Precision medicine is an approach of treatment that has been derived on the basis of individual variability in environment, genes and lifestyle of each person. This novel approach assists medical practitioners and researchers to understand various treatment needs in order to prevent specific diseases. It allows for highly precise targeting of medication for treatment of various diseases, which is expected to lead to high adoption by medical practitioners and researchers. This in turn would contribute to growth of overall market during the forecast period (2016-2024). Extensive R&D activities initiated by various major players has led to development of various advancements in precision medicine that have received FDA approval. Various governments are focusing developing effective medication and treatment approaches to tackle the menace of increase prevalence of diseases, in turn creating a highly conducive environment for market growth. For instance, in 2015, the U.S. government launched the Precision Medicine Initiative, under which a grant of approximately US$ 215 million was sanctioned for the Precision Medical Initiative collaboration with the National Institutes of Health, the Food and Drug Administration, and the Office of the National Coordinator for Health Information Technology.The role of precision medicine in the healthcare applications is currently limited, though growing awareness among physicians and scientists about the various beneficial properties is projected to drive market growth.
Drug discovery, companion diagnostics, sequencing, bio-informatics are the some of the major segments of focus for market players. There are several ongoing drug discovery programs in the oncology sector for development of effective cancer treatment.
Precision Medicine Market Taxonomy
On the basis of Technology, the Global Precision Medicine Market is classified into:
On the basis of Application, the Global Precision Medicine Market is classified into:
Precision molecular diagnostics are usually referred to as companion diagnostics and are mandatory requisites for cost-effective use of targeted small molecule drugs or biologics. Precision diagnostics help develop personalized medicine with better patient outcomes and also enhance effective resource utilization and help reduce costs for healthcare systems. Thus, this approach is expected to create a growth opportunity for players in precision medicine market.
Precision Medicine Market Outlook
Factor such as, rising incidences and prevalence of cancer diseases, technological advancements, government initiatives, and increased adoption of gene therapy are some of the factors resulting in growth of the global precision medicine market during the forecast period (2016-2024).
Complex nature of the drugs, high development costs, and sub-optimal development framework are some of the restraints that would hamper growth of the precision medicines market in terms of revenue in the near future.
Recent developments in the pharmacogenomics are expected to create suitable environment for developing drugs, which are specific to one patient or group. Development of genetic databases could further help exploit lucrative opportunities in the market. Also, favorable policies of the governments in relation to the precision medicine would add incremental opportunity that would boost growth precision medicines market.
The challenge in this area is about data privacy. There is nothing more private and valuable than our genome sequencing. If the data falls into wrong hands, our data could make us vulnerable and it would create more challenges into this field. Also, there is a chance that, this data can be used for commercial purposed.
Geographically, North America accounts for major market share with a high growth rate, followed by Europe. The increasing pool of cancer patients along with high healthcare per capita expenditure, increasing rate of new technology acceptance are among the major factor resulting in rampant growth of the North America precision medicine market
Major players in the precision medicine market include Pfizer, Inc., F-Hoffmann La Roche, Novartis AG, Teva Pharmaceuticals, Quest Diagnostics, Illumina, Inc. and Qiagen, Inc.
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