DUBLIN--(BUSINESS WIRE)--The "Precision Medicine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The precision medicine market is valued at approximately $58,450 million in 2020 and expected to reach about $98,550 million at a CAGR of 9.2% over the forecast period.
COVID-19 has affected many different areas of the precision medicine market. Amid the current pandemic, precision medicine is advancing at a breakneck speed. The Healthcare industry is focused on conducting precision medicine and genomics research to better understand COVID-19 susceptibility, measure its impact, and discover potential therapies. Precision medicine has spurred collaborative efforts between governments, medical institutions, and researchers to swiftly develop effective treatments.
For instance, in 2020, the San Antonio Partnership for Precision Therapeutics announced funding for three projects that aimed at accelerating intervention for COVID-19. These projects will focus on how biological substances, such as proteins in the immune system and respiratory tract, affect the individual's responses to the virus, and how researchers can utilize these data to develop therapeutics.
Also, in 2020, Cleveland Clinic initiated the genomic medicine project to identify genetic factors that propel susceptibility to the virus and use these to develop therapeutic and prevention strategies against the virus. With advancements in precision therapies and diagnostics, coupled with breakthrough innovations such as Next Generation Sequencing (NGS) and big genomic data, the industry is expected to witness rapid growth during the forecast horizon.
Furthermore, in the past few years, the number of gene therapies, diagnostics, and medicines being introduced in this field due to the rising incidence of life threatening medical conditions such as cancer and rare diseases. For instance, as per the data published by GLOBOCAN 2020 report, 19.29 million people were living with cancer. Hence, characterizing or sequencing genes is the most important method to gain information about genes and their probable mutations.
However, declining trends in FDA pharmacotherapy approval rate, shift from treatment-based to preventive healthcare, and perils of data sharing, a national repository of genetic information to speed up the research in precision medicine.
Key Market Trends
Oncology is Expected to Hold the Highest Market Share in the Application Segment
The contagious coronavirus is having a potential economic impact and implications on most of the sectors including the oncology segment. The pandemic has certainly hindered surgeries, and thus, the testing on biopsy tissue.
For instance, as per the survey conducted by Breastcancer.org in 2020 among 534 patient population reported that 31.7% of people who had been diagnosed with breast cancer reported a delay in care; of these people, 22% reported that they had a delay in screening and 9.3% reported a delay in treatment due to Covid-19 in the U.S. As a result, the more cases of advanced cancers are expected rise in upcoming future due to due to delayed biopsies and other issues, such as postponed medical appointments and preventative screening in coming years.
Precision medicine applications are primarily directed toward better treatment against oncological diseases and expected to hold the major share in the precision medicines market. The key factor behind the dominance of the segment is the rising prevalence of cancer and the rising number of drug candidates for the same under clinical trials.
Also, in 2019, the National Institute of Health has granted the funding of a USD 3.7 million to Washington University School of Medicine to fund an open-source database with an aim to boost precision medicine and genomic research for cancer. The high support from the government through funding and rapid growth of genomic analysis are expected to augment the growth of the precision medicine market at a fast rate, over the forecast period.
Competitive Landscape
The precision medicine market is highly competitive and consists of several major players, along with a number of smaller companies. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies at affordable prices.
Companies, like Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals, hold substantial shares in the market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Online Collaborative Forums
4.2.2 Increasing Efforts to Characterize Genes
4.2.3 Advancement in Cancer Biology
4.3 Market Restraints
4.3.1 Perils of Data Sharing
4.3.2 Shift From Treatment-based To Preventive Healthcare
4.3.3 Declining Trends in FDA Pharmacotherapy Approval Rate
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Big Data Analytics
5.1.2 Bioinformatics
5.1.3 Gene Sequencing
5.1.4 Drug Discovery
5.1.5 Companion Diagnostics
5.1.6 Other Technologies
5.2 By Application
5.2.1 Oncology
5.2.2 CNS
5.2.3 Immunology
5.2.4 Respiratory
5.2.5 Other Applications
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 23andMe
6.1.2 Allscripts Healthcare, LLC
6.1.3 Astarte Medical
6.1.4 AstraZeneca Plc
6.1.5 Biogen
6.1.6 BioSyntagma
6.1.7 Bristol-Myers Squibb
6.1.8 Cancer Genetics Inc.
6.1.9 F Hoffmann-La Roche AG
6.1.10 Kailos Genetics, Inc.
6.1.11 Laboratory Corporation Of America Holdings
6.1.12 Medtronic PLC
6.1.13 Myriad Genetics Inc.
6.1.14 Novartis AG
6.1.15 OneOme LLC.
6.1.16 Pfizer Inc.
6.1.17 Qiagen NV
6.1.18 Quest Diagnostics
6.1.19 Syapse Inc
6.1.20 Thermo Fisher Scientific Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/n40o4j
