Precision Medicine Market delivers a succinct analysis on industry size, regional growth and revenue forecasts for the upcoming years. The report further sheds light on significant challenges and latest growth strategies adopted by manufacturers who are a part of the competitive spectrum of this business domain.
The growth in the precision medicine market is propelled by an increasing demand for personalized treatment; technological innovation and advancement , as well as growth of personal healthcare devices are major key factor which drives the Global Precision Medicine Market.
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The key objective of Cancergenomics is to improve personalized medicine through the DNA sequencing and analysis of patient tumors cells to find out new genetic mutation associated with specific cancers.
Scope of Market Reports –
Precision medicine is often called as Personalized Medicine. It is used to describe how genetic information about a person’s disease is being used to diagnose or treat their disease. Precision Medicine refers to the modification of medical treatment to the individual characteristics of each patient. It does not exactly mean the manufacturing of drugs or medical devices that are unique to a patient, but the ability to categorize individuals into sub-populations that diverge in their susceptibility to a particular disease. Preventive or therapeutic interventions can then be focused on those who will benefit, sparing cost and side effects for those who will not. The main aim of government regulations is to make Precision Medicines more accepted and it is focused towards genetic diseases related to oncology, skin, respiratory, central nervous system, cardiovascular, and infectious diseases.
Key Players –
Reports cover prominent Precision Medicine Companies like Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings, Danaher Corporation,Biocrates Life Sciences AG, Nanostring Technologies, Intomics, Ferrer Incode, Eagle Genomics Ltd, Teva Pharmaceuticals, Medtronic, Novartis, Qiagen, Quest Diagnostics,Thermo Fisher Scientific Inc., AstraZeneca
Genetic information has helped to increase the development and use of the newest cancer treatments like Chemotherapy, Radiation Therapy, Targeted Therapy and Precision Medicines. For example, the drug Imatinib was modified to inhibit an altered enzyme produced by a fused version of two genes found in chronic myelogenousleukemia. Another example is the breast cancer drug Trastuzumab which works only for women whose tumors have a particular genetic profile calledHuman Epidermal Growth Factor Receptor 2(HER-2 positive). It is also found that lung cancer patients whose tumors are positive forEstimated Glomerular Filtration Rate (EGFR)mutations will respond to the drugs Gefitinib and Erlotinib which target this mutation. Conversely, colon cancer patients whose tumors have a mutation in a gene called KRAS (K-RAS) derive less benefit from the drugs Cetuximab and Panitumumab. The genomic information made by The Cancer Genome Atlas (TCGA) will boostthe research to develop similar treatment strategies for a given set of genomic alterations.
The regions covered in Global Precision Medicine Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, Global Melanoma Drug Market sub divided in to U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Precision Medicine Market Segmentation –
By Technology Type Analysis- (Big Data, Analytics, Bioinformatics, Gene Sequencing, Pharmacogenomics Companion Diagnostics, Others),
By Product Analysis- (Consumables, Instruments, Services, Others)
By Application Analysis- (Oncology, Central Nervous System, Immunology, Respiratory medicines Neurology, Endocrinology, Pulmonary diseases, Ophthalmology, Metabolic diseases, Infectious, Others)
Market Dynamics –
The key drivers for Global Precision Medicine Market are improvement in personal healthcare, latest wireless technologies with portable healthcare devices and upsurge in genetic diseases due to mutation, UV rays among others.Also growing approval of drug along with its diagnostic assay, cheaper profiling of DNA, rising rate of various types of cancer are some of the reasons leading to the growth of the Global Precision Medicine Market.The keypurpose of these regulations is to make precision medicines more acceptable and focused to genetic diseases associated to Oncology, skin, respiratory, CNS, CVD and infectious diseases among others. The patients are profitedultimately by these regulations as it save time and cutting cost as the patients acquire the vital treatment for the specific disease.Now, the Global Precision Medicine Market is ahead due to the growth of personal healthcare devices like Nebulizer, Infusion Pump, Glucose Meter and integration of smart technologies in the healthcare system such as Digital Patient Room Whiteboards. In addition, growing associations and partnerships between various ecosystem players are supporting the healthy growth of the Global Precision Medicine Market. The Global Precision Medicine Market is driven by rising demand for personalized treatment, technological advancement.
Regional Analysis –
Geographically, North America is leading the share in Global Precision Medicine Market.The growth of this regional market is mainly because of favorable reimbursement policies. The massive investment in the field of precision medicine in United State will generate the growth of the market within the calculated period. However the funding is for oncology targeted therapy, the research would gradually expand to other applications. North America is at the leading as far as the acceptance and consumption of precision medicine is concerned. Also Europe having a high position in the Global Precision Medicine Market.As economically developing regions such as Asia-Pacific are still behind the developed countries, this region has vast potential for market growth, and this region will show significant hike in the forecast period.
Asia Pacific is likely to see the leading growth rate due to aincreasing geriatric population, growing awareness to health problems in and increased focus of leading companies to tap into growth opportunities in China and India.Furthermore, increase in awareness through various government and NGO campaigns of disease and government initiatives for improving health care facilities are expected to boost the regional market to a certain extent.
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