Personalized Medicine Market to Witness Disruption by Path-breaking Innovations Curing Glioblastoma and Pediatric Cancer Leveraging Artificial Intelligence
Sep 5, 2019
The personalized medicine market size was evaluated at $1,351 billion, which is estimated to witness increment at a profiting CAGR of 10.2%, during the forecast period 2019-2025.
Hyderabad, India - September 5, 2019 /MarketersMedia/ —
The healthcare sector is undergoing a paradigm transformation, and it is imperative to influence the advent of new technologies to produce new data and leverage the idea of personalized medicine. Rapid advances in medicine and engineering genetics are the consequences of the Fourth Industrial revolution that will radically change the idea of medical treatments, blurring the fine lines between physical, biological, or digital therapeutics. Several scientific discoveries and technological alterations have improved the decipherment of disease pathogenesis and evolved diagnosis and treatment to more predictable, powerful, customized, and precise care for the individual, leveraging the personalized medicine market. Furthermore, next-generation sequencing is emerging as one of the main drivers that are encouraging in the evolution of precision medicine to gain ground. Recently, in June 2019, a research team revealed blood-brain barrier (BBB) chip from stem cells that would emphasize the potential of stratified medicine, magnifying the growth of personalized medicine market. The findings highlight that this 3D chip organ developed from BBB can resolve multiform brain disorders, such as Parkinson's disease, Huntington's disease, and Amyotrophic Lateral Sclerosis. This promising pathway will pave possibilities towards the personalized medicine market growth.The report covers Personalized Medicine Market size by type and applications, Personalized Medicine Market share by top 5 companies and also the market share by start-ups during the forecast period.
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As of 2018, the personalized medicine market size was evaluated at $1,351 billion, which is estimated to witness increment at a profiting CAGR of 10.2%, during the forecast period 2019-2025.
Personalized Medicine Market Analysis: Key Application
Personalized medicine, also known as theranostics, has been witnessing significant transformations in the past decade. While its benefits are limitless in the healthcare field, its major application can be seen as personalized medicine therapeutics in cardiology, oncology, neurology, and others. The global demand to decrease medical management costs, healthcare digitization trends, and rising value-based compensation models are creating a transition of medicine from general to P4 and outcome-based directed therapies. Genomic medicine involving multi-level sufferer layering shows the assurance of refining the success rate, time, and cost of clinical trials by developing pharmacodiagnostics and drug medical formula for next level targeted therapeutics. This had led to a milestone action in 2018. A record number of 25 personalized medicines claimed approval, which is 42% of all the 2018 new drug approvals. Also, biomarkers play an important part in clinical trials of precision medicine therapeutics. The biomarkers market collected a revenue avenue of around $30 billion in 2018, which is poised to propel at a healthy CAGR of 13.5%, during the forecast period. A part of this data evinces in the enlargement of the personalized medicine market scope. Additionally, the Federal Government’s Biotechnology Translation Fund invested a $22m cash into Australian company, Certa Therapeutics, to support the clinical trials related to chronic kidney disease. Uniseed, a venture fund helmed by universities of Melbourne, too contributed $3m to the cause. Certa Therapeutics promises to block a receptor, which is the key stimulator of the fibrosis, with precision medicine. The company plans to roll out the treatment within five years, boosting personalized care. Personalized medicine therapeutics in stratified medicine market is expected to grow at a CAGR of 8.2% throughout 2025.
North America Personalized Medicine Market Outlook:
Guidelines directing the diagnosis and treatment of patients are continuously changing, and 'one size fits all' is no longer existant. Emerging innovations across the world, majorly in North America has encompassed a bright future for the personalized care of the patient. This is creating a demand influx in the precision medicine market of North America. The continent amassed the largest personalized medicine market share of around 45% in 2018. Here are some of the latest innovations that are going to leverage the personalized medicine market demand in North America –
Mayo Clinic's Latest Breakthrough in Glioblastoma Cure to Boost the North America Personalized Medicine Market –
Glioblastoma affects 3.19 per 100,000 persons in the U.S. This chronic disease includes high levels of molecular and cellular heterogeneity, requiring unique treatment for every individual. In February 2019, a team of researchers of Mayo Clinic along with the collaboration of John Hopkins University, Perkin Elmer, and MicroMatrices developed a personalized medicine which could predict clinical response and also demonstrate anti-tumor efficiency. This human-induced pluripotent stem cell (IPSC) derived 3D organoid model is a revolutionary change in the field of precision medicine, and therefore, the personalized medicine market is going to experience an avalanche of growth prospects in the next years.
