“The Global Precision Medicine Market is expected to grow at a CAGR of 9.50% during the forecasting period (2021-2028)”.
Precision medicine is an advanced approach for patient care and treatment by selecting desired treatments based on a genetic understanding of their disease. Precision medicine can also be called personalized medicine.
Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person.
Precision medicine will allow doctors and researchers to predict more accurately which treatment and prevention strategies should be adopted for a particular disease or condition.
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The rise in online collaborative firms for precision medicines is driving the global precision medicine market.
For instance, in July 2018, Validic collaborated with SAP to integrate health data captured by clinical devices to help providers deliver personalized treatments.
In October 2018, LabCorp and Definiens developed a strategic collaboration to improve the global development of precision medicine. This collaboration, Covance drug development business that will enable a seamless integration of digital pathology with clinical-trial design and tissue-based testing solutions, resulting in a faster and more rigorous approach to biomarker validation and companion diagnostic co-development.
In June 2018, -2bPrecise LLC, an EHR-agnostic, cloud-based precision medicine platform, collaborated with PierianDx, Inc., the leading clinical genomics knowledgebase company to provide a comprehensive precision medicine solution that combines genomic and clinical data to help providers make precise decisions at the point of care.
The high cost of precision medicine and peril of data sharing might hamper the global precision medicine market.
Big Data Analytics
Pharma & Biotech Companies
Diagnostic Tool Companies
Healthcare IT/Big Data Companies
North America held the dominant market share for precision medicine in 2018, and it is expected to maintain the growth over the forecast period, due to the increasing government initiative for the development of precision medicine in the U.S.
In December 2015, the government of the United States raised a fund of about US 6.3 Bn for research and development.
Asia-Pacific has shown significant growth in 2018, due to the government investment for the development of Precision Medicine in this region.
In June 2016, the central government of China had introduced a 15-year project for Precision Medicine and have funded USD 9.2 billion aiming to build up the country’s credentials as a global leader in precision medicine.
The increase in strategic collaboration and production sites for the development of Precision Medicine is driving the global precision medicine market.
For instance, in June 2018, Thermo Fisher Scientific Inc., opened its U.S. Precision Medicine Science Center (PMSC) in Cambridge, Mass. The center offers access to advanced “omics” technologies and expertise to help collaborators develop analytical workflows that generate precise molecular profiles of patients.
In January 2018, GE Healthcare partnered with Roche to build precision medicine oncology platform.