The growth in the Precision Medicine Market is propelled by an increasing demand for personalized treatment; technological innovation and advancement, as well as growth of personal healthcare devices are major key factor which drives the Global Precision Medicine Market.
Scope of Global Precision Medicine Market Reports –
Precision medicine is often called as Personalized Medicine. It is used to describe how genetic information about a person’s disease is being used to diagnose or treat their disease. Precision Medicine refers to the modification of medical treatment to the individual characteristics of each patient. It does not exactly mean the manufacturing of drugs or medical devices that are unique to a patient, but the ability to categorize individuals into sub-populations that diverge in their susceptibility to a particular disease. Preventive or therapeutic interventions can then be focused on those who will benefit, sparing cost and side effects for those who will not. The main aim of government regulations is to make Precision Medicines more accepted and it is focused towards genetic diseases related to oncology, skin, respiratory, central nervous system, cardiovascular, and infectious diseases.
The key objective of Cancergenomics is to improve personalized medicine through the DNA sequencing and analysis of patient tumors cells to find out new genetic mutation associated with specific cancers.
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Genetic information has helped to increase the development and use of the newest cancer treatments like Chemotherapy, Radiation Therapy, Targeted Therapy and Precision Medicines. For example, the drug Imatinib was modified to inhibit an altered enzyme produced by a fused version of two genes found in chronic myelogenousleukemia. Another example is the breast cancer drug Trastuzumab which works only for women whose tumors have a particular genetic profile calledHuman Epidermal Growth Factor Receptor 2(HER-2 positive). It is also found that lung cancer patients whose tumors are positive forEstimated Glomerular Filtration Rate (EGFR)mutations will respond to the drugs Gefitinib and Erlotinib which target this mutation. Conversely, colon cancer patients whose tumors have a mutation in a gene called KRAS (K-RAS) derive less benefit from the drugs Cetuximab and Panitumumab. The genomic information made by The Cancer Genome Atlas (TCGA) will boostthe research to develop similar treatment strategies for a given set of genomic alterations.
Global Precision Medicine Market is segmented on the basis of Technology Type, Sequencing Technology, Product, Application, End User and Geography. On the Basis ofTechnology Type, Global Precision Medicine Market is classified asBig Data, Analytics, Bioinformatics, Gene Sequencing, Pharmacogenomics Companion Diagnostics and Others.On the basis of Sequencing Technology Global Precision Medicine Market is classified into Sequencing by Synthesis, Ion Semiconductor Sequencing, Sequencing by Legation, Pyro sequencing, Single Molecule Real Time Sequencing, Chain Termination and Nano pore Sequencing.On the basis of Product Global Precision Medicine Market is classified as Consumables, Instruments and Services.On the basis of Application Global Precision Medicine Market is classified as Oncology, Central Nervous System, Immunology, Respiratory medicinesNeurology, Endocrinology, Pulmonary diseases, Ophthalmology, Metabolic diseases, and Infectious.On the basis of end Users Global Precision Medicine Market is classified as Pharma and Biotechnology Companies, Diagnostics Companies, Healthcare Companies, IT Companies, Big Data Companies and Clinical laboratories.
The regions covered in Global Precision Medicine Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, Global Melanoma Drug Market sub divided in to U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Precision Medicine Market Reports –
Global Precision Medicine Market reports cover prominent players likeAbbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings, Danaher Corporation,Biocrates Life Sciences AG, Nanostring Technologies, Intomics, Ferrer Incode, Eagle Genomics Ltd, Teva Pharmaceuticals, Medtronic, Novartis, Qiagen, Quest Diagnostics,Thermo Fisher Scientific Inc., AstraZeneca, Bristol-Myers Squibb, Eli Lilly And Company, Illumina, Inc., Amgen, Inc., Astellas Pharma, bioMerieux SA, Epic Sciences, Gilead Sciences, Janssen Diagnostics, Precision For Medicines, Tepnel Pharma Services, Covance, Silicon Biosystems(now part of the Menarini Group), Roche Holding, Silicon Biosystems,Tepnel Pharma Services, Almac Group Ltd, Asuragen Inc., Cepheid Inc. and Cetics Healthcare Technologies GmbH.
Global Precision Medicine Market Dynamics –
The key drivers for Global Precision Medicine Market are improvement in personal healthcare, latest wireless technologies with portable healthcare devices and upsurge in genetic diseases due to mutation, UV rays among others.Also growing approval of drug along with its diagnostic assay, cheaper profiling of DNA, rising rate of various types of cancer are some of the reasons leading to the growth of the Global Precision Medicine Market.The keypurpose of these regulations is to make precision medicines more acceptable and focused to genetic diseases associated to Oncology, skin, respiratory, CNS, CVD and infectious diseases among others. The patients are profitedultimately by these regulations as it save time and cutting cost as the patients acquire the vital treatment for the specific disease.Now, the Global Precision Medicine Market is ahead due to the growth of personal healthcare devices like Nebulizer, Infusion Pump, Glucose Meter and integration of smart technologies in the healthcare system such as Digital Patient Room Whiteboards. In addition, growing associations and partnerships between various ecosystem players are supporting the healthy growth of the Global Precision Medicine Market. The Global Precision Medicine Market is driven by rising demand for personalized treatment, technological advancement.
The Global Precision Medicine Market restraintscomprises potential threat to personal data, high diagnostic cost for e.g.,the cost for Orkambi oral tablet (125 mg-100 mg) is around $21,848 for a supply of 112 tablets, depending on the pharmacy is a barrier, potential risk of hardware or software failure, stringent regulations and standards. The improvement and innovation of novel healthcare technologies are emerging the platform for the growth of precision medicine market. The main aim of the government initiatives is toward oncology, but it is expected to target almost all therapeutic areas affected by genetic mutations.
Also, promising regulations are playing a key role in the growing rate of commercialization of novel molecule combinations and drug delivery techniques in the Global Precision Medicine Market sector. The advancements in drug development and the investigation of a large number of regulatory healthcare reforms, favoring development of methods for the improved diagnosis and treatment of chronic pain, will help the Global Precision Medicine Market tread along a promising growth path in the next few years.
Global Precision Medicine Market Regional Analysis –
Geographically, North America is leading the share in Global Precision Medicine Market.The growth of this regional market is mainly because of favorable reimbursement policies. The massive investment in the field of precision medicine in United State will generate the growth of the market within the calculated period. However the funding is for oncology targeted therapy, the research would gradually expand to other applications. North America is at the leading as far as the acceptance and consumption of precision medicine is concerned. Also Europe having a high position in the Global Precision Medicine Market.As economically developing regions such as Asia-Pacific are still behind the developed countries, this region has vast potential for market growth, and this region will show significant hike in the forecast period.Asia Pacific is likely to see the leading growth rate due to aincreasing geriatric population, growing awareness to health problems in and increased focus of leading companies to tap into growth opportunities in China and India.Furthermore, increase in awareness through various government and NGO campaigns of disease and government initiatives for improving health care facilities are expected to boost the regional market to a certain extent.