Strategic Evaluation of Precision Medicine

This strategic report provides a multidimensional view of the strategic evolution in the field of precision medicine. The purpose of the study is to gain a holistic view of the strategic outline of precision medicine market in terms of various factors influencing it such as recent trends, technological advancements, reimbursement scenario, and national level initiatives across the globe. The scope of this report is centred upon conducting a detailed study of the region-specific market penetration strategies, best R&D practices across the globe, potential impact of precision medicine, and understanding the focus of eminent stakeholders contributing in augmenting the growth of precision medicine market.

Precision medicine holds immense potential to restructure the healthcare industry. This multi-faceted approach to patient care allows healthcare providers to avoid adverse drug reactions (ADR), focus efforts on prevention and earlier intervention, and, most importantly, improve the quality of life. The growth of the precision medicine market over the last few years has been monumental. Novel technologies are rapidly becoming approved expanding the arsenal of tools accessible to support the development and adoption of precision medicine solutions over “one-size-fits-all” therapies. Through precision medicine a paradigm shift has been promised by eliminating the uncertainty of trial and error method of medications. Inefficiencies such as false-positive and false-negative results, over or under medication, and ineffective treatments have been reduced at a greater extent by the implementation of patient-centric diagnosis, thus removing the requirement of guesswork by transforming the treatment from experience-based approach to evidence-based strategy.

The precision medicine market, cumulative of biopharmaceuticals, diagnostics, and information technology, is fragmented in nature due to the involvement of numerous global as well as regional players in this industry. Also, many regulatory bodies and consortiums are playing vital roles in regulating and standardizing the precision medicine market. In 2017, the global precision medicine market accounted for $48.9 billion, which is expected to reach ~$70 billion by 2020 with effective implementation of several novel technologies. Further, several initiatives have been undertaken for significant growth of precision medicine in North America, Europe, and Asia-Pacific. The global precision medicine market is dominated by the North America region with a value of $25.6 billion in 2017. The promotion of big data analytics to support the process of genomic and clinical data collection, storage, and analysis is leading to increasing integration of IT into the healthcare sector, subsequently enhancing the adoption of precision medicine tools. However, the Asia-Pacific region has been witnessing tremendous growth in the precision medicine technology and is expected to grow significantly at a CAGR of approximately 15.09% in the next 10 years.

The purpose of the study is to gain a holistic view of the strategic outline of precision medicine market in terms of various factors influencing the market such as recent trends, technological advancements, reimbursement scenario, and national-level initiatives across the globe. The scope of this report is centered upon conducting a detailed study of the region-specific market penetration strategies, best R&D practices across the globe, potential impact of precision medicine, and understanding the focus of eminent stakeholders who are contributing in augmenting the growth of the precision medicine market.

Additionally, the study incorporates the impact of various government initiatives focused on precision medicine including Small Business Technology Transfer (STTR), Cancer Diagnosis Program, Cancer Imaging Program, Cancer Therapy Evaluation Program (CTEP), Cancer Moonshot 2020, and S4S Program, among others. These initiatives have introduced a new module of patient-centric research to provide new tools, technologies, and therapies to clinicians. Moreover, initiatives taken in Asia-Pacific region such as GenomeAsia 100K are expected to generate a medical grade Asian reference genome to further improvise precision medicine research.

Further, the strategic evaluation of precision medicine comprehends R&D investments, which have approximately doubled during the past five years and are expected to increase by 30% during the next three years. Approximately 69% of drug development during the ensuing five years is predicted to be driven by personalized medicine. Precision medicine targets a smaller subpopulation of patients for a specific drug, but at the same time the healthcare industry demands the drug price to be affordable to all the patients. Therefore, it is very important to strategize and co-develop drug-diagnostic pairs in order to leverage on each other’s technologies and expertise for offering advanced, cost-effective, and at the same time accurate diagnosis. Presently, several pharma and bio-pharma companies are struggling with the challenge to launch new targeted medicines and their respective companion diagnostics parallelly, in order to target both the drug and diagnostic markets at a time, while taking lead in shaping the precision medicine future. In order to tailor each patient’s therapy according to the need, the transformation of the current mind-set and approach to discovery, translation, validation, regulation, and commercialization is highly essential. Therefore, the research study incorporates the strategic evolution in the field of precision medicine to disseminate knowledge and understanding of the role of factors such as up-front investment, access to medical big data, efficient analytical capabilities, and accurate diagnostic technologies. The research study also incorporates the immense importance of the aforementioned factors to be successful in the field of precision medicine.