According to the latest market intelligence report by BIS Healthcare titled, ‘Global Precision Medicine Market- Analysis and Forecast (2017-2026),’ the global market for precision medicine is dominated by the oncology segment. The oncology segment is expected to register a CAGR of 10.4% during the forecast period. The emerging companies in the market for precision medicine are receiving substantial amounts of investments from the conglomerate companies, venture capitalist, and government organizations. The service providing companies are helping in expanding the global reach of the companies and play a significant role in the acceptability of the sequencing technology, across the globe.
In April 2018, Thermo Fisher Scientific and the University of Pittsburgh announced a new centre to research precision medicine. The centre aims to discover and validate medication response predictors in patients, overcome clinical implementation barriers, and demonstrate the value of pre-emptive testing in routine clinical practice. The research will lead to demonstrate that the targeted testing can be deployed clinically to the large scale of people, using proven testing platforms that have been designed for greater speed and precision.1
In April 2018, Harvard Wyss Institute launched ‘NuProbe,’ a startup, to facilitate global precision medicine. NuProbe Global will commercialize the Wyss Institute’s DNA nanotechnology-based variant-detecting method as a fast, low-cost, and multiplexed molecular diagnostic for different disease areas, including cancer and infectious diseases. NuProbe is to develop clinical assays capable of simultaneously detecting multiple rare disease-related DNA variants in bodily fluids.2
In April 2018, in a press release, Owlstone Medical, a diagnostic company and Astra Zeneca Inc., a global pharmaceutical company, announced the development of a Breathalyzer for diseases based on precision medicine. Owlstone Medical provide Astra Zeneca with access to its Breath Biopsy Services including the development of classification algorithm to identify breath biomarkers for precision medicine applications across asthma and COPD.
The factors responsible for the growth of the precision medicine market are growing demands for non-invasive testing procedures, reducing adverse drug reactions through pharmacogenomics testing, and shift in the significance of medicine from reaction to prevention. Globally, the market for precision medicine is dominated by North America in the year 2016. North America is anticipated to grow at a CAGR of 9.66% from 2017-2026. The U.S. and Canada are the key contributors to the growth of North America. Moreover, Asia -Pacific is expected to register the highest CAGR of 15.09% during the forecast period.