Precision Medicine Market to Reflect Significant Incremental Opportunity During 2018-2026

Precision Medicine Market
Precision medicine initiative aims to use advances in clinical and basic research to develop therapeutics that selectively target and kill cancer cells. This allows researchers to develop chemically tractable probes that can image cancer in Vivo. Precision medicine is used to treat children or adolescent patients suffering from brain tumor that have no other effective therapies. Various companies are continuously investing in research and development to further refine precision medicines for interventional surgical imaging, as well as for diagnostic and therapeutic applications. In 2015, Pfizer, Inc. established Center of Excellence in Precision Medicine (CEPM) in Chile, in partnership with Thermo Fisher Scientific, to validate new, more precise, and less invasive technologies for diagnosing cancer.

Furthermore, precision medicine is proving to be effective in treating oncology-related diseases, cardiovascular diseases, psychiatric disorders, neurodegenerative diseases, arthritis, obesity, diabetes, pain, and Alzheimer’s disease. Reduced cost of treatment attracts patient toward the precision medicine, as precision medicine cuts down most of the expensive treatments, which are not required since genetic testing helps the oncologists offer precision medicine.

Market Dynamics

The two recent FDA drug approvals, Kalydeco (ivacaftor) and Keytruda (pembrolizumab), pertaining to 33 cystic fibrosis mutations and cancer treatment based on a genetic feature respectively, point to an encouraging future for precision medicine. National Cancer Institute (NCI) conducts NCI-COG Pediatric MATCH trial that enrolls children and adolescents by advanced cancer therapy based on their genetic abnormality, where NCI also 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. In July 2017, NCI has also 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).

To reach full potential of precision medicine, collaboration among multiple players is required.

Market Taxonomy

This report segments the global precision medicine market on the basis of technology and application. On the basis of technology, the global precision medicine market is segmented into bioinformatics, gene sequencing, drug discovery, precision molecular diagnostics, and big data analytics. Applications of precision medicine include oncology, CNS, hematology, respiratory, and immunology, among others.

Government initiative for precision medicine is expected to fuel the growth of the precision medicine market in the near future.

North America accounts for the largest share in the global precision medicine market, followed by Europe. This is mainly attributed to awareness and initiative related to precision medicine in the North America. In 2015 President Obama announced the launch of Precision Medicine Initiative, that aimed to revolutionize the way of treatment to improve the health, as precision medicine provide an innovative approach that studies the unique gene sequences of individual and offer the tailored treatment. Precision Medicine Initiative have led to powerful novel discoveries and several advanced treatments, which are tailored for specific characteristic such as, genetic makeup or genetic profile of an individual tumor that helps to transform the way of treatment and favors the growth of precision medicine market in 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, in turn fueling the growth of precision medicine market in near future.

Ask For Discount Before Purchasing This Business Report @ https://www.coherentmarketinsights.com/insight/request-discount/145

Some major players operating in the precision medicine market includes Intomics, ferrer incode, Nanostring Technologies, Inc.Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.

About Coherent Market Insights

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.


Contact Us

Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1-206-701-6702

Comments

Post a Comment

Popular posts from this blog

Why the Cold Pain Therapy is a Growing Payer Opportunity?

Image
Cold pain therapy is a therapeutic application of cold, used in the treatment of acute soft tissue injuries and to reduce the pain in post-operative condition in orthopedic surgeries, treatment of benign and malignant lesions, and in pain management. Cryotherapy can be applied topically (on the skin surface), surgically or percutaneously. This can also be used to treat various skin conditions such as oral mucositis and tumors in the liver, kidney, bones, breasts and lungs, skin tumors, skin tags, pre-cancerous skin moles, and injuries. Cryosurgery procedure involves use of extreme cold, produced with help of liquid nitrogen (or argon gas) to destroy abnormal tissues. According to the National Cancer Institute (NCI), cryosurgery is used for treatment of several types of cancers and some non-cancerous conditions. It is reported to be effective for treatment in early stage skin cancer, retinoblastoma, actinic keratosis, and cervical intraepithelial neoplasia. Accord...
Read more

Ursodeoxycholic Acid Market Shows Boosted Growth Rate 2018-2026 Estimated by Global Top Players

Image
Ursodeoxycholic acid (UDCA) is a bile acid taken as either a tablet or liquid to treat gallstones and to treat and prevent the progression of cystic fibrosis-related liver disorder. UDCA modifies the bile acid pool by decreasing levels of hydrophobic bile acids while increasing proportion of nontoxic hydrophilic bile acids. UDCA can delay development of gastroesophageal varices and progression to cirrhosis. Moreover it can improve long-term survival in patients with primary biliary cirrhosis. Significant improvement in liver health can be achieved during UDCA therapy in patients with intrahepatic cholestasis of pregnancy, primary sclerosing cholangitis, nonalcoholic fatty liver disease, cystic fibrosis-associated liver disease, total parenteral nutrition-induced cholestasis, graft related liver disease, and in some pediatric cholestatic liver diseases. The global ursodeoxycholic acid market size was valued at US$ 346.2 million in 2017, and is expected to witn...
Read more

Booms and Busts in Anatomic Pathology Market; Dynamics Trends Over The Time Discussed 2018-2026

Image
Anatomic pathology involves direct visualization of human tissue as gross examination as well as under a microscope for proper diagnosis of the disease or a pathological condition. Subtypes of anatomic pathology include surgical pathology, oral and maxillofacial pathology, cytopathology, molecular pathology, and forensic pathology. Procedures performed in anatomic pathology include gross examination, histopathology, immunohistochemistry, in situ hybridization, cryopathology, tissue cytogenetics, and others. Standard approach in anatomical pathology is microscopic examination of tissue samples with the help of one or more stains. Manufacturers have developed stains to identify and classify microorganisms in biopsy of tissue samples or excisional specimens. Various gram stains and acid-fast stains have applications in detection of bacteria and mycobacteria in tissue samples. Commercially available products include tissue processing systems, microtomes, cryostats, ...
Read more