Precision Medicine Market 2026: Bioinformatics, Drug Discovery, Precision Molecular By Top Players Like Intomics, ferrer incode, Nanostring Technologies, Tepnel Pharma Services, Pfizer, Novartis AG

Precision medicine initiative aims to use advances in clinical and basic research to develop therapeutics that selectively target and kill cancer cells. This allows researchers to develop chemically tractable probes that can image cancer in Vivo. Precision medicine is used to treat children or adolescent patients suffering from brain tumor that have no other effective therapies. Various companies are continuously investing in research and development to further refine precision medicines for interventional surgical imaging, as well as for diagnostic and therapeutic applications. In 2015, Pfizer, Inc. established Center of Excellence in Precision Medicine (CEPM) in Chile, in partnership with Thermo Fisher Scientific, to validate new, more precise, and less invasive technologies for diagnosing cancer.

Furthermore, precision medicine is proving to be effective in treating oncology-related diseases, cardiovascular diseases, psychiatric disorders, neurodegenerative diseases, arthritis, obesity, diabetes, pain, and Alzheimer’s disease. Reduced cost of treatment attracts patient toward the precision medicine, as precision medicine cuts down most of the expensive treatments, which are not required since genetic testing helps the oncologists offer precision medicine.

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., and Quest Diagnostics.

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Furthermore, precision medicine is proving to be effective in treating oncology-related diseases, cardiovascular diseases, psychiatric disorders, neurodegenerative diseases, arthritis, obesity, diabetes, pain, and Alzheimer’s disease. Reduced cost of treatment attracts patient toward the precision medicine, as precision medicine cuts down most of the expensive treatments, which are not required since genetic testing helps the oncologists offer precision medicine.

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).
To reach full potential of precision medicine, collaboration among multiple players is required.

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.

Development of big data analysis and IT sector are expected to drive growth of the precision medicine market
The cost and time required for developing new precision medicines is expected to reduce due to the development of big data analysis and IT sector. Moreover, the development of new precision medicines will help in providing the right prescription to improve patient’s health. Huge amount of useful data required for tailored prescription is created by numerous genetic tests and diagnostic tests, which are to be carried out to provide precision medicines. Physicians are able to provide precision medicine, as big data analysis and IT are able to crunch, analyze, and store the necessary data. Key players in the market who are working towards developing bioinformatics technology for precision medicine research applications are funded by the government.

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

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This release was published on openPR.