According to a new market intelligence report by BIS Research, titled 'Global Precision Market - Analysis and Forecast, 2018-2028', the global precision medicine market was estimated at $78.85 billion in 2018 and is expected to grow over $216.75 billion by 2028. The market is anticipated to grow at a CAGR of 10.64% between the years 2018 and 2028, aided by the impressive growth in the digital health and information technology market.
The precision medicine market is a multibillion market which consists of innumerable companies involved in the research and development, manufacturing and commercialization of several novel drugs and diagnostic kits to boost the Precision Medicine workflow. Currently, the precision medicine market is gaining preference among the masses due to the growth of personal healthcare devices and integration of smart technologies in the healthcare system. In addition to increasing collaborations and partnerships between various ecosystem players that are aiding the robust growth of the precision medicine market. The growth of market is propelled by an increasing demand for personalized treatment, technological innovation and advancement (including biomarker-based tests/kits, next gene sequencing, and precise imaging), government support and regulations, which consequently, have created a demand for the precision medicine solutions.
Precision medicine got a further push with the introduction of the Precision Medicine Initiative by the U.S. government in 2015. To facilitate the development of targeted therapeutics, the number of commercialized predictive biomarker assays has increased tremendously, especially in case of chronic diseases. Such biomarker-based assays are known as companion diagnostics (CDx), which are developed in parallel to the targeted drug development process by pursuing drug-diagnostic co-development model. Also, companion diagnostics provides essential information for patient classification, enabling effective and safe use of corresponding drug or biological products.
BIS Research Report: https://bisresearch.com/industry-report/precision-medicine-market.html
Companion diagnostics help healthcare professionals to assess the benefits and side-effects or risk of therapeutic products on a patient. In the last five years targeted drugs which are tailored to biomarkers are developed with the help of a companion diagnostic to identify the patient population, which will respond positively to that targeted therapeutic. Therefore, CDx drug co-development model is preferred in healthcare industry, making CDx an indispensable part of the precision medicine.
According to Abdul Wahid Khan, Analyst at BIS Research "North America is the leading contributor to the global precision medicine market and contributed approximately 46.8% of the global market values in 2018. However, the Asia-Pacific region is expected to grow at an impressive CAGR of 12.33% during the forecast period from 2018 to 2028."
Following are the Research Highlights:
- Precision medicine is a multi-faceted approach wherein diverse range of technologies such as genomics, pharmacogenomics, biomarkers, medical imaging, bioinformatics, molecular diagnostics, and big data analytics synergize to achieve an individualized treatment approach regimen for an individual or a group of individuals.
- The global precision medicine digital health and information technology market (by type) is dominated by CDSS segment. The need to reduce medical errors and patient readmission is the main driver for the use of any decision support system in a healthcare organization.
- Currently the global precision medicine market is dominated by applied sciences in the ecosystem segment. In 2018, the contribution of applied sciences in global precision medicine market was around 32.58% of the total global precision medicine market revenue.
- Contribution of clinical trials segment is witnessing, a CAGR of 8.20% during the forecast period. The growth can be attributed to the increasing demand for individualized drugs and personalized treatment among the individuals.
- Increasing incidence of neurological disorders is a major factor bolstering the growth of the neurology/ physiatry segment in the global precision medicine market
- China is anticipated to have the potential to overtake the U.S. as the world's largest precision medicine market by 2040. In 2016, China's Ministry of Science & Technology announced precision medicine as part of its five-year plan, with an expected investment of 60 billion Yuan (or more than $9 billion) for the research.
Source: BIS Research Analysis
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This market intelligence report provides a multidimensional view of the global precision medicine market in terms of market size and growth potential. This research report aims at answering various aspects of the global precision medicine market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Further, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales and manufacturers and trend analysis by segments.
This report is a meticulous compilation of research on more than 200 players in the market ecosystem and draws upon insights from in-depth interviews with key opinion leaders of more than 42 leading companies, market participants, and vendors. The report also comprises 42 detailed company profiles including several key players, such as Pfizer, Inc., Merck & Co., Inc., GlaxoSmithKline plc, AstraZeneca plc, Sanofi S.A., and Abbott Laboratories, among others.
Key questions answered in the report:
- What are the major market drivers, challenges, and opportunities in the global precision medicine market?
- What are the underlying structures resulting in the emerging trends within the precision medicine market?
- What was the market value of the leading segments and sub-segments of the global precision medicine market in 2017?
- In terms of insurance and reimbursement, how has that been a limitation in Precision Medicine implementations, and how is that likely to change as there is a greater understanding of the importance of genetic testing for patients with cancer and other diseases.
- How biomarkers will increasingly become the standards for treatment selection and treatment in cancers in general, rather than anatomical and other traditional ways of staging cancers?
- How can the costs associated with precision medicine (including genetic testing to detect certain mutations, psychological evaluations, etc.) be justified, especially in terms of diseases that are already expensive to treat, like cancer?
- What are the technologies that can have the largest and most immediate impact on the precision, as far as improving patient outcomes and delivery of care?
- What are the key challenges in Integrating AI and Blockchain technologies into Precision Medicine?
- How does the aggregation and integration of individual's data will provide a depiction of the patient as an entire system, with embedded interrelationships?
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