Precision Medicine Market is valued at USD 67.79 Billion in 2021 and expected to reach USD 147.07. Billion by 2028 with the CAGR of 11.70% over the forecast period.
The growth in the precision medicine market is propelled by an increasing demand for personalized treatment; technological innovation and advancement , as well as growth of personal healthcare devices are major key factor which drives the Global Precision Medicine Market.
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Scope of Precision Medicine Market Reports:-
Precision medicine is often called as Personalized Medicine. It is used to describe how genetic information about a person’s disease is being used to diagnose or treat their disease. Precision Medicine refers to the modification of medical treatment to the individual characteristics of each patient. It does not exactly mean the manufacturing of drugs or medical devices that are unique to a patient, but the ability to categorize individuals into sub-populations that diverge in their susceptibility to a particular disease. Preventive or therapeutic interventions can then be focused on those who will benefit, sparing cost and side effects for those who will not. The main aim of government regulations is to make Precision Medicines more accepted and it is focused towards genetic diseases related to oncology, skin, respiratory, central nervous system, cardiovascular, and infectious diseases.
The key objective of Cancergenomics is to improve personalized medicine through the DNA sequencing and analysis of patient tumors cells to find out new genetic mutation associated with specific cancers.
Genetic information has helped to increase the development and use of the newest cancer treatments like Chemotherapy, Radiation Therapy, Targeted Therapy and Precision Medicines. For example, the drug Imatinib was modified to inhibit an altered enzyme produced by a fused version of two genes found in chronic myelogenousleukemia. Another example is the breast cancer drug Trastuzumab which works only for women whose tumors have a particular genetic profile calledHuman Epidermal Growth Factor Receptor 2(HER-2 positive). It is also found that lung cancer patients whose tumors are positive forEstimated Glomerular Filtration Rate (EGFR)mutations will respond to the drugs Gefitinib and Erlotinib which target this mutation. Conversely, colon cancer patients whose tumors have a mutation in a gene called KRAS (K-RAS) derive less benefit from the drugs Cetuximab and Panitumumab. The genomic information made by The Cancer Genome Atlas (TCGA) will boostthe research to develop similar treatment strategies for a given set of genomic alterations.
Global Precision Medicine Market is segmented on the basis of Technology Type, Sequencing Technology, Product, Application, End User and Geography. On the Basis ofTechnology Type, Global Precision Medicine Market is classified asBig Data, Analytics, Bioinformatics, Gene Sequencing, Pharmacogenomics Companion Diagnostics and Others.On the basis of Sequencing Technology Global Precision Medicine Market is classified into Sequencing by Synthesis, Ion Semiconductor Sequencing, Sequencing by Legation, Pyro sequencing, Single Molecule Real Time Sequencing, Chain Termination and Nano pore Sequencing.On the basis of Product Global Precision Medicine Market is classified as Consumables, Instruments and Services.On the basis of Application Global Precision Medicine Market is classified as Oncology, Central Nervous System, Immunology, Respiratory medicinesNeurology, Endocrinology, Pulmonary diseases, Ophthalmology, Metabolic diseases, and Infectious.On the basis of end Users Global Precision Medicine Market is classified as Pharma and Biotechnology Companies, Diagnostics Companies, Healthcare Companies, IT Companies, Big Data Companies and Clinical laboratories.
Precision Medicine Market Segmentation:-
By Technology Type
- Big Data, Analytics
- Gene Sequencing
- Pharmacogenomics Companion Diagnostics
By Sequencing Technology
- Sequencing By Synthesis
- Ion Semiconductor Sequencing
- Sequencing By Legation
- Pyro Sequencing
- Single Molecule Real Time Sequencing
- Chain Termination
- Nano pore Sequencing
- Central Nervous System
- Respiratory medicines Neurology
- Pulmonary diseases
- Metabolic diseases
By End User
- Pharma and Biotechnology Companies
- Diagnostics Companies
- Healthcare Companies
- IT Companies
- Clinical Laboratories
Precision Medicine Market key Players:
key strategies followed by the top players operating in the precision medicine market are,
- Abbott Laboratories
- GE Healthcare
- GlaxoSmithKline (GSK)
- Johnson & Johnson
- Laboratories Corporation of America Holdings
- Danaher Corporation
- Biocrates Life Sciences AG
- Nanostring Technologies
- Ferrer Incode
- Eagle Genomics Ltd
North America is leading the share in Global Precision Medicine Market.
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