Global precision medicine market was valued at USD 47.73 billion in 2017, driven by advancement in genomic and proteomic sequencing that are bending the cost curve, rise in consumer focused healthcare from diagnostics to wellness and innovative healthcare IT technologies and connectivity. —
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Adroit Market Research today published a study on the “Global Precision Medicine Market Size 2017 by Application (Oncology, Central Nervous System, Cardiology, Infectious disease and Others), Region and Forecast 2018 to 2025”. The global Precision Medicine market size is estimated based on the population genetic screening data, disease prevalence rate and adoption of the precision medicines across the globe. Global Precision Medicine manufacturers have varying products, depending on consumer genetic screening data. The report also provides various key strategies adopted by the leading players as they mainly target prevalent diseases in the developed and developing economies. Precision Medicine market share in various diseases has also been derived on the basis of thorough understanding of the forecast and dynamics of various products under pipeline in various geographies. Also, the global Precision Medicine market size has been laid down based on an extensive value chain analysis and patent analysis.
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The global precision medicine market size is projected to be valued USD 119.90 billion by 2025. Advancement in genomic and proteomic sequencing with reduced costs, is bringing in the so-called “genomic revolution.” By identifying the optimal point of intervention for treatment, healthcare providers massively improve the quality of care. Additionally, these technologies offer optimized cost by effectively timing treatment intervention and eliminating the need for insufficient or excessive treatment regimens.
Next generation sequencing has shifted the paradigm of genomics by accomplishing entire genome sequencing in a matter of hours. The enhanced speed and ease of DNA sequencing has drastically reduced the cost. The cost of deciphering the entire human genome has dropped by an order of magnitude from USD 10,000 in 2011 to about USD 1,000 today. As genome sequencing costs are declining rapidly healthcare providers and patients are likely to be more inclined to seek treatments that are targeted to a particular illness.
Key segments of the global precision medicine market
Application Overview, 2015-2025 (USD Million)
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Cost is a major issue for precision medicines. Precision medicines may overburden many healthcare systems which are currently under significant financial constraints. It is a major factor hindering the patient’s access to treatment. The new targeted drugs that are launched in the market, are so highly priced that the patients can hardly afford them unless the cost is fully covered by the payers.
Furthermore, the Korean government is strategizing framework for implementation of precision medicine into clinical practice. The Korean Ministry of Food and Drug Safety, conducted a survey in 2012-2013, in order to explore the public awareness and attitude towards precision medicine. Results of the survey demonstrated low levels of public awareness regarding precision medicine, however, family income showed a positive correlation with precision medicine knowledge, thus reducing potential health disparities will increase the access to precision medicine.
Some of the leading players operating in the market include Novartis International AG, F. Hoffmann-La Roche AG, AstraZeneca plc, Eli Lilly and Company, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Abbott Laboratories, Merck & Co. and others.
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