Precision Medicine Market Overview, Industry Top Manufactures, Market Size, Industry Growth Analysis and Forecast: 2026
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
Click To Read More On Global
Precision Medicine Market
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