According to a latest market research report from Meticulous Research®, the global real-world evidence (RWE) solutions market is expected to grow at a CAGR of 11.8% from 2022 to 2029 to reach USD 4.9 billion by 2029. The growth of this market is primarily driven by the growing incidence of chronic diseases, delays in drug development and the consequent increase in development costs, the rising focus on personalized healthcare, the shift toward value-based care, and rapidly growing big data in the healthcare sector.
Personalized medicine is one of the emerging approaches to improving disease treatment & prevention, considering individuals’ variability in genes, environment, and lifestyle. The approach allows healthcare professionals and researchers to accurately predict which treatment and prevention strategy would work for a particular disease in a particular group of people.
Preventive or therapeutic interventions can then be directed to those predicted to benefit the most from targeted intervention, maximizing benefit and minimizing costs & complications. The personalized or precision medicine medical treatment model considers the differences in patients’ genomes, environments, and lifestyles. It allows doctors and medical researchers to customize healthcare for patients in terms of medical decisions, practices, and products. Most organizations providing precision medicine have been focused on cancer. In addition, precision medicine is also used in other areas, such as neurological and cardiovascular diseases.
The personalized medicine approach can be challenging as it is difficult to design an effective treatment plan for a medically complex patient. A large amount of data needs to be analyzed, and providers may lack the resources to extract valuable information. The use of real-world evidence speeds up the transition to precision medicine. It enables researchers to go beyond the scope of traditional clinical trials with real-world data while obtaining insights from the information collected during patients’ routine clinical care. Researchers can use real-world information to determine which medications are best suited for specific patients, resulting in more personalized therapies and better outcomes.
Advances in personalized medicine have already led to powerful discoveries and new FDA-approved treatments tailored to individuals’ specific characteristics. In 2020, the Center for Drug Evaluation and Research (CDER) approved 53 new molecular entities (NMEs). The Personalized Medicine Coalition (PMC) classified 19 of them as personalized medicines.
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Hence, leading pharmaceutical players are increasing their focus on developing personalized medicines. For instance:
- In September 2021, Huma Therapeutics Limited (U.K.) collaborated with Bayer AG (Germany) to advance precision treatment for lung cancer.
- In December 2020, Merck KGaA (Germany) collaborated with Artios Pharma Limited (U.K.) to develop and identify precision oncology drug candidates.
- In November 2020, OrigiMed (China) partnered with Takeda Pharmaceutical Company Limited (Japan) to develop a genomics-based precision medicine platform to accelerate the R&D and commercialization of innovative medicines.
- In July 2019, GE Healthcare (U.S.) opened the GE Cell and Gene Therapy Asia Technology Center to train scientists in precision medicine-driven biopharma techniques.
- In 2018, the Cancer Precision Medicine Diagnosis and Treatment Enterprise (K-MASTER) joined the Samsung Genome Institute (South Korea), Macrogen (South Korea), and Korea University to study the biological and genetic markers in cancers.
The hierarchy in traditional medicine is transforming into an equal-level partnership between patients and caregivers due to the emergence of digital health. The unprecedented amount of data generated in the healthcare sector through doctors’ notes, patient forums, patient registries, and EHR, among other sources, is integrated with clinical data by pharma companies to provide personalized healthcare. Thus, pharmaceutical companies’ rising focus on precision/personalized medicine is expected to generate large volumes of real-world data, driving the growth of this market in the coming years.
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Author:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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