Precision medicine (PM) is an approach to patient care that allows doctors to select treatments that are most likely to help patients based on a genetic understanding of their disease. Personalized nanomedicine involving individualized drug selection and dosage profiling in combination with clinical and molecular biomarkers can ensure the maximal efficacy and safety of the treatment. The major hindrance toward the development of such therapies is the handling of the “Big Data,” to keep the databases updated. Robust automated data mining tools are being developed to extract information regarding genes, variations, and their association with diseases. Phenotyping, an integral part of PM, is aimed at translating the data generated at cellular and molecular levels into clinically relevant information. Precision Medicine Moves Care from Population-Based Protocols to Truly Individualized Medicine as President of the US announced the Precision Medicine Initiative in his 2015 State of the Union address. Under the initiative, medical care would transition from a one-size-fits-all approach to an individualized approach, in which data on each patient’s genomic makeup, environment, and lifestyle (the exposome) helps medical professionals tailor treatment and prevention strategies. To achieve the Precision Medicine Initiative mission statement, “to enable a new era of medicine through research, technology, and policies that empower patients, researchers, and providers to work together toward development of individualized care,” researchers and clinicians need vast and varied amounts of data and the technology to ensure that data is widely accessible and usable.
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Insights Presented in the Report
Based on technology type, the market is fragmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others. Recent technological and analytical advances in genomics, have now made it possible to rapidly identify and interpret the genetic variation underlying a single patient’s disease, thereby providing a window into patient-specific mechanisms that cause or contribute to disease, which could ultimately enable the ‘precise’ targeting of these mechanisms
Based on the market segment by application type, the market is segmented into oncology, respiratory diseases, central nervous system disorders, immunology, genetic diseases and others. With the advent of precision medicine, cancer treatment is moving from a paradigm in which treatment decision is primarily based on tumor location and histology followed by molecular information to a new paradigm whereby treatment decisions will be primarily based on molecular information followed by histology and tumor location
Based on the market segment by end-user, the market is fragmented into hospitals & clinics, pharmaceuticals, diagnostic companies, Healthcare-IT firms and others. The precision medicine suppliers that understand technology and the goals of value-based healthcare can create value in the precision medicine value-chain by offering value-based solutions and platforms to interpret and connect data points. There are a number of technology companies who work in the field of precision medicine and more will be founded in the years to come
For better understanding on the market dynamics of Precision Medicine market, detailed analysis was conducted for different countries in the region including North America (United States, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, Australia, India and Rest of APAC), and Rest of World
Some of the major players operating in the market include Hoffmann-La Roche, Medtronic, Qiagen, Illumina, Abbott Laboratories, GE Healthcare, NanoString Technologies, bioMérieux SA, Danaher Corporation, and AstraZeneca
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Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry.
Examination of industry attractiveness with the help of Porter’s Five Forces analysis
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Deep dive regional level analysis of the industry
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