- 13 November 2019 23:41
Precision Medicine Market Attain Valuation US$ 84 Billion by 2026
Precision medication (PM) is a form of medication that uses data about a person’s genes, proteins, lifestyle, and environment to forestall, diagnose, and treat diseases. This approach enables researchers and doctors to predict more accurately the treatment and prevention methods for a selected disease that can work for particular individuals.
The increasing acceptance rate of gene therapies in developed economies with a comparatively high-revenue can enhance the precision medicine market growth in the years ahead. Ascending incidences of genetic disorders and cost-efficiency of sequencing has is also contributing to the precision medicine market commercially. Moreover, growing analysis and development activities that reinforce the assembly and producing of precision medication is further driving this market globally. However, deviation from treatment-based to preventive healthcare, abstaining trends in food and drug administration pharmacotherapy approval rate, the encroachment of privacy rules, and misconception of genetic and health data may limit the precision medicine market growth.
The global precision medicine market value is expected to reach around US$ 84 billion by 2026 and is anticipated to grow at a CAGR of around 10% in terms of revenue during the forecast period 2019 to 2026.
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The precision medicine market is a multibillion market which consists of innumerable companies involved in the research and development, manufacturing and commercialization of several novel drugs and diagnostic kits to boost the Precision Medicine workflow. Currently, the precision medicine market is gaining preference among the masses due to the growth of personal healthcare devices and integration of smart technologies in the healthcare system. In addition to increasing collaborations and partnerships between various ecosystem players that are aiding the robust growth of the precision medicine market. The growth of market is propelled by an increasing demand for personalized treatment, technological innovation and advancement (including biomarker-based tests/kits, next gene sequencing, and precise imaging), government support and regulations, which consequently, have created a demand for the precision medicine solutions.
Precision medicine got a further push with the introduction of the Precision Medicine Initiative by the U.S. government in 2015. To facilitate the development of targeted therapeutics, the number of commercialized predictive biomarker assays has increased tremendously, especially in case of chronic diseases. Such biomarker-based assays are known as companion diagnostics (CDx), which are developed in parallel to the targeted drug development process by pursuing drug-diagnostic co-development model. Also, companion diagnostics provides essential information for patient classification, enabling effective and safe use of corresponding drug or biological products.
Companion diagnostics help healthcare professionals to assess the benefits and side-effects or risk of therapeutic products on a patient. In the last five years targeted drugs which are tailored to biomarkers are developed with the help of a companion diagnostic to identify the patient population, which will respond positively to that targeted therapeutic. Therefore, CDx drug co-development model is preferred in healthcare industry, making CDx an indispensable part of the precision medicine.
By technology, the market is divided into drug discovery, big data analytics, bioinformatics, companion diagnostics, genomic sequencing, and others. The drug discovery segment holds the largest market share, of about 25%. Human genome information obtained for immunologic processes is complicated. Big data analytics helps in segregating the obtained information and alter it to develop immunologic therapies. These software systems permit the convenience of vaccines and precision medicines altered in line with a person’s genome.
Based on application, the market includes respiratory, oncology, CNS, immunology, and others. Oncology is likely to witness the highest CAGR in the market over the forecast timeframe. Immunology accounted for the second-largest market share in 2018 and is anticipated to indicate similar growth trends over the forthcoming years. Utilization of information obtained from advanced platforms like large data analytics and bioinformatics large can accelerate the treatment process.
By end-user, the market includes pharmacy and biotechnology firms, diagnostic companies, healthcare-IT/big data firms, clinical laboratories, and others. Healthcare-IT/big data firms are predicted to hold a substantial share in the precision medicine market over the estimated timeframe. This can be attributed to the growing convenience of precision medicine software systems and rising stress on providing customized drugs in hospitals. Diagnostic laboratories contributed the second-largest revenue share in 2018, due to the growing technology enactment rate by diagnostic laboratories that guarantees top-quality medical diagnostic devices by utilizing the software package for information repository.
North America is likely to account for the most important share of the precision medicine market over the forecast timeframe, owing to the increasing geriatric population suffering from chronic diseases like cancer, cardiovascular diseases, diabetes, etc. Most of the geriatric Americans suffer from asthma, cancer, chronic obstructive pulmonary disease, and diabetes that ought to augment the precision medication market in the U.S. in the years ahead. High cancer incidences, increasing adoption of monoclonal antibodies, and various technological advancements are also driving the precision medicine market in the U.S. Additionally, the developed health care infrastructure, high public awareness associated with novel technologies for cancer management, and rising analysis and development activities associated with precision medicine are the important factors aiding the expansion of North America precision medicine market.
