Precision Medicine Market Growth, Market Size, Share & Forecast By 2019-25
Posted by shibaomrglobal on January 21st, 2020
The global precision medicine market is estimated to grow at a CAGR of 9.8% during the forecast period.Identification of biomarkers is very essential to develop and realize the potential of precision medicine. Researches conducted by the different research institutes have turned to the proteomics, for developing new biomarkers. These latest researches have improved the accuracy of the biomarkers as early diagnosis of the diseases help the physicians to provide better treatment. Presently, scientists are focusing on the gene expression for detecting the results of the therapy process. In June 2018, the National Cancer Institute (NCI) has sponsored a Trial Assigning Individualized Option for treatment (Rx), or TAILORx. This test enabled the scientists and other healthcare providers to assign patients to the most appropriate and effective treatment. Thereby, unfolding growth opportunities for the global precision medicine market.
The biomarkers test is being utilized to find the risk factor of the reoccurrence of breast cancer. In 2015, there was an investment made by the Precision Medical Initiative of around million to the National Cancer Institute. The investment was made to recognize the different genomic drivers in cancer and to develop new approaches for the diagnosis of cancer.
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In October 2017, the US-based company called Gentris, working in the field of genomic biomarkers in clinical studies, signed a Memorandum of Understanding to form a biomarker collaboration with the Shanghai Institutes of Preventative Medicine. This partnership was aimed to discover new biomarkers. It may result in the development of the effective precision medicine. Thus, likely to expand the market size for global precision medicine market.
Moreover, in April 2017, Oxford Cancer Biomarkers with the collaboration of My-BioMed Biotechnology (MBM) expanded the use of three of its in-vitro diagnostic tests for colorectal cancer into China. Increasing personalized treatment has focused on pharmaceutical companies for investments in biomarkers. These three tests have been developed for colorectal cancer by OCB (Oxford Cancer Biomarker) and are intended for distributing personalized medicine and are part of a portfolio.
This strategic collaboration will permit patients across China to access OCB’s suite of precision oncology diagnostic technologies and specific needs of the Chinese market. This enables in building a robust product pipeline of diagnostics exactly aimed at the population of China.
Current Market Trends Covered in the Global Precision Medicine Market Report
Global Precision Medicine Market Segmentation
Global Precision Medicine Market – Segment by Region
Rest of the World
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Joined: June 17th, 2019
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