A steady rise in the oncological, chronic, and infectious diseases has become a major concern for the healthcare industry and propelled the interest of researchers toward the root cause of such diseases. In order to study more about such diseases and how they affect the human body, the study of the human genetic makeup or genome is the best way forward. The study of the genome revolutionized the world of modern medicine and this in-depth study is known by the term Precision Medicine. The study of genetics further fueled the development of targeted therapeutics and technological advancements in the field of healthcare. At present, the concept of precision medicine is growing at a fast pace and according to the latest market intelligence report by BIS Research titled, ‘Strategic Evaluation of Precision Medicine’ – Analysis for Emerging Opportunities, the precision medicine market is predicted to reach $70 billion by 2020 from $48.9 billion in 2017.
The precision medicine works on the fundamental that the genome structure of an individual is different due to which symptoms of a disease vary from person to person. Thus, for the concept of precision medicine to become a reality for the public at large, advancement and research are required in genome sequencing, gene editing, and omics technologies. Together these three form the ‘basic science’ of the precision medicine market. Also, omics technologies further include the concept of genomics, proteomics, transcriptomics, and metabolomics. The advancements in the omics technology are expected to be responsible for altering the treatment approach from ‘one-size-fits-all’ to a more patient-centric and individual-based customized treatment approach. This transformation will be the major driving factor behind the improvement in efficiency of future medical treatments in the healthcare industry.
At present, the complexity of the precision medicine market is probably incomparable to any other technology market. And, it has guided the launch of some major projects across the world such as 100,000 Genome Project launched by the U.K. government, the GenomeAsia 100K Project launched in collaboration with MedGenome, and many others. Thousands of private companies, government organizations, educational institutes, research institutes, and hospitals are investing billions of dollars in the precision medicine research. And, all these projects aim at creating advanced human genome libraries which can be utilized by scientists for further R&D.
BIS Research has conducted an extensive market research on the strategic evaluation of precision medicine analysis for emerging opportunities. The market intelligence report aims to provide an in-depth analysis of the key development strategies, and market trend dynamics which includes drivers, restraints, and opportunities prevailing in the industry. For further queries, please write to us at [email protected] or call us at: +1-510-404-8135.