Precision medicine is a medical model that offers the customization of healthcare, with medical assessments, practices, treatments, or products being modified to the individual patient. It is also known as personalized medicine. It develops public-private correlations and protects privacy. It plays an important role in treatment of inherited diseases and cancer.
According to study, “North America Precision Medicine Market (2018-2023)” some of the major companies that are currently working in the North America precision medicine market are Abbott Laboratories, Medtronic, Tepnel Pharma Services, Covance, GlaxoSmithKline (GSK), Teva Pharmaceuticals Limited, Randox Laboratories, Roche Ltd., Qiagen, Intomics, Nanostring Technologies, FerrerInCode, Novartis AG, Silicon Biosystems, Johnson & Johnson, Biocrates Life Sciences, Almac Group, GE Healthcare,Eagle Genomics, Laboratory Corporation of America Holdings,Quest Diagnostics, Pfizer. These key players provide precision medicines through approved by pharmaceutical companies from the U.S. Food & Drug Administration (FDA).
On the basis of ecosystem players, the North America precision medicine market is segmented into clinical laboratories, healthcare information technology specialists or big data companies, pharmaceuticals & biotech companies and diagnostic companies and many others. Diagnostic treatments and tools develop the precision solutions to determine whether a medicine is suitable for a patient or not. On the basis of therapeutics, the market is segmented into cardiovascular, psychiatric disorder, central nervous system, cancer and infection diseases etc. On the basis of technology, the market is segmented into bioinformatics, pharmacogenomics, gene sequencing, big data analytics and companion diagnostics. Moreover, on the basis of application, the market is segmented into CNS, respiratory, oncology and immunology etc.
Some of the major advantages associated with the precision medicine are preventive care, limit cost, the efficiency of care and population health etc. However disadvantages impact the market creating legal problems, healthcare cost, infrastructure requirements and the relevance of the information and many others. In addition, some of the major side effects are bleeding, anemia, bruising, appetite loss, delirium, diarrhea, constipation, edema, fatigue, alopecia, neutropenia, infection, nausea, memory loss vomiting and nerve problem etc.
The USA’s Precision Medicine Initiative (PMI) is a government initiative. The main goal of PMI is to collect inherited and health data from one million subjects. PMI includes two components: expanding current efforts in cancer genomics & testing methods and create a large research cohort. First component is managed by National Cancer Institute. In near future, it is predicted that PMI to become componentof other medical cure and broader application for diseases such as diabetes and obesity.
The market of precision medicine is driven by increasing demand for personalized treatment, rising patient affordability, increasing in aging population, rising diseases, higher acceptance rate, increasing technological advancement, growing advancement in cancer biology and government initiatives. In addition, some of the major challenges are misinterpretation of genetic data and high cost for customized medicine etc.
North American region is the largest precision medicine market in world and the U.S. holds the major market in region. During 2018-2023, the diagnostic tool vendors will hold the largest market share due to rising demand for precision medicines. It is predictable that North America precision medicine market will at US$ 36.2 billion, at a CAGR of 11.0 %, by 2023. In near future, Mexico is expected to grow increasingly owing to investment in R & D research, chronic diseases and rising aging population.
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Ankur Gupta, Head Marketing & Communications