Precision medicine is an emerging approach to preventive health and for the treatment of disease. The approach allows doctors and physicians to study the individual response to a therapy. The approach studies the individual profile at a genetic level along with their lifestyle and environment. In January 2015, Precision Medicine Initiative (PMI) was announced to extend precision medicine to all diseases with more than one million volunteers. All of The Unified Shared Services Management, a data-driven enterprise supported research at the intersection of environment, lifestyle and genetics to treat disease and prolong health. Targeted cancer therapy, use of combination therapies and knowledge of drug resistance were some of the short term goals. While the long-term goal was to create a cohort of 1 million American volunteers to share genetic data, lifestyle information, biological samples which would be linked to the electronic health record. This would advance pharmacogenomics and lay a scientific foundation for precision medicine for many diseases.
Global Precision Medicine Market Value and Forecast
The global precision medicine market, estimated to be worth around US$ 56 Bn by 2016 end, is expected to expand at an approximate CAGR of 14% over the forecast period of 2016–2024. North America accounted for largest market share and the net average net worth of the market was close to US$ 19 Bn in 2015 and is expected to expand at a CAGR of more than 13.5 % over the forecast period.
Global Precision Medicine Market Dynamics
Factors such as the increasing approval of drug along with its companion diagnostic assay, cost- effective profiling of DNA, increasing incidence rate of cancer and rise of data-driven healthcare are some of the reasons leading to the growth of the precision medicine market. Moreover, the increasing use of “multi-omics” in research along with the penetration of high-throughput sequencing platforms is also shaping up the precision medicine scenario. The number of targeted molecules in pipeline for a specific application has been exponentially growing specifically in oncology.
The current escalating price of drug discovery along with increasing regulatory requirements has increased the demand for an individualized product. The development of companion diagnostics appears to offer a set of tools as well as relevant clinical and biological information to address various pharmaceutical companies. Industry players are now patenting a molecule along with its companion diagnostics to achieve a competitive edge, profit margin and more usage. With the available companion diagnostics, both patient and physicians are assured of the therapy effectiveness.
Global Precision Medicine Market Segmentation Forecast
Based on application, the market has been segmented into multiple layers. Oncology, Immunology, Neurology, Cardiology, Infectious disease and others are some of the crucial streams of application segment. Oncology segment accounts for a significant share in terms of revenue of the total precision medicine market; however, immunology segment is anticipated to witness an impressive CAGR over the forecast period.
Global Precision Medicine Market Forecast by Region
Geographically, North America is leading the precision medicine market. The massive investment in the field of precision medicine in US will trigger the growth of the market within the assessment period. Though the funding is for oncology targeted therapy, the research would gradually expand to other applications. North America is at the forefront as far as the acceptance and utilization of precision medicine is concerned. As economically developing regions such as Asia-Pacific are still behind the developed countries, this region has huge potential for market growth, and this region will showcase significant hike by the end of the forecast period.
Key Players Operating in the Global Precision Medicine Market
Some of the players in the global precision medicine market are, F Hoffmann-La Roche AG, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Quest Diagnostics, Laboratory Corporation of America Holdings, Novartis AG, AstraZeneca, Bristol-Myers Squibb and Eli Lilly And Company. The companies are trying to increase their product pipeline by filing new molecule application or by extending the application of the existing molecule.
Other strategies such as merger and acquisitions, industry academia collaboration to bring in more commercialized molecule or sequencing techniques will also impact the present market trends. The report also identifies company-specific strategies related to product development, market consolidation initiatives and analysis of their specific strengths, weaknesses, opportunities and threats.
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