Precision medicine aims to alter the treatments based on individual characteristics, including differences in genetics, environment, and lifestyle. It has the potential to transform the delivery of care for a variety of diseases. Precision medicine implicate the application of panomic analysis and systems biology to inspect the cause of an individual patient's diseased condition at the molecular level and then to apply targeted treatments to address that individual patient's disease. Precision medicine aims to make medication and medical practices efficient and cost effective. By using the precision medicine, doctors recognize genetic makeup of the subject, which helps doctors to prescribe the right drug with appropriate dose.

Precision Medicine Diagnostics Market- Drivers

Precision medicine diagnostics market is expected to expand at rapid pace in near future, owing to increasing number of pipeline studies to develop new treatment for cancer. For instance, in January 2016, University of Arkansas initiated the clinical trial for fresh tissue biopsy to study the further advancements in bio-specimens (blood cellular free component, e.g., plasma, serum, tissue, urine), in order to develop precision medicine for lung cancer management and screening (synergy with imaging). Fresh tissue biopsy involves taking a small sample of tissue from the body part for further microscopic examination. The study is estimated to complete in December 2019.

Moreover, government initiatives to create awareness among the community health worker is expected to boost growth of the precision medicine diagnostics market. For instance, in March 2018, the Division of Community Engagement and University of Agricultural and Horticultural Sciences (UAHS) Center for Applied Genetics and Genomic Medicine partnered with the University Of Arizona Banner Health Research Program to develop and implement a unique and culturally conscious approach to increase precision medicine literacy, particularly among underserved and marginalized populations. The program has been named as ‘Precision Medicine Community Health Workers/Promoters for All of Us’.

Furthermore, in October 2017, the National Institutes of Health (NIH) collaborated with 11 biopharmaceutical companies to launch a five-year Accelerating Cancer Therapies (PACT) program, this collaboration is focused on enhancing precision medicine approaches to cancer care. Initial focus of PACT is to identify, develop, and validate robust biomarkers (standardized biological markers) of disease and treatment response, to advance new immunotherapy treatments that controls immune system to attack cancer. The total cost of the project was US$ 215 million.

Precision Medicine Diagnostics Market- Restraints

However, barriers in management of big data (large database including individual’s genetics, environment, and lifestyle to ensure delivery of appropriate therapies) in Electronic health records (EHR) may hamper growth of the precision medicine diagnostics market. Big data refers to the large or complex data. EHR maintains the electronic record of patient health information generated by one or more healthcare service provider. For Instance, in March 2018, Health It Analytics stated that there was rise in adoption of precision medicine by healthcare organizations, but insufficient data management was major challenge that results into turning organizations to Artificial Intelligence (AI) and machine learning techniques to manage large amount of data.

Precision Medicine Diagnostics Market- Regional Analysis

On the basis of region, the global precision medicine diagnostics market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Geographically, North America accounts for the largest share in the global precision medicine diagnostics market, owing to increasing awareness and initiative related to precision medicine in the North America. For instance, in 2015, the U.S Government launched the Precision Medicine Initiative to revolutionize method to improve health and treat disease. The precision medicine initiative will enable health care providers to adapt new treatment and prevention strategies to people’s unique characteristics, including their genome sequence, micro-biome composition, health history, lifestyle, and diet.

Europe is anticipated to witness significant growth in the precision medicine diagnostics market over the forecast period due to expansion of key players in the region. For instance, in February 2018, QIAGEN N.V. collaborated with and Sentieon, Inc., to advance precision medicine by delivering Sentieon’s highly efficient variant-calling software. Qiagen N.V. is expected to incorporate Sentieon’s variant-calling software into its bioinformatics portfolio, supporting thousands of next-generation sequencing (NGS) labs and also planned to offer its customer with Sentieon DNAseq and Sentieon TNseq products for germline and somatic variant calling.

Precision Medicine Diagnostics Market- Competitive Landscape

Some of the major players operating in the precision medicine diagnostics market include Intomics, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.

Key Development

In May 2019, QIAGEN N.V., launched PIK3CA RGQ PCR biomarker to enhance precision medicine in breast cancer patient.

In February 2019, ICON plc., a global leader in drug development solution and service acquired Molecular MD for the development and commercialization of precision medicines in oncology.

In 2018, Syapse, Inc., a leading precision medicine company entered into collaboration with Roche to make precision medicine for cancer patients.

In January 2018, Syapse collaborated with Roche in order to advance precision medicine in oncology. Also, this partnership focuses on clinical delivery and product development for introducing precision medicine.

In 2018, Konica Minolta Inc., launched Konica Minolta precision medicine in japan.

Precision Medicine Diagnostics Market- Taxonomy

By Technology:

Bioinformatics

Gene Sequencing

Drug Discovery

Precision Molecular Diagnostics

Big Data Analytics

By Application:

Oncology

Breast cancers

Lung Cancer

Others

CNS

Hematology

Respiratory

Immunology

Others

By Geography: