Precision Medicine Diagnostics
Market- Regional Analysis
On the basis of region, the
global Precision
Medicine Diagnostics Market is segmented into North America, Latin America,
Europe, Asia Pacific, Middle East, and Africa.
Geographically, North America
accounts for the largest share in the global precision medicine diagnostics
market, owing to increasing awareness and initiative related to precision
medicine in the North America. For instance, in 2015, the U.S Government
launched the Precision Medicine Initiative to revolutionize method to improve
health and treat disease. The precision medicine initiative will enable health
care providers to adapt new treatment and prevention strategies to people’s
unique characteristics, including their genome sequence, micro-biome
composition, health history, lifestyle, and diet.
Europe is anticipated to witness
significant growth in the precision medicine diagnostics market over the
forecast period due to expansion of key players in the region. For instance, in
February 2018, QIAGEN N.V. collaborated with and Sentieon, Inc., to advance
precision medicine by delivering Sentieon’s highly efficient variant-calling
software. Qiagen N.V. is expected to incorporate Sentieon’s variant-calling
software into its bioinformatics portfolio, supporting thousands of
next-generation sequencing (NGS) labs and also planned to offer its customer
with Sentieon DNAseq and Sentieon TNseq products for germline and somatic
variant calling.
Precision medicine aims to alter
the treatments based on individual characteristics, including differences in
genetics, environment, and lifestyle. It has the potential to transform the
delivery of care for a variety of diseases. Precision medicine implicate the
application of panomic analysis and systems biology to inspect the cause of an
individual patient's diseased condition at the molecular level and then to
apply targeted treatments to address that individual patient's disease.
Precision medicine aims to make medication and medical practices efficient and
cost effective. By using the precision medicine, doctors recognize genetic
makeup of the subject, which helps doctors to prescribe the right drug with
appropriate dose.
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Precision Medicine Diagnostics
Market- Drivers
Precision medicine diagnostics
market is expected to expand at rapid pace in near future, owing to increasing
number of pipeline studies to develop new treatment for cancer. For instance,
in January 2016, University of Arkansas initiated the clinical trial for fresh
tissue biopsy to study the further advancements in bio-specimens (blood
cellular free component, e.g., plasma, serum, tissue, urine), in order to
develop precision medicine for lung cancer management and screening (synergy
with imaging). Fresh tissue biopsy involves taking a small sample of tissue
from the body part for further microscopic examination. The study is estimated
to complete in December 2019.
Moreover, government initiatives
to create awareness among the community health worker is expected to boost
growth of the precision medicine diagnostics market. For instance, in March
2018, the Division of Community Engagement and University of Agricultural and
Horticultural Sciences (UAHS) Center for Applied Genetics and Genomic Medicine
partnered with the University Of Arizona Banner Health Research Program to
develop and implement a unique and culturally conscious approach to increase
precision medicine literacy, particularly among underserved and marginalized
populations. The program has been named as ‘Precision Medicine Community Health
Workers/Promoters for All of Us’.
Furthermore, in October 2017, the
National Institutes of Health (NIH) collaborated with 11 biopharmaceutical
companies to launch a five-year Accelerating Cancer Therapies (PACT) program,
this collaboration is focused on enhancing precision medicine approaches to
cancer care. Initial focus of PACT is to identify, develop, and validate robust
biomarkers (standardized biological markers) of disease and treatment response,
to advance new immunotherapy treatments that controls immune system to attack
cancer. The total cost of the project was US$ 215 million.
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Precision Medicine Diagnostics
Market- Restraints
However, barriers in management
of big data (large database including individual’s genetics, environment, and
lifestyle to ensure delivery of appropriate therapies) in Electronic health
records (EHR) may hamper growth of the precision medicine diagnostics market.
Big data refers to the large or complex data. EHR maintains the electronic
record of patient health information generated by one or more healthcare
service provider. For Instance, in March
2018, Health It Analytics stated that there was rise in adoption of precision
medicine by healthcare organizations, but insufficient data management was
major challenge that results into turning organizations to Artificial
Intelligence (AI) and machine learning techniques to manage large amount of
data.
Precision Medicine Diagnostics
Market- Competitive Landscape
Some of the major players
operating in the precision medicine diagnostics market include Intomics, Ferrer
Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc.,
Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and
Quest Diagnostics.
Key Development
In May 2019, QIAGEN N.V.,
launched PIK3CA RGQ PCR biomarker to enhance precision medicine in breast
cancer patient.
In February 2019, ICON plc., a
global leader in drug development solution and service acquired Molecular MD
for the development and commercialization of precision medicines in oncology.
In 2018, Syapse, Inc., a leading
precision medicine company entered into collaboration with Roche to make
precision medicine for cancer patients.
In January 2018, Syapse
collaborated with Roche in order to advance precision medicine in oncology.
Also, this partnership focuses on clinical delivery and product development for
introducing precision medicine.
In 2018, Konica Minolta Inc.,
launched Konica Minolta precision medicine in japan.
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