Precision medicine refers to medicines developed as per an individual’s genetic profile that helps as a guide for the prevention, diagnosis and treatment of diseases.
Major driving factor for precision medicine market are demand for customised and personalized medicine, growing awareness about the possible applications of precision medicine, growing diagnosis and screening of genetic diseases, increase of risk factors such as UV rays, pollution, cancer among others. The larger investments and the associated development of better infrastructure is a silver lining of the market for precision medicine market.
The market constraints include concerns of data security and privacy, high diagnostic costs, stringent regulations and standards, reimbursement policies and regulatory framework, limited knowledge about the application of test and techniques, lack of research and evidences creating hindrances in its application. The nascent nature of the technology has led to a limited application of the precision medicine. Thus low volumes is a strong barrier as it increases the cost of the final product to customers. The scarcity of trained professionals is acting as a drag on the market.
Precision medicine is an upcoming branch in the healthcare industry with the focus on determining appropriate approaches effective in treating patients based on environment, genetics, and lifestyle factors. Recent advances in genomics and cancer has propelled this particular branch to the forefront. The global precision medicine market report by Market Research Future (MRFR) asserts several determinants and challenges for the period between 2019 and 2025 (forecast period).
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Precision Medicine Market Competitive Outlook
Intel Corporation, Sanofi Pharma, Roche Holding AG-Br, Teva Pharmaceutical Industries Ltd., AB-Biotics SA, Cepheid Inc., Takeda Pharmaceutical Company Limited, InnVentis, Pfizer Inc, ABBOTT LABORATORIES, ASURAGEN, INc., bioMérieux SA, HealthCore, Inc., IBM, Glaxosmithkline Plc (GSK), Almac Group, Ltd., Medtronic, Randox Laboratories Ltd, Qiagen, BIOBASE GmbH (Subsidiary), Molecular Health GmbH, GE Healthcare, Novartis, Precision for Medicine, LABORATORY CORPORATION OF AMERICA HOLDINGS, CETICS Healthcare Technologies GmbH, Quest Diagnostics Inc., Caris Life Sciences, Johnson & Johnson, and Intomics A/S are some of the eminent names in the global precision medicine market.
Precision Medicine Market Outlook
Global precision medicine market is expected to exhibit 12.64% CAGR during the forecast period to touch a valuation of USD 126.14 billion by 2025. It is primarily driven by cancer care and advances in palliative care. Development in next-generation sequencing technologies, rising prevalence of genetic diseases, potential for targeted therapies, and integration of big data healthcare companies with pharma & biotech companies.
The cure in rare diseases and the scope of artificial intelligence assisting in the drug development process can widen the market scope drastically. For instance, two novel drugs BAN 2401 and Anavex 2-73 were approved by federal agencies for patients with Alzheimer’s disease. But concerns of data privacy can hamper the market growth.
Precision Medicine Market Segmentation Analysis
The global precision medicine market has been segmented into ecosystem players, sub-markets, and therapeutics.
Based on ecosystem players, the global precision medicine market has been segmented into diagnostic companies, pharmaceuticals and biotechnology companies, healthcare IT specialists/big data companies, and clinical laboratories. The diagnostic tool companies segment accounted for a market value of USD 16.27 million in 2017.
Based on sub-markets, the global precision medicine market has been segmented into pharmacogenomics (PGX), targeted therapeutics, companion diagnostics, biomarker-based test, molecular diagnostics, and others.
Based on therapeutics, the global precision medicine market has been segmented into infectious diseases, cancer/oncology, cardiovascular disease (CVD), central nervous system, and others.
Precision Medicine Market Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are prime regions of interest which have been discussed in detail in the global precision medicine market report.
The Americas is anticipated to dominate the global market during the forecast period due to advances in genome mapping, and initiatives in gene sequencing. In 2015, the U.S. government launched the Precision Medicine Initiative for encouraging new developments in the sector.
The Europe precision medicine market can be the second-largest due to adoption of precise diagnostic tools, electronic health records, and drugs prescribed solely for the disease. Investments in the sector due to the large scope in targeted therapies can drive the global market growth. Mergers and acquisitions can further facilitate market growth.
The APAC region had accounted for a market share of 14% in 2017. It can exhibit a robust CAGR during the forecast period due to emerging developments in healthcare infrastructure and rise in expendable income levels of patients.
Precision Medicine Industry Update
Evotec, a German drug development company, has decided to partner with Bayer AG for expanding their treatment options focusing on women’s health. In collaboration with Celmatix Inc, it is planning to determine the effects of precision medicine for the treatment of polycystic ovary syndrome (PCOS) among women. Both companies will investigate new drug targets and high-technology platforms.
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