The global precision medicine market, by technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, and Big Data Analytics), by application (Oncology (Breast cancers, Lung Cancer and Others), Central Nervous System, Hematology, Respiratory, Immunology, and Others)), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was pegged at US$ 61,447.3 million in 2018, and is estimated to record an impressive CAGR of 10.1% over the forecast period (2019-2027).
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The global precision medicine market growth is foreseen to gain significant momentum over the course of the next few years. Technological innovations and breakthroughs, expanding global outreach of pharmaceutical products, increasing R&D programs, and adoption of strategies like collaborations, are some of the major factors serving as growth propellers for the global market.
Manufacturers are actively engaged in product innovations in order to tap into the emerging markets across the globe. For instance, Synapse, Inc. and Strata Oncology, Inc., jointly initiated an end-to-end precision oncology program to improve the treatment results, with reduced healthcare costs. In May 2017, Strata Oncology, Inc. launched the Strata NGS test that is designed for 90 gene targeted assays focusing on genetic alterations in tumor tissue.
In 2016, AstraZeneca, in order to strengthen its foothold in precision medicine, launched a next-generation asthma drug, known as Benralizumab, for the eosinophil biomarker, which is a new biological treatment for asthmatic patients. In August 2017, the U.S. Food and Drug Administration approved the first gene therapy, Kymriah (tisagenlecleucel) developed by Novartis for the treatment of patients with B-cell precursor acute lymphoblastic leukemia, aged below 25 years. Furthermore, the University of Southampton, Britain, conducted a phase 2 clinical trial in 2017 to test if the addition of acalabrutinib to R-CHOP could improve the outcomes of the diffuse large B-cell lymphoma (DLBCL) treatment.
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The leading companies in the global precision medicine market are allegedly implementing various strategies, such as collaborations, for expanding their product portfolios. In 2016, Precision for Medicine, Inc. entered into an agreement for the acquisition of ACT Oncology. The acquisition helped the company reinforce its presence in the personalized cancer clinical trial space. In August 2017, Variantyx, a genetic testing company, partnered with FDNA, a leading facial recognition software developer, with the aim to improve the diagnosis of rare diseases.
Furthermore, in August 2017, Alexion Pharmaceuticals announced its partnership deal with Sema4, intended for technologically enhancing the company’s diagnostic methods for rare diseases and further speeding up drug development. Also, in September 2017, Precision for Medicine Group, Inc. acquired Agility Clinical, a contract research organization focusing on the clinical development of rare diseases and orphan therapies, with the objective to introduce new precision medicines into the global market. However, absence of appropriate reimbursement policies is a restraining factor for the growth of the global precision medicine market.
- Speaking of the technology spectrum, the bioinformatics segment is projected to hold a major revenue share in the global precision medicine market by 2027. For instance, in August 2019, GeneXplain launched Genome Enhancer, a modified and simplified version of its flagship multi-omics bioinformatics platform, to support clinicians in their research of precision medicine.
The major players operating in the global precision medicine market include Intomics, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.
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