The precision medicine market is expected to witness a CAGR of 9.7% during the forecast period. North America dominates the global market due to high incidence of cancer and government initiatives in the region.
Precision medicine is based on the genetic profile of a patient and the way a particular drug can work for a specific genetic type. Drug development and discovery in precision medicine requires a collaborative effort. The data from clinical research and other gene sequencing forums are important in understanding the drug targets for personalized medicine. Sharing the information available through online collaborations helps in exchanging useful information between different research groups, thus, increasing online collaborative forums, which is further fuelling the growth of the global precision medicine market.
Additionally, increasing efforts to characterize genes and advancement in cancer biology are also responsible for the growth of the global precision medicine market.
Expansion of healthcare with huge volume and velocity of data has encouraged clinicians and hospitals to use analytics. In spite of all the benefits provided by healthcare analytics there are still barriers to adopt healthcare IT systems; data integrity is one such barrier. Well-established organizations are facing difficulty in capturing data from different sources. Data integrity has been impacted by duplicate records and patient misidentification. Criminals are stealing information through breached cyber security (identity theft) to reach beyond the victim’s bank accounts. The integrity of data in health IT systems can also be compromised due to data entry errors, missing data or delayed data delivery, copying and pasting older information into a new report, use of both paper and electronic systems for patient care, and patient/data association errors. Since inaccurate data has the potential to become a major health risk for patients and a huge liability for providers, it is a key factor restraining the growth of the precision medicine market.
Additionally, high cost associated with precision medicine and declining trends in FDA Pharmacotherapy approval rate are restraining the growth of the global precision medicine market.
The precision medicine market is expected to witness a CAGR of 9.7% during the forecast period. The US precision medicine market accounted for the largest regional share in 2017, owing to high prevalence of cancer, coupled with favorable regulatory scenario in the country. Numerous awareness campaigns and initiatives organized by government and private associations and societies, to increase awareness levels, will propel industry expansion. For example, the launch of Precision Medicine Initiative (PMI) by President Barack Obama in 2015 for developing innovative solutions for chronic diseases, such as cancer, based on genomic, environment and lifestyle characteristics of patients will also fuel the regional market growth.
Major Players: Biocrates Life Sciences AG, Nanostring Technologies, Intomics, Pfizer Inc., Eagle Genomics Ltd, Teva Pharmaceuticals, Laboratory Corporation of America Holdings, Medtronic, Novartis AG, Qiagen NV, Quest Diagnostics Incorporated, and F. Hoffmann-La Roche AG among others.
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