Precision Medicine DiagnosticsMarket- Regional Analysis
On the basis of region, theglobal PrecisionMedicine Diagnostics Market is segmented into North America, Latin America,Europe, Asia Pacific, Middle East, and Africa.
Geographically, North Americaaccounts for the largest share in the global precision medicine diagnosticsmarket, owing to increasing awareness and initiative related to precisionmedicine in the North America. For instance, in 2015, the U.S Governmentlaunched the Precision Medicine Initiative to revolutionize method to improvehealth and treat disease. The precision medicine initiative will enable healthcare providers to adapt new treatment and prevention strategies to people’sunique characteristics, including their genome sequence, micro-biomecomposition, health history, lifestyle, and diet.
Europe is anticipated to witnesssignificant growth in the precision medicine diagnostics market over theforecast period due to expansion of key players in the region. For instance, inFebruary 2018, QIAGEN N.V. collaborated with and Sentieon, Inc., to advanceprecision medicine by delivering Sentieon’s highly efficient variant-callingsoftware. Qiagen N.V. is expected to incorporate Sentieon’s variant-callingsoftware into its bioinformatics portfolio, supporting thousands ofnext-generation sequencing (NGS) labs and also planned to offer its customerwith Sentieon DNAseq and Sentieon TNseq products for germline and somaticvariant calling.
Precision medicine aims to alterthe treatments based on individual characteristics, including differences ingenetics, environment, and lifestyle. It has the potential to transform thedelivery of care for a variety of diseases. Precision medicine implicate theapplication of panomic analysis and systems biology to inspect the cause of anindividual patient's diseased condition at the molecular level and then toapply targeted treatments to address that individual patient's disease.Precision medicine aims to make medication and medical practices efficient andcost effective. By using the precision medicine, doctors recognize geneticmakeup of the subject, which helps doctors to prescribe the right drug withappropriate dose.
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Precision Medicine DiagnosticsMarket- Drivers
Precision medicine diagnosticsmarket is expected to expand at rapid pace in near future, owing to increasingnumber of pipeline studies to develop new treatment for cancer. For instance,in January 2016, University of Arkansas initiated the clinical trial for freshtissue biopsy to study the further advancements in bio-specimens (bloodcellular free component, e.g., plasma, serum, tissue, urine), in order todevelop precision medicine for lung cancer management and screening (synergywith imaging). Fresh tissue biopsy involves taking a small sample of tissuefrom the body part for further microscopic examination. The study is estimatedto complete in December 2019.
Moreover, government initiativesto create awareness among the community health worker is expected to boostgrowth of the precision medicine diagnostics market. For instance, in March2018, the Division of Community Engagement and University of Agricultural andHorticultural Sciences (UAHS) Center for Applied Genetics and Genomic Medicinepartnered with the University Of Arizona Banner Health Research Program todevelop and implement a unique and culturally conscious approach to increaseprecision medicine literacy, particularly among underserved and marginalizedpopulations. The program has been named as ‘Precision Medicine Community HealthWorkers/Promoters for All of Us’.
Furthermore, in October 2017, theNational Institutes of Health (NIH) collaborated with 11 biopharmaceuticalcompanies to launch a five-year Accelerating Cancer Therapies (PACT) program,this collaboration is focused on enhancing precision medicine approaches tocancer care. Initial focus of PACT is to identify, develop, and validate robustbiomarkers (standardized biological markers) of disease and treatment response,to advance new immunotherapy treatments that controls immune system to attackcancer. The total cost of the project was US$ 215 million.
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Precision Medicine DiagnosticsMarket- Restraints
However, barriers in managementof big data (large database including individual’s genetics, environment, andlifestyle to ensure delivery of appropriate therapies) in Electronic healthrecords (EHR) may hamper growth of the precision medicine diagnostics market.Big data refers to the large or complex data. EHR maintains the electronicrecord of patient health information generated by one or more healthcareservice provider. For Instance, in March2018, Health It Analytics stated that there was rise in adoption of precisionmedicine by healthcare organizations, but insufficient data management wasmajor challenge that results into turning organizations to ArtificialIntelligence (AI) and machine learning techniques to manage large amount ofdata.
Precision Medicine DiagnosticsMarket- Competitive Landscape
Some of the major playersoperating in the precision medicine diagnostics market include Intomics, FerrerIncode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc.,Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., andQuest Diagnostics.
Key Development
In May 2019, QIAGEN N.V.,launched PIK3CA RGQ PCR biomarker to enhance precision medicine in breastcancer patient.
In February 2019, ICON plc., aglobal leader in drug development solution and service acquired Molecular MDfor the development and commercialization of precision medicines in oncology.
In 2018, Syapse, Inc., a leadingprecision medicine company entered into collaboration with Roche to makeprecision medicine for cancer patients.
In January 2018, Syapsecollaborated with Roche in order to advance precision medicine in oncology.Also, this partnership focuses on clinical delivery and product development forintroducing precision medicine.
In 2018, Konica Minolta Inc.,launched Konica Minolta precision medicine in japan.
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