Precision Medicine Market: Demand for Health Supplement to Boost Growth By 2025 Evaluate By Global Top Players Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., Quest Diagnostics, Nanostring Technologies, Inc.

Precision medicine is an emerging field, which tailors the treatment according to the individual’s genetic makeup, lifestyle, and environment. The precision medicine have gained popularity due to the positive result obtained by precision medicine in treatment of cancer. It allows the doctors and researchers to predict more accurate treatment and preventive strategies for any particular disease. Precision medicine has also challenged the approach of one drug fits all, as every person has unique genetic structure, which makes it impossible for one drug to work on whole population. Precision medicine is also known personalized medicine or individualized medicine, which target the mutations of normal body cells into cancerous cells. The use of precision medicine in targeted treatment specifically with cancer cells tends to experience less side effects with quick recovery as compared to conventional drugs.

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Market Dynamics:

The two recent FDA drug approvals, Kalydeco (ivacaftor) and Keytruda (pembrolizumab), pertaining to 33 cystic fibrosis mutations and cancer treatment based on a genetic feature respectively, point to an encouraging future for precision medicine. National Cancer Institute (NCI) conducts NCI-COG Pediatric MATCH trial that enrolls children and adolescents by advanced cancer therapy based on their genetic abnormality, where NCI also plans to support new immunotherapy clinical trials, antibody, testing of new combinations of the cell, small molecule, and radiation therapy studies, which include sequencing of tumor specimens. In July 2017, NCI has also launched various precision medicine trials, which include Adjuvant Lung Cancer Enrichment Marker Identification and Sequencing Trials (ALCHEMIST), Lung Cancer Master Protocol (Lung-MAP), Molecular Analysis for Therapy Choice (NCI-MATCH), and Molecular Profiling-Based Assignment of Cancer Therapy (NCI-MPACT).

Regional Analysis:

North America accounts for the largest share in the global precision medicine market, followed by Europe. This is mainly attributed to awareness and initiative related to precision medicine in the North America. In 2015 President Obama announced the launch of Precision Medicine Initiative, that aimed to revolutionize the way of treatment to improve the health, as precision medicine provide an innovative approach that studies the unique gene sequences of individual and offer the tailored treatment. Precision Medicine Initiative have led to powerful novel discoveries and several advanced treatments, which are tailored for specific characteristic such as, genetic makeup or genetic profile of an individual tumor that helps to transform the way of treatment and favors the growth of precision medicine market in near future. The precision medicine initiative invested US$215 million in the National Institutes of Health in fiscal 2016 budget, which is expected to accelerate biomedical research by providing advanced tools and innovative therapies to the physicians, which are tailored according to individual need, in turn fueling the growth of precision medicine market in near future.

Competitive Landscape:

Some major players operating in the precision medicine market includes;

• Intomics
• ferrer incode
• Nanostring Technologies, Inc.
• Tepnel Pharma Services
• Pfizer, Inc.
• Novartis AG
• Teva Pharmaceuticals
• Merck & Co., Inc.
• Qiagen N.V.
• Quest Diagnostics

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Market Taxonomy:

This report segments the global precision medicine market on the basis of technology and application. On the basis of technology, the global precision medicine market is segmented into bioinformatics, gene sequencing, drug discovery, precision molecular diagnostics, and big data analytics. Applications of precision medicine include oncology, CNS, hematology, respiratory, and immunology, among others.

Detailed Segmentation:

Global Precision Medicine Market, By Technology:

• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Precision Molecular Diagnostics
• Big Data Analytics

Global Precision Medicine Market, By Application:

• Oncology
• Breast cancers
• Lung Cancer
• Others
• CNS
• Hematology
• Respiratory
• Immunology
• Others

Global Precision Medicine Market, By Geography:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa

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This release was published on openPR.