5 Trends Driving Global Precision Medicine
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5 Trends Driving Global Precision Medicine

The precision medicine industry is slated to expand at a notable pace in the coming years, owing to the technological innovations in the pharmaceutical sector and the growing collaboration and network among healthcare professionals, scientists, and institutes globally. For example, Precision Medicine Forum is involved in gathering ideas and information related to patient-centric medications and aiding patients across the globe.

These healthcare organizations have a prominent presence on the internet, which makes them capable of reaching out to a global audience, finding patient-specific treatment, and delivering precision medicines awareness. Additionally, the escalating prevalence of chronic diseases and the complexities of their impact on different patients due to differences in immunology create lucrative growth opportunities for the industry.

Global precision medicine market size is projected to surpass $112 billion by 2027, according to a forecast by Global Market Insights, Inc. Described below are some factors propelling personalized medications adoption.

Diagnostic testing for precise treatment                                                        

The precision medicine industry’s share of the diagnostic segment is predicted to rise at a CAGR of 13% in the coming years. Diagnostic testing, among other kinds of testing, includes biomarker tests and genetic tests. The prime objective of these diagnostic tests is to suggest precise treatment based on the genetic composition of individuals. The precise treatment further leads to enhanced medication management and expected therapeutic outcomes for patients.

Adoption of personalized cancer treatment

Biomarker testing is witnessing significant adoption in countries with a higher prevalence of cancer, such as nations in Europe, the U.S., and others. Biomarker testing is an essential component of personalized medication. This test examines biomarker patterns and effectively helps cancer patients with an early and precise cancer diagnosis and its impact on the body.

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Prevalence of immunological disorders

The immunology segment in the precision medicine industry is poised to witness an 11.5% CAGR through 2027. Immunological disorders are caused due to imbalances in the immune system. These disorders include autoimmune disease, asthma, allergy, and other immunological deficiency syndromes.

As per the American Autoimmune Related Diseases Association (AARDA), nearly 50 million people in the U.S. live with an autoimmune disease. With such escalating immunological disorders prevalence, the demand for personalized medications in the U.S. is anticipated to upsurge rapidly in the coming years.

Demand for precise COVID-19 medications

The precision medicine industry revenue share from the research labs & institutes segment was around US$11 billion in 2020. Research labs and institutes are observing an increase in R&D activities focused on the advent of potential COVID-19 vaccines and medications. Moreover, the growing concerns related to the impact of new alpha and delta variants of the coronavirus are urging research labs and institutes to produce vaccines and medications with higher efficacy.

Increasing geriatric population in APAC

Asia Pacific precision medicine industry held a revenue share of 20% of the global market in 2020. The high ratio of an aging population and the prevalence of chronic diseases is predicted to boost the adoption of personalized medications in the region. In addition, the flourishing healthcare sector, advancements in precision medicine technology, and initiatives by the industry players toward the business expansion in the region are some major factors supporting industry growth in APAC.

Prominent companies functioning in the precision medicine industry include Qiagen, Cepheid, AstraZeneca, Eli Lilly & Company, Medtronic, Novartis, Myriad Genetics, Abbott, Foundation Medicine, Thermo Fisher Scientific, bioMérieux, and Pfizer. These leading pharmaceuticals are eyeing strategies such as partnerships, mergers, and new product launches to proliferate their share and strengthen their position in the worldwide market.

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With advancements in medical science and the upgradation of tools, mechanisms, and technology used in clinical and diagnostic tests, the improved ability of diagnostic centers to analyze patient-centric disorders and prescribe exclusive medications is expected to foster the precision medicine market forecast.

Source: https://www.gminsights.com/industry-analysis/precision-medicine-market

5 Trends Driving Global Precision Medicine