Precision Medicine Market – Insights
Precision medicine is an emerging field, which tailors the treatment according to the individual’s genetic makeup, lifestyle, and environment. Precision medicine has gained popularity due to positive results obtained by precision medicine in treating cancer. It allows doctors and researchers to predict more accurate treatment and preventive strategies for any particular disease. Precision medicine is also known as 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 in cancer has lesser side effects with quick recovery as compared to conventional drugs.
Furthermore, improvement in FDA oversees of drugs tests and other technologies support the innovation in precision medicine by ensuring that they are safe and effective. The advancements in genetic sequencing also supports precision medicine, as it is completely dependent on genetic sequencing.
The global precision medicine market was valued at US$ 61,447.3 million in 2018 and is expected to witness a robust CAGR of 10.1% during the forecast period (2019-2027).
Global Precision Medicine Market Share (%) Analysis, By Product Type, 2018
Source: Coherent Market Insights (2019)
Increasing 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 increasing development of big data analysis and IT sector. 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 (funds for a startup business).
Precision Medicine Market – Restraints
Factors restraining growth of the precision medicine market include unavailability of insurance coverage on genetic test, which is a mandatory test to analyze the mutation, to prescribe precision medicines accordingly and high cost of genetic test. For instance, according to the U.S. National Library of Medicine data published in September 2019, the cost of genetic testing can range from US$ 100 to above US$ 2,000, depending on the nature and complexity of the test. The cost increases if more than one test is necessary or if multiple family members must be tested to obtain a meaningful result.
Precision Medicine Market – Regional Insights
On the basis of region, the global precision medicine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America accounts for largest share in the global precision medicine market, followed by Europe. This is mainly attributed to increasing awareness and initiatives related to precision medicine in North America. In 2015, President Obama announced the launch of Precision Medicine Initiative that aimed to revolutionize the way of treatment to improve health, as precision medicine provides an innovative approach that studies the unique gene sequences of individual and offers tailored treatment.
Precision Medicine Initiative has led to powerful novel discoveries and several advanced treatments, which are tailored for specific characteristics such as genetic makeup or genetic profile of an individual tumor that helps the doctor to determine the treatment procedure. This is expected to drive growth of the precision medicine market in the 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, and in turn, is expected to fuel growth of the precision medicine market in the near future.
Global Precision Medicine Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Source: Coherent Market Insights Analysis (2019)
Precision Medicine Market - Competitive Landscape
Some of the major players operating in the precision medicine market includes Intomics, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.