The precision medicine market is evaluated at US$60.422 billion for the year 2020 growing at a CAGR of 8.79% reaching the market size of US$100.168 billion by the year 2026.
Increasing Chronic Diseases
The market is expected to be driven by the growth and surge in several chronic diseases such as cardiovascular diseases, obesity, and other related diseases. According to the World Health Organization, Cardiovascular diseases are one of the major causes of death, globally, every year. In 2016, an approx. 17.9 million people died from cardiovascular diseases, which represented approx. 31% of global deaths. Most of these deaths were due to different types of strokes and heart attacks. Precision Medicines have been quickly moving towards real-world clinical features, and various scientific and research organizations, have been looking at different strategies to apply medicine to chronic disease management. Alzheimer's and other related cognitive disorders are among some of the most frequent chronic diseases, which has been making a major impact on individuals, globally. According to the Alzheimer’s Association, approx. 5.8 million Americans, have been living with this chronic disease. And, according to the estimation, the number is projected to increase to approx. 14 million, by the year 2050.
There have been various developments in this market when it comes to cognitive disorders. In recent years, Scientists discovered at the University of Buffalo, that a human gene, which is present in 75% of the American population, is one of the major reasons why a section of Alzheimer’s Disease medicine or a drug, fails in human studies, despite showing promising results in animal studies. This is expected to be one of the factors in the growth of Precision Medicine, over conventional medicines. Diabetes is also one of the major reasons, which is expected to drive precision market growth. The National Institute of Diabetes and Digestive and Kidney Diseases, made precision medicines and drugs a major priority, for the institute’s Diabetes Genomics and Genetics Program. The program has aimed to identify the intergenic regions and genes that provide protection, against type 1 or 2 diabetes. Other major organizations have also been applying precision medicine techniques and technology for diabetes treatment. Massachusetts General Hospital discovered that the interventions, which had been focussed on individuals' genetic profiles and data, had been able to reduce the risk of type 2 diabetes. The Louisiana Health system performed around 300,000 virtual visits in the year 2020. The health system which is also known as Ochsner Health, provides digital health programs and solutions, to its patients. The Ochsner made substantial investments in the last four years, in developing direct-to-consumer telemedicine care services and delivery. The Ochsner will also develop telehealth for ICU, psychiatry, and stroke in the next decade.
Precision Medicine In Cancer Treatment
Precision Medicine is also known as personalized medicine, as doctors select this medicine based on a genetic understanding of the patient. The market is expected to be driven by the use of precision medicines for cancer treatment. According to the World Health Organisation, Cancer is the second major cause of death, worldwide. Cancer killed an estimated number of 9.6 million people, in the year 2018. There has been approx. 70% of deaths from cancer, in lower and middle-income countries. There are several infections caused by cancer such as HPV, Hepatitis B Virus, C virus, and others. Precision medicine could be used to treat cancer, as there are genetic changes constantly occurring in a person’s cancer problem. Scientists have been working to identify and conduct genetic tests, which would be used to decide the treatment of a person’s cancer or a tumor. In January 2021, Researchers from the John Hopkins Kimmel Cancer Centre, The John Hopkins Departments of Oncology and Pathology, and other 18 organizations around Poland and the United States, compiled a database of neck and head cancers, which would be used to speed up the development and production of precision medicine therapies. With the collected database, the researchers got the clarification of key cancer-associated proteins, genes, which resulted in the advancement in the pathway of these cancers. Precision medicines will also be used for oncology, as major companies have been making developments in advancement and innovation. In January 2021, Illumina, one of the major players in the market, announced an expanded and novel oncology partnership with Merck, Myriad Genetics, Kura Oncology, Bristol Myers Squibb, to advance a complete and detailed genomic profiling. Genetic sequencing is a major part of precision medicine, and this partnership would result in the advancement of novel and innovative precision medicines.
• In December 2020, Nucleai, a Tel-Aviv based startup, announced the development of a novel Artificial Intelligence software for image modeling and analysis of pathology data, which would be used in the development of more effective precision drugs. The company aims to become a major player in precision medicine in the coming years. The company had been using pathology data to discover biomarkers, a novel molecule in food, or tissues, to identify genome structure.
• In January 2021, Qatar Biobank, announced that 17,000 people participated in the banks’ genome program, which would be used in the development of precision medicines. The program was conducted to identify mutation carriers, by conducting various genetic analyses, which would be used to produce precision medicines in the coming years.
• In January 2021, 4basecare, a Precision Oncology startup, and Advanced Centre for Treatment, Research, and Education in Cancer, announced a collaboration agreement for an Artificial Intelligence-Driven Clinical Interpretation Platform, known as ClinOme. The program would be used In the generation of data insights to help oncologists with personalized options for treating cancer patients.
• In October 2020, Scientists from the University Of Glasgow announced the development of novel precision medicine for pancreatic cancer. The team used grown cells from the lab, and replicas of patients' tumors, to find molecular markers, which were used in the prediction and response to several drugs, targeting DNA. The researchers raised an investment of 10 million pounds, which was used in the development and research of precision medicine.
• In October 2020, King Abdul Aziz University and the University of Oxford announced an agreement to develop a novel joint international innovations center for precision medicine and artificial intelligence. Under this agreement, the novel center would operate to bring together AI specialists to provide creative and innovative solutions for the development of precision medicines.
|Market size value in 2020||US$60.422 billion|
|Market size value in 2026||US$100.168 billion|
|Growth Rate||CAGR of 8.79% from 2020 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Technology, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Thermo Fisher Scientific Inc., AstraZeneca plc, F. Hoffmann-La Roche Ltd, Pfizer Inc., Nordic Bioscience A/S, Medtronic, Novartis AG, QIAGEN, Quest Diagnostics Incorporated, Bristol Myers Squibb|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the precision medicine market size by 2026?
A1. The precision medicine market is expected to reach a total market size of US$100.168 billion by 2026.
Q2. What is the size of the global precision medicine market?
A2. Precision Medicine market is evaluated at US$60.422 billion for the year 2020.
Q3. What are the growth prospects for the precision medicine market?
A3. The global precision medicine market is expected to grow at a CAGR of 8.79% over the forecast period.
Q4. How is the global precision medicine market segmented?
A4. The precision medicine market has been segmented by technology, application, and geography.
Q5. What factors are anticipated to drive the precision medicine market growth?
A5. The precision medicine market is expected to be driven by the growth and surge in several chronic diseases such as cardiovascular diseases, obesity, and other related diseases.
F. Hoffmann-La Roche Ltd
Nordic Bioscience A/S
Quest Diagnostics Incorporated
Bristol Myers Squibb
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