Precision Medicine Market - Segmented By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), Application and Geography- Growth, Trends, and Forecast (2018 - 2023)
The precision medicine market was valued at USD 44,040.0 million in 2017, is expected to register a CAGR of about 9.7% during the forecast period, 2018-2023. Precision medicine, a combination of molecular biology techniques and systems biology, is an emerging approach for disease treatment and prevention. The market growth for this approach is gaining momentum, as it takes into account individual variability in genes, environment, and lifestyle for each person while developing drugs and vaccines. Increasing online collaborative forums, increasing efforts to characterize genes, and advancement in cancer biology are the major factors fueling the growth of the precision medicine market.
The incidence of Online Collaborative Forums Propels the Precision Medicine Market
Precision medicine is based on the genetic profile of a patient and the way a particular drug can work for a specific genetic type. Drug development and discovery in precision medicine requires a collaborative effort. The data from clinical research and other gene sequencing forums are important in understanding the drug targets for personalized medicine. Sharing the information available through online collaborations helps in exchanging useful information between different research groups, thus, increasing online collaborative forums, which is further fuelling the growth of the global precision medicine market. Additionally, increasing efforts to characterize genes and advancement in cancer biology are also responsible for the growth of the global precision medicine market.
Perils of Data Sharing Limit the Growth of the Precision Medicine Market
Expansion of healthcare with huge volume and velocity of data has encouraged clinicians and hospitals to use analytics. In spite of all the benefits provided by healthcare analytics, there are still barriers to adopt healthcare IT systems; data integrity is one such barrier. Well-established organizations are facing difficulty in capturing data from different sources. Data integrity has been impacted by duplicate records and patient misidentification. Criminals are stealing information through breached cybersecurity (identity theft) to reach beyond the victim’s bank accounts. The integrity of data in health IT systems can also be compromised due to data entry errors, missing data or delayed data delivery, copying and pasting older information into a new report, use of both paper and electronic systems for patient care, and patient/data association errors. Since inaccurate data has the potential to become a major health risk for patients and a huge liability for providers, it is a key factor restraining the growth of the precision medicine market. Additionally, high cost associated with precision medicine and declining trends in FDA Pharmacotherapy approval rate are restraining the growth of the global precision medicine market.
Market Segmentation Insights for the Precision Medicine Market
The global precision medicine market is segmented based on technology, and application. By technology, it is further segmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others. The big data analytics segment of the market studied held 22% revenue share in the market. The technological and analytical developments in genomics have made it possible to rapidly identify and interpret the genetic variation underlying a single patient's disease.
By application, it is further segmented into oncology, CNS, immunology, respiratory, and others. Oncology deals with the diagnosis and treatment of tumours & cancers and among the leading causes of morbidity and mortality. Lung, breast and colorectal cancers are the most common cancers. According to WHO, cancer was responsible for 8.8 million deaths in 2015 including nearly 1 in 6 deaths globally. In addition, 70% of all deaths from cancer primarily occurs in low and middle-income countries
North America to Dominate the Precision Medicine Market
The North American precision medicine market accounted for the largest regional share in 2017, owing to the high prevalence of cancer, coupled with the favourable regulatory scenario in the countries. Numerous awareness campaigns and initiatives organized by government and private associations and societies, to increase awareness levels, will propel industry expansion. For example, the launch of Precision Medicine Initiative (PMI) by President Barack Obama in 2015 for developing innovative solutions for chronic diseases, such as cancer, based on genomic, environment and lifestyle characteristics of patients will also fuel the regional market growth.
Key Developments in the Market
- Mar 2017- NanoString launched nCounter Low RNA Input Kit, a product that generates high-quality gene expression profiling of up to 800 gene targets from as little as 1 ng of sample
Major Players -Biocrates Life Sciences AG, Nanostring Technologies, Intomics, Pfizer Inc., Eagle Genomics Ltd, Teva Pharmaceuticals, Laboratory Corporation Of America Holdings, Medtronic, Novartis AG, Qiagen NV, Quest Diagnostics Incorporated, and F. Hoffmann-La Roche AG among others.
Reasons to Purchase the Report
- Current and future of precision medicine market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the market estimate sheet (in Excel)
Customization of the Precision Medicine Market Report
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