Precision medicine is a medical
model that offers the customization of healthcare, with medical assessments,
practices, treatments, or products being modified to the individual patient. It
is also known as personalized medicine. It develops public-private correlations
and protects privacy. It plays an important role in treatment of inherited
diseases and cancer.
According to study, “North
America Precision Medicine Market (2018-2023)” some of the major
companies that are currently working in the North America precision medicine
market are Abbott Laboratories, Medtronic, Tepnel Pharma Services, Covance,
GlaxoSmithKline (GSK), Teva Pharmaceuticals Limited, Randox Laboratories, Roche
Ltd., Qiagen, Intomics, Nanostring Technologies, FerrerInCode, Novartis AG,
Silicon Biosystems, Johnson & Johnson, Biocrates Life Sciences, Almac
Group, GE Healthcare,Eagle Genomics, Laboratory Corporation of America
Holdings,Quest Diagnostics, Pfizer. These key players provide precision
medicines through approved by pharmaceutical companies from the U.S. Food &
Drug Administration (FDA).
On the basis of ecosystem players,
the North America precision medicine market is segmented into clinical
laboratories, healthcare information technology specialists or big data
companies, pharmaceuticals & biotech companies and diagnostic companies and
many others. Diagnostic treatments and tools develop the precision solutions to
determine whether a medicine is suitable for a patient or not. On the basis of
therapeutics, the market is segmented into cardiovascular, psychiatric
disorder, central nervous system, cancer and infection diseases etc. On the
basis of technology, the market is segmented into bioinformatics,
pharmacogenomics, gene sequencing, big data analytics and companion
diagnostics. Moreover, on the basis of application, the market is segmented
into CNS, respiratory, oncology and immunology etc.
Some of the major advantages
associated with the precision medicine are preventive care, limit cost, the
efficiency of care and population health etc. However disadvantages impact the
market creating legal problems, healthcare cost, infrastructure requirements
and the relevance of the information and many others. In addition, some of the
major side effects are bleeding, anemia, bruising, appetite loss, delirium,
diarrhea, constipation, edema, fatigue, alopecia, neutropenia, infection,
nausea, memory loss vomiting and nerve problem etc.
The USA's Precision Medicine
Initiative (PMI) is a government initiative. The main goal of PMI is to collect
inherited and health data from one million subjects. PMI includes two
components: expanding current efforts in cancer genomics & testing methods
and create a large research cohort. First component is managed by National
Cancer Institute. In near future, it is predicted that PMI to become
componentof other medical cure and broader application for diseases such as
diabetes and obesity.
The market of precision medicine is
driven by increasing demand for personalized treatment, rising patient
affordability, increasing in aging population, rising diseases, higher
acceptance rate, increasing technological advancement, growing advancement in
cancer biology and government initiatives. In addition, some of the major
challenges are misinterpretation of genetic data and high cost for customized
medicine etc.
North American region is the
largest precision medicine market in world and the U.S. holds the major market
in region. During 2018-2023, the diagnostic tool vendors will hold the largest
market share due to rising demand for precision medicines. It is predictable
that North America precision medicine market will at US$ 36.2 billion, at a
CAGR of 11.0 %, by 2023. In near future, Mexico is expected to grow
increasingly owing to investment in R & D research, chronic diseases and
rising aging population.
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