Precision medicine market to skyrocket past $87 billion
Driven by demand for personalized medicine in cancer treatments and advancements in new healthcare technologies, the precision medicine market is expected to reach $87.79 billion by 2023, according to a report by Global Market Insights.
Revenue growth will be sustained by favorable government regulations and standards.
The trend toward an individualized diagnosis approach is growing thanks to large-scale biologic database development, efficient methods for patient characterization, and computational tools to analyze large data sets.
In the public health sector, the White House has dedicated $55 million toward creation of its Precision Medicine Initiative (PMI).
In line with the growth of the precision medicine market, gene sequencing market size surpassed $8 billion in 2015, while the FDA issued draft guidelines for tests based on next-generation sequencing (NGS). This new healthcare testing takes into account individual differences in people's genes, environments and lifestyles.
The report also said that drug discovery technology added more than $9 billion to the global precision medicine market in 2015, and is estimated to expand at 8.3 percent compound annual growth rate from 2016 to 2023.
New opportunities will be opened up by NGS and other, similar technologies, and regulation of NGS-based test development will help create regulatory processes for genetic test development.
In the longer term, the global companion diagnostics market is predicted to reach $17 billion by 2023. This market plays a significant role in development of targeted drugs, thus speeding up the move towards more precise and individualized pharmacotherapy.
Significant developments internationally research about breast cancer and other related cancers are occurring. Oncology application was over 30 percent of the precision medicine market share in 2015.
“Recent research advances have helped expand benefits to various aspects of healthcare by enabling better understanding of disease mechanisms, assessment of disease risks and prediction of optimal therapy,” the report said. “A large number of investments in diagnostic research will further accelerate the shift from treatment to preventive medicine in healthcare.”