a substantial revenue share, whereas, China, backed by the large manufacturing base and increase in demand from the construction sector is becoming the fastest growing market in the region.
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