Precision medicine initiative aims to use advances in clinical and basic research to develop therapeutics that selectively target and kill cancer cells. This allows researchers to develop chemically tractable probes that can image cancer in Vivo. Precision medicine is used to treat children or adolescent patients suffering from brain tumor that have no other effective therapies. Various companies are continuously investing in research and development to further refine precision medicines for interventional surgical imaging, as well as for diagnostic and therapeutic applications. In 2015, Pfizer, Inc. established Center of Excellence in Precision Medicine (CEPM) in Chile, in partnership with Thermo Fisher Scientific, to validate new, more precise, and less invasive technologies for diagnosing cancer.
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Furthermore, precision medicine is proving to be effective in treating oncology-related diseases, cardiovascular diseases, psychiatric disorders, neurodegenerative diseases, arthritis, obesity, diabetes, pain, and Alzheimer’s disease. Reduced cost of treatment attracts patient toward the precision medicine, as precision medicine cuts down most of the expensive treatments, which are not required since genetic testing helps the oncologists offer precision medicine.
Market Dynamics
The two recent FDA drug approvals, Kalydeco (ivacaftor) and Keytruda (pembrolizumab), pertaining to 33 cystic fibrosis mutations and cancer treatment based on a genetic feature respectively, point to an encouraging future for precision medicine. National Cancer Institute (NCI) conducts NCI-COG Pediatric MATCH trial that enrolls children and adolescents by advanced cancer therapy based on their genetic abnormality, where NCI also plans to support new immunotherapy clinical trials, antibody, testing of new combinations of the cell, small molecule, and radiation therapy studies, which include sequencing of tumor specimens. In July 2017, NCI has also launched various precision medicine trials, which include Adjuvant Lung Cancer Enrichment Marker Identification and Sequencing Trials (ALCHEMIST), Lung Cancer Master Protocol (Lung-MAP), Molecular Analysis for Therapy Choice (NCI-MATCH), and Molecular Profiling-Based Assignment of Cancer Therapy (NCI-MPACT).
To reach full potential of precision medicine, collaboration among multiple players is required.
Market Taxonomy
This report segments the global precision medicine market on the basis of technology and application. On the basis of technology, the global precision medicine market is segmented into bioinformatics, gene sequencing, drug discovery, precision molecular diagnostics, and big data analytics. Applications of precision medicine include oncology, CNS, hematology, respiratory, and immunology, among others.
Key features of the study:
This report provides an in-depth analysis of precision medicine in medical sector and provides market size (US$ Million) and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2016 – 2024), considering 2015 as the base year
It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, product pipeline, regional outlook, and competitive strategy adopted by the leading players
It profiles leading players in the global precision medicine market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans
Key companies covered as a part of this study include Novartis AG, Intomics, Ferrer Incode, Nanostring Technologies, Inc., Pfizer, Inc., Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics
Detailed 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
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