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Precision Medicine Market (COVID-19 Impact Analysis) with 2020 Industry Size, Trends, Global Growth, Insights, Leading Players - Neon Therapeutics, Moderna, Bayer AG, F. Hoffmann-La Roche, CureVac AG, Gritstone Oncology
Precision Medicine Market
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The market research study carried out in global Precision Medicine Market business report helps to recognize the various drivers and restraints impacting the market during the forecast period. Choosing market research report is very essential for the business growth as it helps with the better decision making, enhancing revenue generation, prioritizing market goals and results in profitable business. Evaluations about the CAGR value variations for specific forecast period, market drivers, market restraints, and competitive strategies are measured in this report. Granular market information combined in this persuasive Precision Medicine Market report will be helpful to Healthcare industry to take competent business decisions.
Market Analysis: Global Precision Medicine Market
Global precision medicine market to grow with a substantial CAGR in the forecast period of 2019-2026. Growing prevalence of cancer worldwide and accelerating demand of novel therapies to prevent of cancer related disorders are the key factors for lucrative growth of market
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Key Market Players:
Few of the major competitors currently working in the global precision medicine market are Neon Therapeutics, Moderna, Inc, Merck & Co., Inc, Bayer AG, PERSONALIS INC, GENOCEA BIOSCIENCES, INC., F. Hoffmann-La Roche Ltd, CureVac AG, CELLDEX THERAPEUTICS, BIONTECH SE, Advaxis, Inc, GlaxoSmithKline plc, Bioven International Sdn Bhd, Agenus Inc., Immatics Biotechnologies GmbH, Immunovative Therapies, Bristol-Myers Squibb Company, Gritstone Oncology, NantKwest, Inc among others.
Market Definition: Global Precision Medicine Market
Precision medicines is also known as personalized medicines is an innovative approach to the patient care for disease treatment, diagnosis and prevention base on the person’s individual genes. It allows doctors or physicians to select treatment option based on the patient’s genetic understanding of their disease.
According to the data published in PerMedCoalition, it was estimated that the USFDA has approved 25 novels personalized medicines in the year of 2018. These growing approvals annually by the regulatory authorities and rise in oncology and CNS disorders worldwide are the key factors for market growth.
Precision Medicine Market Drivers :
Vulnerable oncology patients worldwide is driving the market growth
Growing approval of personalized medicines from the regulatory authorities acts as a market driver
Advancing in the field and emerging innovation to established an approach for treating many disease by personalized medicines is accelerating the market growth
On-going clinical trials yields promising results of personalized medicines which in turns boost the health care industries is also enhancing the market growth
Precision Medicine Market Restraints :
Substantial applications due to lack of research particularly in the area of scientific discovery is restraining the growth of this market
Lack of government initiatives and reimbursement polices restricts the market growth
Scientific and technological challenges to develop the personalized medicines is also hampering the market growth
Precision Medicine Market : By Geography
North America
South America
Europe
Asia-Pacific
Middle East & Africa
Key Developments in the Precision Medicine Market :
In March 2019, Neon Therapeutics, Inc. reported the data for NEO-PV-01, a novel personalized cancer vaccine to be developed in a combination with nivolumab that targeting neoantigens and kills cancer cells that trial demonstrated clinical benefits. The NEO-PV-01 is currently in phase I/II clinical trial, if successful it will provide patients with more effective personalized medicines treatment options
In September 2016, BioNTech AG and Genentech, Inc. has entered into research collaboration for the development of messenger RNA (mRNA)-based, individualized cancer vaccines for the treatment of broad range of cancer. As per the deal, BioNTech AG received USD 310 million as an upfront payment and eligible to receive milestone payment. This collaboration will provide cancer patients with novel-disease specific treatment options
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