Precision Medicine Diagnostics Market Analysis
Precision medicine aims to modify the treatments based on individual characteristics, including differences in lifestyle, environment, and heredity. It has the ability to change the way we care for different diseases. Accurate medicine applies the use of comprehensive analysis and system biology to examine the cause of an individual patient’s sick condition at the molecular level and then to apply targeted treatment to address that individual patient’s disease. The goal of Precision medicine is to make medication and medical practices more efficient and effective. Using precision medicine doctors identify the genetic makeup of the subject, which helps the doctor to prescribe the right medicine with the right dose.
The Global Precision Medicine Diagnostics Market- Drivers
Due to the growing number of pipeline studies to develop new treatments for cancer, the global precision medicine diagnostics market is expected to expand rapidly in the near future. For example, University of Arkansas initiated the clinical trial for fresh tissue biopsy in January 2016, to study the further advancements in bio-specimens (blood cellular free component, e.g., plasma, serum, tissue, urine), in order to develop Precision Medicine for lung cancer management and screening (synergy with imaging). Fresh tissue biopsy involves taking a small sample of tissue from the body part for further microscopic examination. The study is expected to be completed in December 2019.
In addition, government initiatives to create awareness among the community health worker is expected to boost growth of the global precision medicine diagnostics market. For example, in March 2018, the Division of Community Engagement and University of Agricultural and Horticultural Sciences (UAHS) Center for Applied Genetics and Genomic Medicine collaborated with the University of Arizona Banner Health Research Program to develop and implement a unique and culturally conscious approach for the growth of Precision Medicine literacy, specifically among underserved and marginalized populations. The program has been named as ‘Precision Medicine Community Health Workers/Promoters for All of Us’.
𝐓𝐨 𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐋𝐚𝐭𝐞𝐬𝐭 𝐂𝐨𝐯𝐢𝐝𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 @ https://www.coherentmarketinsights.com/insight/request-sample/2422
Moreover, the National Institutes of Health (NIH) and 11 biopharmaceutical companies joined forces in October 2017, to launch a five-year Accelerating Cancer Therapies (PACT) program, this collaboration is focused on improving precision medicine approaches to cancer care. Initial focus of PACT is to identify, develop, and validate robust biomarkers (standardized biological markers) of disease and treatment response, to advance new immunotherapy treatments that controls immune system to attack cancer. The total cost of the project was US$ 215 million.
The Global Precision Medicine Diagnostics Market- Restraints
However, barriers to the management of big data in electronic health records (EHRs) (large databases including individual heredity, environment and lifestyle) can hinder the global precision medicine diagnostics market growth. Big data refers to the large or complex data. EHR maintains the electronic record of patient health information generated by one or more healthcare service provider. For example, Health IT Analytics stated in March 2018, that there has been an increase in the use of accurate drugs by healthcare organizations, but inadequate data management has been a major challenge that has resulted in managing large amounts of data as organizations have turned to artificial intelligence (AI) and machine learning techniques.
The Global Precision Medicine Diagnostics Market- Regional Analysis
Geographically, due to the growing awareness and initiative related to accurate drugs in North America, it has the largest share of the global precision medicine diagnostics market. For example, the U.S. government launched the Accurate Medicine Initiative in 2015, to improve health and revolutionize the way we treat diseases. The Precision Medicine initiative will enable health care providers to adapt new treatment and prevention strategies to people’s unique characteristics, including their genome sequence, micro-biome composition, health history, lifestyle, and diet.
Europe expects significant growth in the global precision medicine diagnostics market over the estimated period due to expansion of key players in the region. For example, Sentieon, Inc. and QIAGEN N.V. joined the forces in 2018, to advance Precision Medicine by delivering Sentieon’s highly effective variant-calling software. Qiagen N.V. Sention’s variant-calling software is expected to be included in its bioinformatics portfolio, which will support thousands of next-generation sequencing (NGS) labs, and its customers will be offered Sention DNAseq and Sentieon TN for germinal and somatic variant calling.
𝐓𝐨 𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞 𝐇𝐞𝐫𝐞 @ https://www.coherentmarketinsights.com/insight/request-pdf/2422
The Global Precision Medicine Diagnostics Market- Key Development
- Konica Minolta Precision Medicine was launched in Japan by Konica Minolta Inc., in 2018.
- Roche and Syapse Inc. joined the forces in 2018, concerning to advance Precision Medicine in oncology. This partnership focuses on clinical delivery and product development for introducing Precision Medicine as well.
- Both these companies join forces in same year to produce Precision Medicine for cancer patients.
- ICON plc., a global leader in drug development solution and service acquired Molecular MD for the development and commercialization of precision medicines in oncology, in May 2019.
- PIK3CA RGQ PCR biomarker launched by QIAGEN N. V., in 2019, to enhance Precision Medicine in breast cancer patient.
The Global Precision Medicine Diagnostics Market- Segmentation
On the basis of Technology, the Global Precision Medicine Diagnostics Market is segmented into:
- Big Data Analytics
- Precision Molecular Diagnostics
- Drug Discovery
- Gene Sequencing
On the basis of Application, the Global Precision Medicine Diagnostics Market is segmented into:
- Lung Cancer
- Breast Cancer
On the basis of Region, the Global Precision Medicine Diagnostics Market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East
The Global Precision Medicine Diagnostics Market- Competitive Landscape
Key players performing in the global precision medicine diagnostics market are Quest Diagnostics, Qiagen N.V., Merck & Co., Inc., Teva Pharmaceuticals, Novartis AG, Pfizer, Inc., Tepnel Pharma Services, Nanostring Technologies, Inc., Ferrer Incode, and Intomics.
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𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐅𝐮𝐥𝐥 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 @ https://www.coherentmarketinsights.com/promo/buynow/2422
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