Global Precision Medicine Market Booming Demand Leading To Exponential CAGR Growth By 2028 |
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Global Precision Medicine Market to grow with a substantial CAGR in the forecast period of 2019-2026. Growing prevalence of cancer worldwide and accelerating demand of novel therapies to prevent of cancer related disorders are the key factors for lucrative growth of market
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Key Market Players:
Few of the major competitors currently working in the global precision medicine market are Neon Therapeutics, Moderna, Inc, Merck & Co., Inc, Bayer AG, PERSONALIS INC, GENOCEA BIOSCIENCES, INC., F. Hoffmann-La Roche Ltd, CureVac AG, CELLDEX THERAPEUTICS, BIONTECH SE, Advaxis, Inc, GlaxoSmithKline plc, Bioven International Sdn Bhd, Agenus Inc., Immatics Biotechnologies GmbH, Immunovative Therapies, Bristol-Myers Squibb Company, Gritstone Oncology, NantKwest, Inc among others.
Global Precision Medicine Market By Application (Diagnostics, Therapeutics and Others), Technologies (Pharmacogenomics, Point-of-Care Testing, Stem Cell Therapy, Pharmacoproteomics and Others), Indication (Oncology, Central Nervous System (CNS) Disorders, Immunology Disorders, Respiratory Disorders, Others), Drugs (Alectinib, Osimertinib, Mepolizumab,Aripiprazole lauroxil and Others), Route of Administration (Oral,Injectable), End- Users (Hospitals, Homecare, Specialty Clinics, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
The precision medicine market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of mass spectrometry market for global, Europe, North America, Asia Pacific and South America.
- Vulnerable oncology patients worldwide is driving the market growth
- Growing approval of personalized medicines from the regulatory authorities acts as a market driver
- Advancing in the field and emerging innovation to established an approach for treating many disease by personalized medicines is accelerating the market growth
- On-going clinical trials yields promising results of personalized medicines which in turns boost the health care industries is also enhancing the market growth
- Substantial applications due to lack of research particularly in the area of scientific discovery is restraining the growth of this market
- Lack of government initiatives and reimbursement polices restricts the market growth
- Scientific and technological challenges to develop the personalized medicines is also hampering the market growth
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Precision medicines is also known as personalized medicines is an innovative approach to the patient care for disease treatment, diagnosis and prevention base on the person’s individual genes. It allows doctors or physicians to select treatment option based on the patient’s genetic understanding of their disease.
According to the data published in PerMedCoalition, it was estimated that the USFDA has approved 25 novels personalized medicines in the year of 2018. These growing approvals annually by the regulatory authorities and rise in oncology and CNS disorders worldwide are the key factors for market growth.
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Key Developments in the Market:
- In March 2019, Neon Therapeutics, Inc. reported the data for NEO-PV-01, a novel personalized cancer vaccine to be developed in a combination with nivolumab that targeting neoantigens and kills cancer cells that trial demonstrated clinical benefits. The NEO-PV-01 is currently in phase I/II clinical trial, if successful it will provide patients with more effective personalized medicines treatment options
- In September 2016, BioNTech AG and Genentech, Inc. has entered into research collaboration for the development of messenger RNA (mRNA)-based, individualized cancer vaccines for the treatment of broad range of cancer. As per the deal, BioNTech AG received USD 310 million as an upfront payment and eligible to receive milestone payment. This collaboration will provide cancer patients with novel-disease specific treatment options
Global precision medicine market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of global precision medicine market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
By technology:- big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others.
By application:- oncology, hematology, infectious diseases, cardiology, neurology, endocrinology, pulmonary diseases, ophthalmology, metabolic diseases, pharmagenomics, and others.
On the basis of end-users:- pharmaceuticals, biotechnology, diagnostic companies, laboratories, and healthcare it specialist.
On the basis of geography:- North America & South America, Europe, Asia-Pacific, and Middle East & Africa. U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
In 2017, North America is expected to dominate the market.
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