World News: 05:23 GMT Tuesday 16th April 2019. [Adroit Market Research via Globe Newswire via SPi World News]
Dallas,Texas, April 16, 2019 (GLOBE NEWSWIRE) -- The global precision medicine market size is projected to be valued USD 119.90 billion by 2025. Advancement in genomic and proteomic sequencing with reduced costs, is bringing in the so-called “genomic revolution.” By identifying the optimal point of intervention for treatment, healthcare providers massively improve the quality of care. Additionally, these technologies offer optimized cost by effectively timing treatment intervention and eliminating the need for insufficient or excessive treatment regimens.
Next generation sequencing has shifted the paradigm of genomics by accomplishing entire genome sequencing in a matter of hours. The enhanced speed and ease of DNA sequencing has drastically reduced the cost. The cost of deciphering the entire human genome has dropped by an order of magnitude from USD 10,000 in 2011 to about USD 1,000 today. As genome sequencing costs are declining rapidly healthcare providers and patients are likely to be more inclined to seek treatments that are targeted to a particular illness.
Cost is a major issue for precision medicines. Precision medicines may overburden many healthcare systems which are currently under significant financial constraints. It is a major factor hindering the patient’s access to treatment. The new targeted drugs that are launched in the market, are so highly priced that the patients can hardly afford them unless the cost is fully covered by the payers.
The “Global Size 2017 by Application (Oncology, Central Nervous System, Cardiology, Infectious disease and Others), By Region (US, Canada, Germany, UK, Italy, France, China, India, Japan, South Korea and Rest of World ) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Geographically, Asia Pacific led the precision medicine market share in the global market in 2017, growing with a CAGR of 14.38% from 2018 to 2025. Globally, 40 countries have their individual versions of precision medicine ingenuities. United States and China being one of them. China, is spending $43 for every $1 the United States is spending on its precision medicine initiatives. The Beijing Genome Institute has the world's largest sequencer and repository of genetic material. Additionally, developments in computational power and artificial intelligence are also in progress to discover new drugs, treatment and delivery methods. Wuxi Nextcode and Huawei are collaboratively developing cloud computing infrastructure to store and compute enormous amounts of data for precision medicines.
Furthermore, the Korean government is strategizing framework for implementation of precision medicine into clinical practice. The Korean Ministry of Food and Drug Safety, conducted a survey in 2012-2013, in order to explore the public awareness and attitude towards precision medicine. Results of the survey demonstrated low levels of public awareness regarding precision medicine, however, family income showed a positive correlation with precision medicine knowledge, thus reducing potential health disparities will increase the access to precision medicine.
Some of the leading players operating in the market include Novartis International AG, F. Hoffmann-La Roche AG, AstraZeneca plc, Eli Lilly and Company, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Abbott Laboratories, Merck & Co. and others.
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Globe Newswire: 05:23 GMT Tuesday 16th April 2019
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