Precision Medicine Market to reach US$ 114,891 Mn by end of 2028, Says Coherent Market Insights
SEATTLE, Oct. 21, 2021 /PRNewswire/ -- Precision medicine sometimes referred to as "holistic medicine" is a highly specialized way to tailor personalized medicine to specific individuals, taking into consideration differences in genetics, histories, and environments. The aim of precision medicine is to only target the appropriate treatments to the appropriate patients at the appropriate time with the best possible outcomes. It is used to make medical interventions more efficient and less harmful to patients. In practice, precision medicine often involves working with and coordinating other health care teams, including primary care providers, specialists, surgeons, clinicians, nurses, and other doctors, all of whom work together to provide the most effective care. Precision medicine includes diagnostic tests, which are used to detect genetic variations that may affect a person's responses to medication or disease. These tests determine whether the patient's genetic or environmental factors are interfering with the effectiveness of the drugs, devices, or procedures being used in the treatment. The accuracy of such tests has improved a lot over the past few years.
The global precision medicine market is estimated to account for 114,891.8 Mn in terms of value by the end of 2028.
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Market Drivers:
Growing development of Big Data analysis and expansion of the IT sector is propelling growth of the precision medicine. Big data analysis and IT easily analyze, crunch, and store the necessary data which enable the physician to provide precision medicine. Key players are investing heavily in precision medicine. For instance, in August 2019, BioCity, the life science incubator and business announced an investment in precision medicine biotech, Kinomica Ltd., via the Innovate UK Precision Medicine Investment Accelerator.
An increasing number of R&D programs for enhancing precision medicine is fostering growth of the market. For instance, in October 2021, Amgen and Neumora Therapeutics, Inc. a clinical-stage biopharmaceutical company pioneering precision medicines for brain diseases, announced a strategic partnership to advance neuroscience discovery, development, and commercialization. The companies have partnered on programs by applying Neumora's proprietary precision neuroscience platform to insights generated by Amgen's deCODE genetics and human data research capabilities.
Market Opportunities
Key players are adopting various strategies to accelerate the development of the precision market across developing regions. This is expected to provide room for potential growth opportunities for the market. For instance, in August 2021, Clinical trial organization (CRO) Precision for Medicine has partnered with Trialbee, a patient selection, and selection firm to address the complexities of clinical development. According to this partnership, they will use Trialbee's analytical features and Precision for Medicine's wide range.
Development of bioinformatics by key players to support the research of precision medicine is projected to offer lucrative growth opportunities. For instance, in June 2021, Indivumed GmbH announced the launch of nRavelTM, a unique AI discovery platform for oncology and precision medicine. The platform combines IndivuType's deep multi-omics data with elaborate disease models, high-powered automated Machine Learning tools, and a comprehensive suite of advanced analytics tools.
Market Trends
Precision medicine has gained lots of popularity in the treatment of cancer due to its positive result. Thus, the increasing prevalence of cancer is expected to uplift the growth of the market. According to the World Health Organization, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The economic impact of cancer is significant and increasing. The total annual economic cost of cancer in 2010 was estimated at US$ 1.16 trillion.
Growing need for personalized medicine will favor positively impact the growth of precision medicine. According to the American Association for Clinical Chemistry, the most common conditions using personalized medicine today are diabetes (45%), common cancers (38%), and neurological diseases (33%). These numbers are all set to increase significantly in the near future.
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Competitive Landscape:
Major players operating in the precision medicine market are Intomics, Nanostring Technologies, Inc., Ferrer Incode, Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Merck & Co., Inc., Qiagen N.V., Teva Pharmaceutical Industries Ltd., and Quest Diagnostics.
Market segmentation:
Global Precision Medicine Market, By Technology:
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Precision Molecular Diagnostics
- Big Data Analytics
Global Precision Medicine Market, By Application:
- Oncology
- Breast cancers
- Lung Cancer
- Others
- Central Nervous System
- Hematology
- Respiratory
- Immunology
- Others
By Geography:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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