Precision Medicine Market Size Share Forecast 2026

Precision medicine is an emerging field, which tailors the treatment according to the individual’s genetic makeup, lifestyle, and environment. Precision medicine has gained popularity due to positive results obtained by precision medicine in treating cancer. It allows doctors and researchers to predict more accurate treatment and preventive strategies for any particular disease. Precision medicine is also known as personalized medicine or individualized medicine, which target the mutations of normal body cells into cancerous cells. The use of precision medicine in targeted treatment, specifically in cancer has lesser side effects with quick recovery as compared to conventional drugs.

Precision Medicine Initiative has led to powerful novel discoveries and several advanced treatments, which are tailored for specific characteristics such as genetic makeup or genetic profile of an individual tumor that helps the doctor to determine the treatment procedure. This is expected to drive growth of the precision medicine market in the near future. The Precision Medicine Initiative invested US$ 215 million in the National Institutes of Health in fiscal 2016 budget, which is expected to accelerate biomedical research by providing advanced tools and innovative therapies to the physicians, which are tailored according to individual need, and in turn, is expected to fuel growth of the precision medicine market in the near future.

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Market Dynamics

The two recent FDA drug approvals for Kalydeco (ivacaftor) and Keytruda (pembrolizumab) pertaining to 33 cystic fibrosis mutations and cancer treatment based on a genetic feature respectively, is expected to exhibit growth in the precision medicine market. For example, The National Cancer Institute (NCI) plans to support new immunotherapy clinical trials, antibody, testing of new combinations of the cell, small molecule, and radiation therapy studies, which include sequencing of tumor specimens.

NCI conducted NCI-COG Pediatric MATCH trial in July 2017, enrolling children and adolescent who are receiving advanced cancer therapy based on their genetic abnormality. In the same time, NCI launched various precision medicine trials, which include Adjuvant Lung Cancer Enrichment Marker Identification and Sequencing Trials (ALCHEMIST), Lung Cancer Master Protocol (Lung-MAP), Molecular Analysis for Therapy Choice (NCI-MATCH), and Molecular Profiling-Based Assignment of Cancer Therapy (NCI-MPACT). This initiative are expected to increase the demand for precision medicines in the near future.

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Precision Medicine Market – RestraintsFactors restraining growth of the precision medicine market include unavailability of insurance coverage on genetic test, which is a mandatory test to analyze the mutation, to prescribe precision medicines accordingly and high cost of genetic test. For instance, according to the U.S. National Library of Medicine data published in September 2019, the cost of genetic testing can range from US$ 100 to above US$ 2,000, depending on the nature and complexity of the test. The cost increases if more than one test is necessary or if multiple family members must be tested to obtain a meaningful result.

Precision Medicine Market – Regional Insights

On the basis of region, the global precision medicine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America accounts for largest share in the global precision medicine market, followed by Europe. This is mainly attributed to increasing awareness and initiatives related to precision medicine in North America. In 2015, President Obama announced the launch of Precision Medicine Initiative that aimed to revolutionize the way of treatment to improve health, as precision medicine provides an innovative approach that studies the unique gene sequences of individual and offers tailored treatment.

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