Adroit Market Research - Industry Insights
Global Precision Medicine Market Size 2017 by Application (Oncology, Central Nervous System, Cardiology, Infectious disease and Others), Region and Forecast 2018 to 2025
Apr 2019
Total Pages: 80
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Global precision medicine market was valued at USD 47.73 billion in 2017, driven by advancement in genomic and proteomic sequencing that are bending the cost curve, rise in consumer focused healthcare from diagnostics to wellness and innovative healthcare IT technologies and connectivity.
Drugs are expensive, do not work on large patient pool, are hard to get approved and difficult to research. Thus, the pharmaceutical companies are under constant pressure to produce drugs that have the highest probability of turning into profit and benefiting majority of the patients. Additionally, computer aided drug designing and high throughput sequencing methods generate massive amounts of data. Technologies like big data, blockchain, and cloud computing and mobile technology are making a major impact by helping solve these problems. Big data is helping create more effective trials while the blockchain technology, stores data effectively. All these technologies collectively allow companies and research units to share vital data in real time and develop incredible breakthroughs. Internet of things (IoT) and sophisticated sensors are further enabling blood pressure measurement, glucose monitoring while even tracking food ingestion via mobile which is utterly transformative.
Furthermore, connectivity is enabling customer solutions both inside and outside the home. Developments like home health, telehealth and web applications are shifting the paradigm of personalized care outside a doctor's office. Patients are becoming keen to predict their health status and manage overall health through genetic testing products for in home use. All these technologies together are fueling the precision medicines to a next level.
Precision medicine opens various opportunities in genetic screening market. The direct to consumer genetic testing is currently trending in precision medicine market as consumers are themselves opting for genetic information. However, data-privacy laws are also becoming stringent. Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulation (GDPR) strictly regulate the collection, retention and sharing of patient data. Medical laboratories working to derive value from such data should ensure their processes are well within the laws. Nearly 40 countries have their own versions of precision medicine initiatives. Geographically, North America dominated the precision medicine market in 2017, due to favorable government payment and coverage policies. Segment wise, Cardiology held the largest market share in 2017 with 25.70%.
Key Segments of the Global Precision Medicine Market
Application Overview, 2015-2025 (USD Million)
- Oncology
- CNS
- Cardiology
- Infectious disease
- Others
Regional Overview, 2015-2025 (USD Million)
- North America
- U.S.
- Canada
- Europe
- France
- UK
- Germany
- Italy
- Asia Pacific
- India
- Japan
- China
- South Korea
- Rest of the World
Reasons for the study
- Advances in medical sciences driven by genomic technologies has dropped the cost of sequencing genome and thus the general public has easier access to genetic screening.
- Every one in four drugs approved by the U.S Food and Drug Administration (FDA) is a precision medicine.
- Advancement in clinical utility of genomics have led to increased speed of genetic sequencing data.
- Nearly 40 countries have their own versions of precision medicine initiatives.
What does the report include?
- The study on the global precision medicine market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the PEST and Value Chain Analysis.
- The study covers qualitative and quantitative analysis of the market segmented on the basis of application and region. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
This study is suitable for industry participants and stakeholders in the precision medicine market. The report will benefit:
- Executives of the precision medicine manufacturing companies.
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the precision medicine market.
- Venture capitalist looking into investing capital.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative precision medicine solutions.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The way we understand and treat disease is changing rapidly. The list of conditions for which there is no adequate treatment is increasing and, even when treatments are available, many patients either do not respond or experience undesirable side effects. Genetic discoveries have led to the understanding that many of these problems are explained by the variability in individual’s biological makeup. Consequently, the one-size-fits-all approach is no longer viable and we should shift towards healthcare that is tailored to the needs and characteristics of the individual. Precision medicines are about bringing the right treatment to the right patient at the right time. It is one of the key vehicles by which the healthcare system of tomorrow can achieve better outcomes for patients and financial efficiency.
