Precision Medicine Market to gain rapid traction, with increasing demand for tailored medicine
The Global Precision Market was valued at US$ 45,720.8 million in 2016 and is projected to exhibit a CAGR of 9.9% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in adoption of personalized medicine, in turn, is projected to support the growth of precision medicine market over the forecast period.
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Manufacturers are focusing on innovation to tap into emerging markets. For instance, Synapse, Inc. and Strata Oncology, Inc., together, implemented an end to end precision oncology program to improve the 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 standard care markers and clinical trial eligibility markers. AstraZeneca launched a next-generation asthma drug in 2016 named, Benralizumab for eosinophil biomarker, which is a part of the new way of biological treatments for people with asthma, as AstraZeneca is moving toward precision medicine to resolve the disease. The Food and Drug Administration approved the first gene therapy, Kymriah (tisagenlecleucel) on August 2017, 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 is conducting 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) and then the trial researchers will gather the data on gene expression of DLBCL patients as a part of precision medicine for aggressive lymphoma consortium that supports the growth of precision medicine in hematology in near future.
Manufacturers are also collaborating to strengthen their product portfolios related to precision medicine. Precision for Medicine, Inc., in 2016, signed a deal to acquire ACT Oncology, which is expected to strengthen the company’s position in personalized cancer clinical trial space. On August 2017, Variantyx, a genetic testing company announced a partnership with FDNA, which has a facial recognition software that has revolutionized the diagnosis method of the rare diseases and is expected to fulfill the demand of patients and offer them precision medicine. Alexion Pharmaceuticals announced a partnership with Sema4 on August 2017, to improve the company’s diagnosis rate of the rare diseases and also speedup drug discoveries in near future. Precision for Medicine Group, Inc. acquired the Agility Clinical, a contract research organization, on September 2017, which focuses on clinical development of rare diseases and orphan therapies. This acquisition is expected to bring new precision medicine in the market.
Nevertheless, lack of reimbursement policy is expected to act as a restraint for the growth of precision medicine market.
To know the latest trends and insights prevalent in the precision medicine market, click the link below: https://www.coherentmarketinsights.com/market-insight/precision-medicine-market-145
Key Takeaways of the Market:
- The global precision medicine market is expected to exhibit a CAGR of 9.9% over the forecast period (2017–2025), owing to the significant adoption rate of precision medicines and the robust advancements in the industry
- Asia Pacific is expected to exhibit a high growth rate, in terms of value, over the forecast period
- Among application type, oncology segment is expected to exhibit a significant CAGR of 10.4%
- The global precision medicine market is characterized by market expansion in Asia Pacific, North America, and Europe, which is expected to generate higher market revenue due to government initiatives and rising adoption of personalized medicine
Some of the major companies offering precision medicine are Intomics, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, 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.
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