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Global precision medicine market is projected to grow at a CAGR of 10.8% by 2032: Visiongain Reports Ltd

·10-min read
Visiongain Reports Ltd
Visiongain Reports Ltd

Visiongain has published a new report entitled Precision Medicine 2022-2032. It includes profiles of precision medicine and Forecasts Market Segment by Product Type (Diagnostics, {Genetic tests,  Biomarker based tests, Others}, Therapeutics), Market Segment By Application (Oncology, CNS, Immunology, Respiratory, Others) Market Segment By End User (Hospitals, Diagnostic Centres, Research & Academic Institutes, Other End-Users) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), and Profiles of Leading Companies, Region and Country.

The global precision medicine market was valued at US$63,333 million in 2021 and is projected to grow at a CAGR of 10.8% during the forecast period 2022-2032.

Accelerated Demand for Targeted Therapy

According to a 2016 survey published in an article by the National Centre for Biotechnology Information (NCBI), 75% of physicians believe that genomic testing could improve the treatment of cancer patients. The article further stated that the US annually spends $5 billion on genetic tests, which is anticipated to reach $15-25 billion by 2021 further accelerating the targeted therapy demand. Growing awareness about the benefits of personalized medicine is also one of the key factors in the upsurge of precision medicine, genomics & proteomics technologies. Precision medicine which involves the analysis or specific indications for specific drugs in a particular patient, are an essential part of individualized treatment regimens for many chronic diseases and conditions. Implementation of patient-selection diagnostic set-up in the earlier phases of drug development has been the core objective of pharmacological, pharmaceutical and biopharmaceutical firms for which significant efforts are being put so that targeted therapies are delivered to the right candidate which further supplements the growth of the precision medicine market. For instance, Roche has developed EGFR inhibitor Osimertinib sold under the brand name “Tagrisso” for treating lungs cancer and monoclonal antibody trastuzumab sold under the brand name “Herceptin” for HER-2. Genentech had launch BRAF inhibitor vemurafenib commercially known as “Zelboraf”, and Merck has come up with immunotherapy pembrolizumab sold as “Keytruda” which targets the exact biomarkers regardless of tumour location. Other FDA approved therapies in rare and advance cancer includes Novartis’s “Kymriah” and Gilead’s “Yescarta”. These therapies enable healthcare providers to make informed clinical decisions and reduce the likelihood of unnecessary adverse events.

Download Sample: https://www.visiongain.com/report/precision-medicine-market-2022/#download_sampe_div

How has COVID-19 had a significant impact on the Precision Medicine Market?

The COVID-19 disruption has handicapped the global market extensively due to numerous challenges in supply chain of lot of essentials. The European Union has been revamping its guidelines on precision medicine, to bring them in line with internationally established standards. However, these political priorities might get impacted due to the COVID-19 pandemic not only for current year but also in future. In Europe, scrutiny has been on the conflicts amongst Member States’ own actions and those taken mutually at European Union level. The initial indications of nationalist political response of member states, such as the closing of borders and export bans on medical equipment were not encouraging.

Moreover, during the pandemic, termination of elective care to increase hospital capacity and social distancing measures to reduce community spread of the coronavirus resulted in a steep drop in healthcare use and expenditure. This has certainly delayed and hindered surgeries and testing on biopsy tissue. Thus, delayed biopsies, postponed preventative screening and medical appointments might lead to wave of more advanced cancers since earlier the cancer is detected, the better the outcome.

However, as the year progressed, healthcare use and spending began to rebound as in-person care resumed for hospital and lab services. Thus, the challenges also give birth to opportunities, and it is rightly applied to the healthcare care industry which is now living through the impact of the COVID-19 pandemic and evolving under changing circumstances. Precision medicine treatments can help to increase the positive patient outcome for severely affected COVID patients. There are more than 60 subtypes of SARS-CoV-2; all patients have complex array of underlying risk and disease tolerance; and all patients have varying response towards COVID-19. These aspects help to promote the use of personalized treatment based on the requirement of the patient. Thus, COVID has helped promote the importance of precision medicine for treatment of different diseases.

How will this Report Benefit you?

Visiongain’s 435-page report provides 267 tables and 411 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global precision medicine market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for precision medicine. Get financial analysis of the overall market and different segments including product type, application, end user, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing precision medicine market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Growing precedence of precision medicine over traditional practice of “one-size-fits-all” therapies

At present most of the diagnostic test are being carried out in centralized, hospital-based or clinical laboratories which makes use of expensive equipment and highly trained professionals. The costly, time-consuming, and invasive nature of these tests makes it extremely challenging for healthcare professionals to diagnose diseases in the early stage a key issue faced by healthcare systems across the globe. This, however, has led to the development of fast, reliable, and disease specific diagnostic tools that can be used to eliminate the traditional practice of “one-size-fits-all” therapies and help in determining a specific therapy for patients, which reduces overall healthcare costs and improve public health. Precision medicine reduces healthcare costs by decreasing the consumption of reagents, shortening analysis times, and increase efficiency. Precision medicine not only helps in early detection and screening of chronic diseases but also improve patient outcomes by providing high diagnostic accuracy and most-effective targeted therapy options. Recent advances in precision medicine technologies integrated with non-invasive procedures are accelerating the development of rapid, low-cost, and reliable diagnostics and therapeutics. Many new technologies and tests are also being developed that integrate the various functions of sample collection, analytic deduction, and readout. These advantages of precision medicine and increasing test marketing of these therapies are expected to drive market growth in the coming years.

