An emerging disease treatment approach which is built based upon individual variability in genes, environment, and personal lifestyle is referred to as precision medicine. The precision medicine can also be termed as personalized medicine. Precision medicine is a mode of medicine that joins standardization with individualization. The benefit offered by this approach of treatment include accurate treatment prediction and strategies for prevention of a particular disease that works for a particular group of people. The standardized medicines marketed have the limitation of a ‘one-size fits-all’ approach, which may or may not be suitable for every patient owing to genetic differences.
Market Outlook:
Precision medicine is a relatively novel concept and technology that has now become a major business investment domain for major pharma companies. With the help of precision medicine, the diagnosis as well as diseases treatment is easier by depending on genomics as well as specific biomarker techniques. A precision based approach helps to to formulate medicines that result in new insights into disease biology. Thus, it becomes easier for physicians to make selection of the right drugs, optimal dosage and time for medicine usage coupled with least side effect.
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Moreover, high awareness pertaining to the benefits of adaptation of precision medicine is promoting this market growth. Other factors such as intense research, along with severe unmet needs in various diseases, especially oncology is further bolstering the market growth. Moreover, favorable government regulations and support in developed economies is driving the market growth. However, the high price of these therapies is expected to hamper the market growth.
Major players:
Quest Diagnostics. F-Hoffmann La Roche
Novartis AG
Teva Pharmaceuticals
Qiagen
Medtronic
Illumina
and Pfizer
The global precision medicine market has been segmented based on the type of technology, application and geography. On the basis of type of technology, the precision medicine market has been classified into big data analytics, sequencing, companion diagnostics, drug discovery, and bio-informatics. Depending upon application, Based on application, the global market is divided into neurology, cardiology, oncology, Infectious disease, hematology, endocrinology and others. Based on regions, the global precision medicine market is divided North America, Europe, Latin America, Asia Pacific, Latin America and Middle East and Africa.
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The North American market is anticipated to be the major markets in the precision medicine market. Factors such as high rate of adoption of leading edge technologies, favorable legal environment owing to certain grants and initiatives granted by the government are leading to high regional market growth. For instance, in January 2015, the U.S. President launched the Precision medicine initiative that included high funding request of US$ 215 million in the 2016 federal budget. The G erman precision medicine market is anticipated to register considerable growth over the future years. Supportive government initiatives such as launch of Individualized Medicine action plan coupled with increasing use of electronic health records for optimum healthcare outcomes is set to drive regional market growth.
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