Patient empowerment is a prime factor for the adoption of precision medicines; it has resulted in consumer focused healthcare, enabled by ease of access to health information that was previously available only to medical professionals. Physicians and healthcare providers are no longer viewed as primary sources for medical information as patients are seeking advice from online resources for medical conditions or diagnosis. The online resources create educated patients that can now form their own opinion on how to handle their health. Online websites allow patients to feel as if they are in control of their health and that advice is targeted to their needs. Thus, with the rise in medical advice available online and consumers awareness on health management, individuals are expecting customized service from physicians.
Precision medicine fosters patients to play an active role in the decision making responsibility for managing their health and therefore enables a consumer focused market. It helps patients feel greater ownership in the responsibility for their health. In today's trending consumerism, patients are also concerned more about cost and quality. By providing financial incentives and information to patients, they can make more value driven healthcare decisions. Thus, as the patients contribute more towards the healthcare coverage costs an upsurge in demand for high quality of services is seen.
The precision medicine market has been segmented based on application into oncology, CNS, cardiology, infectious disease and others. Cardiology had the maximum market share of 25.7% in 2017, however the oncology segment is expected to grow at a highest pace during the forecast period. Growth of this segment is largely due to the growing burden of cancer patients along with various genetic factors involved in disease prevalence.
Various market players are investing heavily to develop targeted products. Ongoing developments in pharmaceutical industries are promising to make cancer treatable in several cases. The competitive rivalry between the market players is high as the manufacturers are charging premium prices. Also, the cost associated to develop these medicines is usually on the higher end as compared to the generalized pharmaceutical drug. Although, the motto of the precision medicines is to save cost as the treatment becomes personalized and waste is avoided, significant capital investments are required to develop the infrastructure that many countries cannot afford. Precision medicines also require routine medical follow up as genetic tests are frequently used in clinical conditions to confirm diagnostics. In case of direct to consumer genetic testing vendors seek advice from physician to interpret the results. Thus this adds to the cost and burdens the healthcare services.
The pharmaceutical industry's 20 top-selling cancer precision medicines in 2017, generated annual sales of over $50 billion worldwide. Celgene's Revlimid for multiple myeloma, Roche's Rituxan for non-hodgkins lymphoma and chronic lymphocytic leukemia, Avastin for breast, colorectal, lung, kidney and ovarian cancers, Herceptin for HER2+ breast cancer, lead the pack with $26 billion in sales for these four drugs alone. With a looming patent cliff, many blockbuster drugs are on the verge of losing exclusivity in the upcoming years. Revlimid’s, European patent is about to expire in 2022; however, the U.S patent for the drug extends through 2026, the company struck a deal with Natco Pharma will allows a generic version of Revlimid to be sold in the U.S market in limited volumes beginning in March 2022.
North America has portrayed a strong market growth for precision medicines over recent years. Its market size was estimated at USD 23.27 billion in 2017. Several government initiatives in support to precision medicines were established in this region. In 2015, the U.S President Barack Obama announced precision medicine initiative with an objective to gain momentum of precision medicines. Under the initiative he allocated, USD 130 million to National Institute of Health and USD 70 million to National Cancer Institute.
In Germany, precision medicine commonly known as individualized medicine initiatives were undertaken. The German Federal Ministry of Education and Research (BMBF) announced the action plan called “individualized medicine - a new way in research and healthcare.” The BMBF invested 40 million euros for employment of precision therapies into clinical trials. The BMBF also participated in the European precision medicine project called the “personalized medicine 2020 and beyond” along with 27 partners from 14 countries. “The German national cohort” launched in 2013, is the largest nationwide project with duration of 25 to 30 years with 220 million euros budget for the first 10 years.
