According to study, “Latin
America Precision Medicine Market (2018-2023)” some of the major
companies that are currently working in the Latin America precision medicine
market are Randox Laboratories, Abbott Laboratories, GlaxoSmithKline (GSK), Almac
Group, Johnson & Johnson, Teva Pharmaceuticals Limited, CETICS Healthcare
Technologies GmbH, GE Healthcare, Novartis AG, Pfizer.
Precision medicine is a mixture of
molecular biology procedures and system biology. It
provides the right treatment to the patients at the right time. It protects
patient’s health by using family health history, tailoring prevention and
screening of the diseases. Its main goal is to provide better treatment mainly
for cancer involving many applications of the systems to examine the cause of a
patient's infection at the molecular level and then to developing targeted
treatment to tackle that patient's disease process. Some of the other attributes
include protective care, edge cost, the ability of care, inhabitant’s health
and others.
Some of the major technologies
used in precision medicine market are pharmacogenomics, bioinformatics, gene
sequencing, drug discovery technology, big data analytics,next-generation
sequencing (NGS) and companion diagnostics. Drug discovery technology dominates
the largest market share in the region. Additionally, based on the curative
market is classified as cardiovascular, central anxious system, psychiatric
disorder, cancer and virus diseases etc. Cancer curative market segment hold
the maximum market share owing to higher death rate appropriate to cancer.
The implementations of precision
medicines are mainly impacted by various medical areas in two basic phases of
therapy regimen and the molecular diagnosis. The therapy regimen includes many
molecular diagnostic, definition of clinical progression and resistance,
evaluation of side effects, cost of new and old drugs, selection of combination
or sequential regimens and proper communication with the multidisciplinary
team. The molecular diagnosis includes various testing methods of validating
& interpreting clinical assays and scoring criteria with cut-offs for
variables with continuous distribution in the population: it also provides
solutions for properly communicating with the multidisciplinary team.
The Brazilian Initiative on
Precision Medicine (BIPMed) is based on a newly launched software platform. It offers
public access to genomic & phenotypic data. BIPMed supports propagation and
guidance in the areas of individual molecular heredity, computational ecology
and others.
The market of Latin America
precision medicine is driven by the increasing demand for personalized medical
solutions & treatments, increase advance healthcare services, favorable
government laws and advancements in healthcare technology. In addition, around
31% population of the region cannot access cost-effective healthcare facilities
adding the major restraint factor. Some of other restraints factors are lack of
tolerably skilled healthcare workers and poor economic conditions of many
countries.
Nowadays, the Mexico, Brazil and
Argentina are focusing on providing tailored treatment and therapies to the
inhabitants, with the use of many technologies such as data analytics and NGS etc.
During 2018-2023, it is estimated that the pharmaceuticals and biotech
companies to drive owing to emergence of medicine discovery technologies. It is
expected that Latin America precision medicine market will be reached at USD
6.4 billion, at a CAGR of 9.3 %, by 2023. In upcoming years, it is predicted
that the market increasingly due to the huge investments in big analytic
research and development (R & D) in the region.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
