Press release
Precision Medicine Market Size, Statistics, Industry Growth, Value Chain, Trends And Forecast To 2025 Appraised By Global Players Intomics, ferrer incode, Nanostring Technologies, Inc.Tepnel Pharma Services, Pfizer, Inc., Novartis AG
Precision Medicine Market
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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.
Government initiative for precision medicine is expected to fuel the growth of the precision medicine market in the near future.
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.
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Global Key Players:
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.
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
Europe
Asia Pacific
Latin America
Middle East
Africa
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. For instance, in August 2017, Armonica Technologies, Inc., an Albuquerque-based company, received US$ 1.5 million as a catalyst fund.
The drugs developed by manufacturers are hard to approve and expensive. They are not functional for large number of population, which has built the pressure on pharmaceutical companies to develop an active drug to cure the disease, which can be done with the help of Big Data Analysis and IT sectors to manufacture the precision medicines.
Growth restraining factors for precision medicine include unavailability of the insurance coverage on the genetic test, which is a mandatory test to analysis the mutation and according to it precision medicine could be provided. High cost of genetic test also hampers the growth of precision medicine market.
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