Global Precision Medicine Market, By Technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, and Big Data Analytics), By Application (Oncology (Breast cancers, Lung Cancer and Others), Central Nervous System, Hematology, Respiratory, Immunology, and Others)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 61,447.3 million in 2018 and is projected to exhibit a CAGR of 10.1% over the forecast period (2019 – 2027), as highlighted in a new report published by Coherent Market Insights.
Increasing innovations in technology, rising global outreach in emerging markets, increasing research and development, and adoption of strategies such as collaboration are expected to fuel growth of the precision medicine market over the forecast period.
Manufacturers are focusing on innovation to tap into the emerging markets. For instance, Synapse, Inc. and Strata Oncology, Inc., together, implemented an end-to-end precision oncology program to improve outcomes of the treatment with reduced costs, as the companies are selecting the most promising precision medicine clinical trials. Strata Oncology, Inc. also launched Strata NGS test in May 2017, which is designed for 90 gene targeted assay that focuses on genetic alterations in tumor tissue and includes tumor markers and clinical trial eligibility markers.
Moreover, in 2016, AstraZeneca launched a next-generation asthma drug, Benralizumab, for eosinophil biomarker, which is a part of the new biological treatments for people with asthma, as AstraZeneca is shifting towards precision medicine to cure the disease. In August 2017, the U.S. Food and Drug Administration approved the first gene therapy, Kymriah (tisagenlecleucel), which was developed by Novartis for the treatment of patients below 25 years of age with B-cell precursor acute lymphoblastic leukemia. This therapy represents a shift from chemotherapy to precision medicine.
Furthermore, The University of Southampton in Britain conducted a phase 2 clinical trial in 2017 for testing whether the addition of acalabrutinib to R-CHOP could improve outcomes of patients with diffuse large B-cell lymphoma (DLBCL). Then, the clinical trial researchers gather data on gene expression of DLBCL patients from the precision medicine for aggressive lymphoma consortium, which is expected to drive growth of precision medicine in hematology in the near future.
Browse 24 Market Data Tables and 29 Figures spread through 170 Pages and in-depth TOC on “Precision Medicine Market, By Technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, and Big Data Analytics), By Application (Oncology, Central Nervous System, Hematology, Respiratory, Immunology, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027″
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Key players in the precision medicine market are adopting strategies such as collaboration to enhance their product portfolio. In 2016, Precision for Medicine, Inc. signed a deal for the acquisition of ACT Oncology, which will help the company to have a strong foothold in the personalized cancer clinical trial space. In August 2017, Variantyx, a genetic testing company, announced its partnership with FDNA. FDNA has a facial recognition software, which helps in the diagnosis of rare diseases. It is expected to fulfill the demand of patients and offer them precision medicine.
Furthermore, in August 2017, Alexion Pharmaceuticals announced a partnership with Sema4 for the improvement of company’s diagnosis rate of rare diseases and also to speed-up development of drugs in the near future. Precision for Medicine Group, Inc. completed the acquisition of Agility Clinical, a contract research organization that focuses on clinical development of rare diseases and orphan therapies, in September 2017. The aim of the acquisition was to bring new precision medicines into the market.
However, lack of reimbursement policy is expected to restraint growth of the precision medicine market.
Key Takeaways of the Precision Medicine Market:
- The global precision medicine market is expected to witness a CAGR of 10.1% during the forecast period (2019–2027), owing to research and development regarding new technologies related to new therapeutic applications such as oncology and genetics. Moreover, strategic partnerships and collaborations are also expected to favor the precision medicine market growth.
- Among technology, the bioinformatics segment is expected to account for major revenue share in 2027, owing to new service launches. For instance, in August 2019, GeneXplain launched Genome Enhancer, a modified and simplified version of its flagship multi-omics bioinformatics platform, to support clinicians in their research of precision medicine. The GeneXplain platform features a complete workflow management system as well as hundreds of pipelines for various bioinformatic tasks.
- Major players operating in the global precision medicine market include Intomics, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.