Precision Medicine to Bring New Hope for Pediatric Cancer Sufferers –
As per the reports of the American Cancer Society, about 1,190 children lesser than 15 years of age are expected to die from cancer in 2019. However, this can be controlled, for instance; CHU Sainte-Justine initiated a TRICEP project in Quebec in 2014 to combat refractory diseases in children. After five years, the team has finally come up with a program focusing on precision medicine in pediatric oncology. This path-breaking change is going to create opportunities for several end-users of the personalized medicine market.
imPACT Isolation Technology® to Pave Possibilities for North America Personalized Medicine Market Leaders –
The University of California - Los Angeles Health Sciences researchers were able to denote and characterize neoantigens spurring the antitumor responses in a person living with advanced cancer by the imPACT Isolation Technology® designed by PACT Pharma. This identification has opened new targets and therapies for a more effective and personalized therapeutics, which is contributing to the growth of North America personalized medicine market in the upcoming years.
Personalized Medicine Market Trends & Growth Drivers:
Rigorous advances in genome mapping are resulting in the tailoring of medical choices of each patient as per their genetic makeup. Earlier which was cost-expensive and time taking, now, constant R&D is promising outstanding growth prospects for the genomic medicine market. Here are the trends and growth drivers that are contributing to the expansion of the personalized medicine market
Artificial Intelligence and Blockchain Technologies to Give a Secured Personalized Medicine Market
Although precision medicine is getting mainstream and potentially revolutionizing the healthcare industry, several security issues are serving as a constraint in the expansion. The sharing of the data on various platforms is hindering the secured and ethical usage and is failing the mishandling problems. However, the implementation of blockchain technology and artificial intelligence (AI) will ensure security, involving the genetic information of many people. AI in the healthcare market is expected to earn revenue of around $150 billion by 2026 and is poised to grow at a stunning CAGR of 48%, during 2018-2023. On the other hand, the blockchain market is predicted to rise at a profitable CAGR of 48.37% to reach a value of $6076.6m by 2023. Thus, the usage of AI and blockchain in the field of personalized medicine is unavoidable, which will benefit the precision market vendors.
Innovative Personalized Herbal Medicine to Become Essential for Modern Therapeutics
While personalized medicine is slowly making a mark on healthcare division, herbal medication is becoming an important comedication worldwide. Several are in denial of its usage. However, some research reports prove that a considerable number of contemporary therapeutic drugs are derived from herbal medicines. Some reports suggest that in the future, there will be a convergence of herbal and conventional medicine with biomarker innovations, paving the way for a more significant personalized medicine market.
Governmental Policies in the Expansion of Personalised Medicine Market
Icelandic Centre for Research (RANNÍS), Innovaatiorahoituskeskus Business Finland, the Swedish Governmental Agency for Innovation Systems (Vinnova), and the Research Council of Norway, along with NordForsk announced a launching call in 2018, for proposals for funding of trans-Nordic projects that aim towards the usage of personalized medicine in health care. The budget was estimated at around $14.9m. This policy benefited several personalized medicine business leaders and supported the growth of personalized medicine market across the world.
Personalized Medicine Market: Competitive Landscape
The principal business leaders who are currently holding maximum biochemical sensors market shares and are focusing on the expansion of their manufacturing capacity to gain an edge over other players are GE Healthcare, Illumina, Inc., Asuragen, Inc., Abbott Laboratories, Dako A/S, Exact Sciences Corporation, Danaher Corporation (Cepheid, Inc.), deCODE genetics, Inc., Genelex Corporation, Exagen, Inc., Precision Biologics, Inc., QIAGEN, Celera Diagnostics LLC, Biogen Inc., Novartis International AG, Pfizer Inc., and others.
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Related Reports:
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https://www.industryarc.com/Report/15245/personalized-medicine-in-oncology-market.html
b) Personalized Learning Market
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