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
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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 launche 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.
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Precision Medicine Market Taxonomy
On the basis of Technology, the Global Precision
Medicine Market is classified into:
-
By Technology
-
Big Data Analytics
-
Bioinformatics
-
Gene Sequencing
-
Drug Discovery
-
Precision Molecular Diagnostics
On the basis of Application, the Global Precision
Medicine Market is classified into:
-
By Application
-
Oncology
-
CNS
-
Respiratory
-
Hematology
-
Immunology
-
Neurology
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.
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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