China is also emerging as a key player in the precision medicine industry. It is a world leader, with majority of the pharmaceutical and trademark patents. iCarbonX, a Chinese company is collecting varied data on behavioral patterns of millions of patients, environment and genetics using data mining and artificial intelligence to develop precise treatments based on digital and holistic view of individual patient. In India, companies are offering various technology solutions in order to provide diagnosis and treatment to various diseases such as coronary, diabetes and obesity. The Xcode Lifesciences is providing InDNA technology to provide solutions to these disease. NutraGen made available the first genetic test for type 2 diabetes using targeted mutation screening (genotyping). The test screens DNA variations that carries risk factors for type 2 diabetes. Avesthagen, is another Indian player focusing on pharmacogenomics. The company’s AVESTAGENOME project is studying the Parsi population, to determine the genetic basis of longevity and age-related disorders. The study aim’s at establishing pharmacogenomics-based therapies and develop biomarkers for predictive diagnostics to preserve the genome of the community.
Global precision medicine market was valued at USD 47.73 billion in 2017, driven by advancement in genomic and proteomic sequencing that are bending the cost curve, rise in consumer focused healthcare from diagnostics to wellness and innovative healthcare IT technologies and connectivity.
Drugs are expensive, do not work on large patient pool, are hard to get approved and difficult to research. Thus, the pharmaceutical companies are under constant pressure to produce drugs that have the highest probability of turning into profit and benefiting majority of the patients. Additionally, computer aided drug designing and high throughput sequencing methods generate massive amounts of data. Technologies like big data, blockchain, and cloud computing and mobile technology are making a major impact by helping solve these problems. Big data is helping create more effective trials while the blockchain technology, stores data effectively. All these technologies collectively allow companies and research units to share vital data in real time and develop incredible breakthroughs. Internet of things (IoT) and sophisticated sensors are further enabling blood pressure measurement, glucose monitoring while even tracking food ingestion via mobile which is utterly transformative.
Furthermore, connectivity is enabling customer solutions both inside and outside the home. Developments like home health, telehealth and web applications are shifting the paradigm of personalized care outside a doctor's office. Patients are becoming keen to predict their health status and manage overall health through genetic testing products for in home use. All these technologies together are fueling the precision medicines to a next level.
Precision medicine opens various opportunities in genetic screening market. The direct to consumer genetic testing is currently trending in precision medicine market as consumers are themselves opting for genetic information. However, data-privacy laws are also becoming stringent. Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulation (GDPR) strictly regulate the collection, retention and sharing of patient data. Medical laboratories working to derive value from such data should ensure their processes are well within the laws. Nearly 40 countries have their own versions of precision medicine initiatives. Geographically, North America dominated the precision medicine market in 2017, due to favorable government payment and coverage policies. Segment wise, Cardiology held the largest market share in 2017 with 25.70%.
Key Segments of the Global Precision Medicine Market
Application Overview, 2015-2025 (USD Million)
- Oncology
- CNS
- Cardiology
- Infectious disease
- Others
Regional Overview, 2015-2025 (USD Million)
- North America
- U.S.
- Canada
- Europe
- France
- UK
- Germany
- Italy
- Asia Pacific
- India
- Japan
- China
- South Korea
- Rest of the World
Reasons for the study
- Advances in medical sciences driven by genomic technologies has dropped the cost of sequencing genome and thus the general public has easier access to genetic screening.
- Every one in four drugs approved by the U.S Food and Drug Administration (FDA) is a precision medicine.
- Advancement in clinical utility of genomics have led to increased speed of genetic sequencing data.
- Nearly 40 countries have their own versions of precision medicine initiatives.
What does the report include?
- The study on the global precision medicine market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the PEST and Value Chain Analysis.
- The study covers qualitative and quantitative analysis of the market segmented on the basis of application and region. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
This study is suitable for industry participants and stakeholders in the precision medicine market. The report will benefit:
- Executives of the precision medicine manufacturing companies.
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the precision medicine market.
