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.
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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.
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.
Precision Medicine Diagnostics Market- Key Players
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.
Precision Medicine Diagnostics Market- Taxonomy
Precision Molecular Diagnostics
Big Data Analytics
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