Europe held the second-largest share in the precision medicine market in 2018, due to the growing prevalence of cancer, presence of developed healthcare infrastructure, favorable reimbursement policies, increasing research and development investments, and rising awareness among healthcare professionals. Germany, France, and the U.K. are major countries in the European precision medicine market. The U.K. is estimated to grow rapidly over the forecast period. Germany dominated the European market with a revenue share of about 30% in 2018, due to the increasing demand for targeted therapy.
The Asia Pacific precision medicine market is projected to grow notably in the future, owing to the rising burden of genetic diseases in China that will drive the demand for gene therapies. Government of China has taken initiatives to fund the Chinese precision medicine market growth, which will advance the Asia Pacific precision medicine market growth in the future. Additionally, growing cancer prevalence, large geriatric population base, and increasing health awareness are also contributing to the region’s precision medicine market. China and Japan are dominant countries in the Asia Pacific precision medicine market, whereas India is estimated to grow rapidly in the future.
The Latin American precision medicine market is estimated to witness moderate growth over the forecast time period. Brazil contributed the largest revenue share, of about 65%, in 2018 to the regional market. The Middle East and Africa precision medicine market will register slow growth in the upcoming years, owing to the underdeveloped healthcare infrastructure and lack of advanced technologies in the region.
Key Players & Strategies
Major players include in this report are Major players include in this report are Tepnel Pharma Services, Novartis, Qiagen, Biocrates Life Sciences, NanoString Technologies, Roche, Pfizer, Eagle Genomics, Quest Diagnostics, Menarini Silicon Biosystems, Intomics, and Teva Pharmaceutical and Others.
GE Healthcare extended its Healthcare IT Center of Excellence in Szeged, Hungary, in June 2015 to help with the diagnosis of illnesses that are life-threatening, such as liver cancer and other conditions.
Signature Diagnostics AG, a private company headquartered in Potsdam, Germany, was purchased by Roche in February, 2015.
Following are the Research Highlights:
- Precision medicine is a multi-faceted approach wherein diverse range of technologies such as genomics, pharmacogenomics, biomarkers, medical imaging, bioinformatics, molecular diagnostics, and big data analytics synergize to achieve an individualized treatment approach regimen for an individual or a group of individuals.
- The global precision medicine digital health and information technology market (by type) is dominated by CDSS segment. The need to reduce medical errors and patient readmission is the main driver for the use of any decision support system in a healthcare organization.
- Currently the global precision medicine market is dominated by applied sciences in the ecosystem segment. In 2018, the contribution of applied sciences in global precision medicine market was around 32.58% of the total global precision medicine market revenue.
- Contribution of clinical trials segment is witnessing, a CAGR of 8.20% during the forecast period. The growth can be attributed to the increasing demand for individualized drugs and personalized treatment among the individuals.
- Increasing incidence of neurological disorders is a major factor bolstering the growth of the neurology/ physiatry segment in the global precision medicine market
- China is anticipated to have the potential to overtake the U.S. as the world's largest precision medicine market by 2040. In 2016, China's Ministry of Science & Technology announced precision medicine as part of its five-year plan, with an expected investment of 60 billion Yuan (or more than $9 billion) for the research.
This market intelligence report provides a multidimensional view of the global precision medicine market in terms of market size and growth potential. This research report aims at answering various aspects of the global precision medicine market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Further, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales and manufacturers and trend analysis by segments.
- The growing prevalence of cancer and rare diseases
- Growth in ageing population
- The high cost associated with precision medicine - Risks related to data sharing
- Growth in investments related to gene characterization
What does this report deliver?
1. Comprehensive analysis of the global as well as regional markets of the precision medicine market.
2. Complete coverage of all the segments in the precision medicine market to analyze the trends, developments in the global market and forecast of market size up to 2026.
3. Comprehensive analysis of the companies operating in the global precision medicine market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
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Key questions answered in the report:
- What are the major market drivers, challenges, and opportunities in the global precision medicine market?
- What are the underlying structures resulting in the emerging trends within the precision medicine market?
- What was the market value of the leading segments and sub-segments of the global precision medicine market in 2017?
- In terms of insurance and reimbursement, how has that been a limitation in Precision Medicine implementations, and how is that likely to change as there is a greater understanding of the importance of genetic testing for patients with cancer and other diseases.
- How biomarkers will increasingly become the standards for treatment selection and treatment in cancers in general, rather than anatomical and other traditional ways of staging cancers?
- How can the costs associated with precision medicine (including genetic testing to detect certain mutations, psychological evaluations, etc.) be justified, especially in terms of diseases that are already expensive to treat, like cancer?
- What are the technologies that can have the largest and most immediate impact on the precision, as far as improving patient outcomes and delivery of care?
- What are the key challenges in Integrating AI and Blockchain technologies into Precision Medicine?
- How does the aggregation and integration of individual's data will provide a depiction of the patient as an entire system, with embedded interrelationships?