Precision medicine is an innovative approach to prevent and treat diseases by taking into account the individual distinction between genetic make-up, lifestyle, and environment of an individual. It is sometimes also known as personalized medicine. This approach enables the healthcare providers to enhance treatment, avoid negative drug reaction, monitor administration of drug, and focus on prevention or early intervention whenever required. This approach enables providers to gather data about the molecular mechanisms of an individual being tested, which further enables researchers to develop targeted therapies and preventive strategies.
As on date, the burgeoning economic burden due to the increasing incidence of chronic diseases, such as cancer is paving the way for precision medicine market. Precision medicine holds immense potential to transform the healthcare industry as it can help save the total global expenditure on curing and preventing chronic diseases. The recent development in technologies which includes molecular biomarker analysis, companion diagnostics, and gene therapies are aiding therapeutics to adopt and promote precision medicine.
Some of the other factors responsible for driving the growth of the market are growing demand for non-invasive testing procedures, reduced adverse drug reactions that pharmacogenomics testing enables, shift in the significance of medicine from cure to prevention, and the increasing focus on a targeted therapy that replaces trial-and-error medicine. At the same time, there are factors that are restraining the growth of the precision medicine market which including a lack of unified framework for data integration, limited knowledge about applications of precision medicine, lack of robust reimbursement landscape for various treatments, and certain regulatory hurdles that are meant to ensure the safety of patients.
According to the recent market intelligence report published by BIS Research, titled Global Precision Medicine Market – Analysis and Forecast (2018 – 2028), the precision medicine market was estimated at $78.85 billion in 2018 and is expected to reach $216.75 billion by 2028. The market is projected to witness a CAGR of 10.56% during the forecast period from 2018 to 2028. This growth of the market is aided by the impressive growth in the digital health and information technology market.
Additionally, the report highlights the detailed segmentation of the market on the basis of ecosystem, application, and region. The precision medicine market by ecosystem is further sub-segmented under applied sciences, precision diagnostics, digital health, and information technology, and precision therapeutics. The applied sciences sub-segment is further categorized under genomics, pharmacogenomics, and other applied sciences. The genomics are further segregated under polymerase chain reaction (PCR), precision medicine next-generation sequencing (PM NGS), genome editing, and other technologies.
Based on the analysis shared by BIS Research in the report, the applied sciences segment dominated the precision medicine ecosystem in 2017. However, the precision therapeutics segment is expected to dominate the market by 2028.
The precision medicine market by application is segmented into oncology, infectious diseases, neurology/psychiatry, cardiovascular, Gastroenterology, and others. In 2017, the oncology segment dominated the market by application and is expected to maintain the dominance by 2028. However, it is the cardiovascular segment that is expected to register the highest growth in the market during the forecast period from 2018 to 2028.
The global precision market by region is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The region of North America dominated the market in 2017 and is expected to maintain the dominance during the forecast period as well.
The report published signifies that in a span of a decade and a half the precision medicine approach has proven to be ground-breaking and has revolutionized the entire healthcare industry. As it has successfully managed to bring together its different segments such as pharmaceutical & biotech, diagnostics, healthcare IT companies, care providers, hospitals, physicians and patients. Moreover, the report also discusses in detail about the gaps present in the field of precision medicine along with economic impact of addressing these gaps.
Top 25 Voices in Precision Medicine
BIS Research and Insight Monk present ‘Top 25 Voices in Precision Medicine’. This annual list will feature the most respected and knowledgeable voices in the subject of Precision Medicine and their thoughts on the topic.. Nominate yourself or someone you know as an expert in Precision Medicine or any of its sub-topics.