- Venture capitalist looking into investing capital.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for innovative precision medicine solutions.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market Drivers
3.2.2. Market Restraints
3.2.3. Market Opportunities
3.3. Value Chain Analysis
3.4. PEST Analysis
3.5. Pipeline analysis
3.6. Patent Analysis
Chapter 4. Market Overview, By Application
4.1. Global precision medicine market share, by application, 2017 & 2025
4.2. Oncology
4.2.1. Market size and projections, 2015-2025
4.3. CNS
4.3.1. Market size and projections, 2015– 2025
4.4. Cardiology
4.4.1. Market size and projections, 2015– 2025
4.5. Infectious disease
4.5.1. Market size and projections, 2015– 2025
4.6. Others
4.6.1. Market size and projections, 2015– 2025
Chapter 5. Market Overview, By Region
5.1. Global precision medicine market share, by region, 2017 & 2025
5.1.1. North America
5.1.1.1. Market size and projections, 2015-2025
5.1.1.2. Market size and projections, by application, 2015-2025
5.1.1.3. US
5.1.1.3.1. Market size and projections, by application, 2015-2025
5.1.1.4. Canada
5.1.1.4.1. Market size and projections, by application, 2015-2025
5.1.2. Europe
5.1.2.1. Market size and projections, 2015-2025
5.1.2.2. Market size and projections, by application, 2015-2025
5.1.2.3. France
5.1.2.3.1. Market size and projections, by application, 2015-2025
5.1.2.4. UK
5.1.2.4.1. Market size and projections, by application, 2015-2025
5.1.2.5. Germany
5.1.2.5.1. Market size and projections, by application, 2015-2025
5.1.2.6. Italy
5.1.2.6.1. Market size and projections, by application, 2015-2025
5.1.3. Asia Pacific
5.1.3.1. Market size and projections, 2015-2025
5.1.3.2. Market size and projections, by application, 2015-2025
5.1.3.3. India
5.1.3.3.1. Market size and projections, by application, 2015-2025
5.1.3.4. China
5.1.3.4.1. Market size and projections, by application, 2015-2025
5.1.3.5. Japan
5.1.3.5.1. Market size and projections, by application, 2015-2025
5.1.3.6. South Korea
5.1.3.6.1. Market size and projections, by application, 2015-2025
5.1.3.7. Rest of the World
5.1.3.7.1. Market size and projections, by application, 2015-2025
Chapter 6. Company Profiles
6.1. Novartis International AG
6.1.1. Company overview
6.1.2. Product portfolio
6.1.3. Key developments
6.1.4. Financial performance
6.2. F. Hoffmann-La Roche AG
6.2.1. Company overview
6.2.2. Product portfolio
6.2.3. Key developments
6.2.4. Financial performance
6.3. AstraZeneca plc
6.3.1. Company overview
6.3.2. Product portfolio
6.3.3. Key developments
6.3.4. Financial performance
6.4. Abbott Laboratories
6.4.1. Company overview
6.4.2. Product portfolio
6.4.3. Key developments
6.4.4. Financial performance
6.5. Pfizer Inc.
6.5.1. Company overview
6.5.2. Product portfolio
6.5.3. Key developments
6.5.4. Financial performance
6.6. Eli Lilly and Company
6.6.1. Company overview
6.6.2. Product portfolio
6.6.3. Key developments
6.6.4. Financial performance
6.7. Teva Pharmaceutical Industries Ltd.
6.7.1. Company overview
6.7.2. Product portfolio
6.7.3. Key developments
6.7.4. Financial performance
6.8. Merck & Co.
6.8.1. Company overview
6.8.2. Product portfolio
6.8.3. Key developments
6.8.4. Financial performance
6.9. Amgen Inc.
6.9.1. Company overview
6.9.2. Product portfolio
6.9.3. Key developments
6.9.4. Financial performance
6.10. Astellas Pharma Inc.
6.10.1. Company overview
6.10.2. Product portfolio
6.10.3. Key developments
6.10.4. Financial performance