Precision Medicine Market – Not one-size fits all
Precision medicine is an emerging field, which tailors the treatment according to the individual’s genetic makeup, lifestyle, and environment. The precision medicine have gained popularity due to the positive result obtained by precision medicine in treatment of cancer. It allows the doctors and researchers to predict more accurate treatment and preventive strategies for any particular disease. Precision medicine has also challenged the approach of one drug fits all, as every person has unique genetic structure, which makes it impossible for one drug to work on whole population. Precision medicine is also known 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 with cancer cells tends to experience less side effects with quick recovery as compared to conventional drugs.
Furthermore, improvement in FDA oversights of the drugs tests and other technologies support the innovation in precision medicine by ensuring that they are safe and effective. The advancement in genetic sequencing also supports the precision medicine, as it is completely dependent on the genetic sequencing.
The global precision medicine market was valued at US$ 45,720.8 million in 2016 and is expected to witness a robust CAGR of 9.9% during the forecast period (2017-2025).
Global Precision Medicine Market by Region- 2016 (US$ Mn)
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.
Development of Big Data Analysis and IT sector are expected to drive the precision medicine market
Development of Big Data Analysis and IT is expected to reduce the cost and time required to develop new precision medicines, which allows the right prescription to improve the patient’s health. To provide precision medicine, number of genetic tests and diagnostic test are need to be carried out, which creates huge amount of useful data for tailored prescription. Big data analysis and IT plays an important role to crunch, analyze, and store the data, which helps physicians to offer precision medicine. The government is funding the companies, which work to develop bioinformatics technology for precision medicine research applications. 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.
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.
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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