Various diseases currently do not possess proven treatments or preventions. For making a difference for millions of people suffering from these diseases, it is crucial to gain better insights in environmental, behavioral and biological factors driving these diseases. Precision medicine is an upcoming approach for treatment and prevention of disease taking into account individual variability in lifestyle, environment and genes for every individual. The global precision medicine market is projected to register around 14% CAGR during 2016 to 2024 according to a study by Persistence Market Research (PMR).
Factors Propelling the Growth of Global Precision Medicine Market Include
- Growing approval of drugs as well as their companion diagnostic assays
- Effective DNA profiling
- Increasing incidences of cancer diseases
- Growth of data-driven healthcare
- Soaring utilization of ‘multi-omics’ for research tied with high throughput sequencing platform penetration
- Exponential growth in number of targeted molecules within pipeline for specific application
The elevating price of drug discovery with rising regulatory requirements has necessitated the rise in demand for an individualized product. Companion diagnostics development has resulted in provision of relevant clinical & biological information as well as a set of tools for addressing several pharmaceutical companies. Leading players are concentrating on patenting a molecule with its companion diagnostics for achieving a profit margin, competitive edge and more usage. Owing to availability of companion diagnostics, both physicians and patients assured of the effectiveness of therapy.
The All of US Research Program
As a part of federal precision medicine initiative, the National Institutes of Health (NIH) is making an effort in building a large-scale, national research enterprise with over one million volunteers for extending precision medicine to almost all diseases. The All of US Research Program, named as PMI Cohort Program formerly, will be a data-driven, participant-engaged enterprise to support research at intersection of genetics, lifestyle and environment for producing new knowledge along with the development of more effective ways for prolonging health & treatment of disease. More importantly, the program will not only concentrate on disease but also on the ways to increase the chances of an individual to remain healthy throughout life. According to an information from the Advisory Committee’s working group to the director of NIH, the All of US Research Program has commenced building infrastructure & capacity owing to several funding awards and will be recruiting participants during this year.
For Precision Medicine to Become Reality, Five Key Challenges are Expected to be Faced which Include
- Clinical Trials– It must be easier for accomplishing clinical trials and genomic testing must be more affordable for creation of more specific treatments.
- Data– In a future perspective, data is likely to be the most sizeable challenge considering the process of data collection. Moreover, many issues are faced in the integration of data into EHR workflow. It is necessary for the healthcare industry to find ways for building upon this data for making better care decisions.
- Empowering Patients– Healthcare organisations are focusing on ways to figure out the role of patients in precision medicine. In addition, few organizations have been working on patient policies.
- Support of Physicians– Healthcare leaders should ensure than physicians possess the time, confidence and education in handling precision medicine, at the same time reducing the care gaps for appropriate precision medicine practice.
- Construction of a Case for Precision Medicine– Several insurers possess rigorous guidelines for figuring out what will be covered. It is necessary to demonstrate precision medicine’s support to the organization’s overall goals.
For more information visit @ http://www.persistencemarketresearch.com/market-research/precision-medicine-market.asp