Increase in scope of application of precision medicine

Precision medicine approach can be used to assess and treat have various application areas such as immunology, respiratory disorders, oncology, central nervous system (CNS), and other diseases. Currently oncology is the major application area of precision medicine. Various diagnostic tests and therapeutics have been developed for breast, lung, and colorectal cancer. Several studies are exploring the possibilities of developing diagnostic tests and therapeutics for other cancer indications, such as prostate cancer, ovarian cancer, and leukaemia. New entrants have identified this opportunity to venture into the market by developing tests for rare indications, such as ovarian cancer. The applications of precision medicine are also increasing in the domain of genetic diseases. This approach is being increasingly used for rare disease genetic tests, cardiovascular genomics, and in the field of neurogenetics. Precision medicine is also being increasingly used to screen genetic risk for hereditary disease, non-invasive prenatal testing, and pharmacogenomics. Several drug manufacturers are also focusing on the development of precision medicine for neurological diseases, such as Alzheimer's and Parkinson's disease. For instance, Roche Diagnostics developing a biomarker for Alzheimer's disease. Takeda Pharmaceuticals and AstraZeneca are also investigating biomarkers for Alzheimer`s disease and asthma. At present, oncology offers significant market potential as this segment requires precision medicine for better treatment options. Technologies such as NGS and liquid biopsy are widely adopted for this purpose, with companies such as Illumina and Thermo Fisher scientific partnering with pharmaceutical companies to develop NGS based diagnostic tests for precision medicine. However, as the avenues for the use of precision medicine grow, they will present potential growth opportunities for other non-oncology stakeholders in the market.

Where are the Market Opportunities?

Growing Use of AI in Healthcare

Over the decade, biotechnology has progressed immensely. Computers are becoming faster in speed and micro in size, heterogeneity is increasing in datasets and their volume is growing robustly. These developments are fuelling the engine of artificial intelligence in medical science and thus finds a huge opportunity in precision medicine. Technological progressions through AI are transforming the medical industry by assisting healthcare professional’s record clinical data and monitor it on a regular basis, with greater ease and fewer errors. For example, in 2018, researchers at the Seoul National University Hospital and College of Medicine developed a Deep Learning-Based Automatic Detection (DLAD) which is an AI algorithm, to inspect chest radiographs and identify abnormal cell growth, such as potential cancers. Also, in August 2020, Renalytix AI plc and AstraZeneca plc partnered to launch strategies for precision medicine for cardiovascular, renal, and metabolic diseases. Thus, the increasing usage of AI in precision medicine will boost the market growth. Artificial intelligence and deep networks are changing the approach to medical bioinformatics at an unparalleled speed. As a result, the decision-making processes in precision medicine will shift from an algorithm-centric to a data-centric insight. Further advancement in pattern recognition and image processing will allow synergies between AI technology and modern pathology which will lead to more accurate drug response prediction and prognosis of this underlying disease. Thus, the convergence of artificial intelligence (AI) and precision medicine is anticipated to revolutionize health care industry.

Competitive Landscape
The major players operating in the precision medicine market are Pfizer Inc. Group Ltd., Qiagen Inc., Quest Diagnostics Inc., Illumina, Agilent Technologies, Novartis AG Inc., BioMérieux SA Industries AG, Abbott Laboratories International GmbH, F Hoffmann-La Roche AG, Eli Lilly & Company, GlaxoSmithKline Plc, AstraZeneca plc Corporation, Thermo Fisher Scientific, Inc., Myriad Genetics Inc., and Abnova Corporation. These major players have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • In March 2022, Pfizer entered into clinical trial collaboration with IDEAYA Biosciences to evaluate darovasertib and crizotinib combination therapy to treat metastatic uveal melanoma and hepatocellular carcinoma.

  • In February 2022, Eli Lilly announced the establishment of Institute for Genetic Medicine with an investment of $700 Million in Boston Seaport Site as a part of the company's strategy to advance RNA based therapeutics.

  • In December 2021, Roche launched the AVENIO Edge System to simplify and automate next-generation sequencing sample preparation, reduce human error and advance precision medicine.

Avoid missing out by staying informed – order our report now.

To find more Visiongain research reports on the Pharma sector, click on the following links:

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: dev.visavadia@visiongain.com

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

Contact:
Dev Visavadia
PR at Visiongain Reports Limited
Tel: + 44 0207 336 6100
Email: dev.visavadia@visiongain.com


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