Market Trends of Precision Medicine Industry
This section covers the major market trends shaping the Precision Medicine Market according to our research experts:
Oncology Segment is Expected to Witness a Significant Growth Over the Forecast Period.
The oncology segment is expected to witness significant growth over the forecast period owing to increasing cases of oncology and technological developments. Precision medicine applications are primarily directed toward better treatment of oncological diseases and are expected to witness significant growth over the forecast period. The key factor behind the significant growth of the segment is the rising prevalence of cancer and the rising number of drug candidates for the same in clinical trials.
The increasing use of precision oncology by patients with cancer is driving the growth of this segment. For instance, in April 2022, an article published in the journal Nature Medicine reported that the increasing use of genomic profiling for diagnosis and therapy guidance in many tumor types has increased the use of precision medicine in cancer patients. According to the article, precision medicine is used for people who are at a higher risk of developing certain cancers, particularly those who have a family history of cancer.Thus, the increasing efficiency of precision medicine and the increasing number of cancer cases are driving the growth of this segment.
Similarly, the collaborations between key market players are another factor propelling the market's growth. For instance, in September 2021, AstraZeneca and Thermo Fisher Scientific entered a multi-year strategic collaboration to co-develop next-generation sequencing (NGS)-based companion diagnostics (CDx). AstraZeneca said that more than 90% of its clinical pipeline contains targeted precision therapies, including oncology.
The high support from the government through funding and the rapid growth of genomic analysis are expected to augment the growth of the precision medicine market at a fast rate over the forecast period.
North America is Expected to Witness a Significant Growth Over the Forecast Period.
The presence of better healthcare infrastructure and huge expenditures on R&D are expected to boost the growth of the precision medicine market in the United States. For certain types of cancer treatments, like colorectal cancer and breast cancer, there have been significant advances in precision medicine.
The increasing number of cancer cases in North American countries like Canada is driving the growth of the studied market. For instance, in June 2022, Canada's Cancer Society reported that 233,900 people in Canada were expected to be diagnosed with cancer by the end of 2022. The source also reported that the most commonly diagnosed cancers are expected to be lung, breast, prostate, and colorectal cancers. Thus, increasing cancer cases are increasing the demand for oncology precision medicine and thus driving the growth of the studied market in the region.
In a similar way, the National Cancer Institute (NIC), based on data from March 2022, was given USD 6.9 billion by the Consolidated Appropriations Act, 2022. This is a net increase of USD 353 million over FY 2021.Included in the FY 2022 allocation are USD 194 million in funding for the Cancer Moonshot and USD 50 million for the Childhood Cancer Data Initiative. Thus, increasing investments in enabling a precision medicine approach across the country are expected to drive the market studied during the forecast period.
Furthermore, the growing number of precision medicine researchers in North American countries is driving the growth of the studied market.For instance, an article published in the journal Gaceta Medica de Mexico in March 2022 reported that a research team in Mexico has developed precision medicine for RET gene mutational diagnosis for medullary thyroid cancer and multiple endocrine neoplasia (MEN) 2. The article also quoted that RET pathogenic variants in the Mexican population are consistent with reported data and that the most common mutations are 634/NEM2 and 918/NEM3, which have been reported in the Mexican population, and that the researchers are developing precision for the diagnosis and treatment of this mutation.
Furthermore, in April 2021, MCI Onehealth Technologies Inc. (MCI) entered a strategic partnership with Ariel Precision Medicine Inc. to accelerate MCI's precision medicine and technology roadmap for both clinical and commercial projects with pharmaceutical, medical device, and life sciences companies, thereby driving the market. Similarly, in March 2021, the National Institute of Health (NIH) invested in the next iteration of a public-private partnership to advance precision medicine research for Alzheimer's disease. Therefore, increasing partnerships in advancing precision medicine for different diseases is expected to lead to lucrative growth of the market in the country.
Hence, the increasing number of cancer cases and technological developments are driving the growth of the studied market in the region over the forecast period.
