Global Precision Medicine Market, By Technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular, Diagnostics, Big Data Analytics), Application (Oncology, CNS, Hematology, Respiratory, Immunology), and Geography - Insights, Size, Share, Opportunity Analysis, & Industry Forecast till 2025

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)

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Source: Coherent Market Insights (2017)

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.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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