Overview:
The global precision medicine market size
is witnessing unprecedented growth due to people turning their focus more on
personal healthcare. It could attain an astonishing CAGR of 12.5% during the
forecast period (2023-2032). Precision medicine evolved from the concept that
same medicine cannot function equally for two different individuals with the same disease as they have different gene
structure. At the same time, medication depends on how well patients can
respond to its dosage. Hence, the need for precision medicine. Market Research
Future (MRFR), in their report, has
included various drivers and segments that can produce a reliable prediction
for the future market. Prevalent diseases such as cancer, diabetes, and others
are boosting the precision medicine market as treatment of such diseases gets a
better result with personalized medicine
structure. Furthermore, its impact can significantly lower the cost of
treatment.
However, a personal
data breach can be seen as a major precision
medicine market growth prohibition. The diagnostic cost can incur a high cost,
stringent government policies, the risk
with hardware and software failure, and lack of medical framework can hold back
the market during the forecast period.
Industry Trends:
Precision medicine is showing great promise
for the cure of the Alzheimer’s disease.
Two new drugs are waiting on the sideline for final approval; one called BAN2401 and the other Anavex 2-73.
BAN2401’s use on patients shows a reduction in generation of proteins called
amyloid plaques that cause memory loss.
Recently, an article published in SLAS
Technology (Society for Laboratory Automation and Screening) revealed that
artificial intelligence (AI) is all set to impact precision medicine industry
significantly as it can efficiently analyze small datasets and assist in the optimal design of drug combinations.
Segmentation:
The global precision medicine market insights can be segmented by ecosystem, sub-market, and therapeutics.
Based on the ecosystem, the precision
medicine market can be segmented into
clinical laboratories, diagnostic tool companies, healthcare IT/ big data
companies, and pharma & biotech companies. Diagnostic tools segment has the
largest market volume.
Sub-market segment of the precision
medicine can be segmented by
biomarker-based test, companion diagnostics, molecular diagnostics,
pharmacogenomics, targeted therapeutics, and others. Company diagnostics is
leading the segment.
Therapeutics-based segmentation of the
precision medicine market includes cancer/oncology, cardiovascular disease,
central nervous system, infectious diseases, and others.
Regional Analysis:
Region-specific analysis of the precision
medicine market encompasses North America, Europe, Asia Pacific (APAC), and the
Middle East & Africa (MEA).
North America is the largest market for
global precision medicine. The region has superior
infrastructure, both in healthcare and biotechnology. It sets up the zone
perfectly for research and developments assisting further in new product
development.
Europe is the second-largest market for
global precision medicine. Various investors are taking an interest in the sector and is helping in the development of new drugs. However, the developing regions market particularly, the APAC will be the fastest
growing and is likely to be the key to the future. But the MEA region may not
find much thrust due to but can expect steady growth.
Mergers, acquisitions, collaborations and other strategies dominate the market substantially when it comes to strategic decisions. For instance, Roche purchased Foundation Machine to better their portfolio. On the other hand, New Medicine Partners is trying to increase their market reach by proposing a plan based on personalized medicines to Kazakhstan officials to develop a plant there.
Global precision medicine market players include Abbott Laboratories (USA), Ab-Biotics SA (USA), Almac Group Ltd. (UK), Asuragen Inc (USA), Biobase GmbH (Germany), Biomérieux SA (France), Caris Life Sciences (USA), Cepheid Inc. (USA), Cetics Healthcare Technologies Gmbh (Germany), GE Healthcare (USA), GlaxoSmithKline PLC (UK), Healthcore Inc. (USA), IBM (USA), Innventis (Israel), Intel Corporation (USA), Johnson & Johnson (USA), Laboratory Corporation Of America Holdings (USA), Medtronic (USA), Molecular Health GmbH (Germany), Novartis (Switzerland), Pfizer Inc. (USA), Qiagen (Germany), Quest Diagnostics Inc (USA), Randox Laboratories Ltd. (UK), Sanofi Pharma (France), Takeda Pharmaceutical Company Limited (Japan), Teva Pharmaceutical Industries Ltd. (Israel), and others.
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