Westford, Massachusetts, Aug. 23, 2022 (GLOBE NEWSWIRE) -- From the last few years, the global precision medicine market has been witnessing a rapid growth, as patients seek therapies that are more tailored to their individual needs. For example, personalized cancer treatment is found to be more effective than those that are not specific to the individual’s tumor. And therapies for heart disease can be tailored to the individual patient’s unique genetic makeup. This, in turn, would help in reducing overall healthcare cost, improve disease diagnostics, reduce time and side effects of medicine, and improve overall treatment outcome at the same time improve overall patient experience.
Precision medicine market brings together multiple branches of medical science, including epidemiology, genomics, proteomics, and bioinformatics. This collaborative approach allows doctors to target treatments and cures specifically at the causes of disease. Because precision medicine relies on large data sets and sophisticated computer algorithms, it is not available everywhere yet. However, its growing popularity indicates that it will soon become a standard approach to treating diseases.
The medical world is continually evolving as new and more precise treatments become available. This growing demand for precision medicine market has led to the development of various equipment and techniques, some of which are still in their early stages of development.
One such technique is genomics. Genomics refers to the study of the entire genome, which includes all the genetic information contained in a particular organism. By understanding individual gene activity and function, researchers can develop better treatments for certain diseases.
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Another area of growing interest is proteomics. Proteomics refers to the analysis of all proteins present in a sample. This information can be used to identify and characterize disease-associated proteins, as well as to determine how those proteins are affected by certain factors.
Both genomics and proteomics are still in their infancy, but they hold great potential for improving the diagnosis and treatment of many diseases.
Small Biotech Companies are Already Responsible for About 60% of All Precision Medicine Research Spending
As per the finding by SkyQuest about research spending in the global precision medicine market, $2.68 billion were spent on precision medicine R&D in the US alone in 2021, a significant increase from previous years. Now, the US government and several other organizations around the globe are planning to improve the spending up to $5 billion over the span of five years. This money is being put to good use by researchers across the country, with some projects focusing on identifying specific biomarkers that can be used to predict patient outcomes, while others are exploring how genomic sequencing can be used to better diagnose diseases.
According to a study by SkyQuest, small biotechs are already responsible for about 60% of all precision medicine research spending. This is significant because small biotechs are often able to develop innovative technologies that larger companies cannot. As of July 2022, more than 225 clinical trials are active across the globe. Most of them are target for cancer treatment and improving efficiency of drugs. As per SkyQuest analysis, around 65% of the total trials are based on genomics and proteomics. This represents the current inclination of market players and researchers in the global precision medicine market.
Small biotechs in the global precision medicine market are also able to work more closely with patients and their doctors, which can improve the accuracy and quality of treatment. This also means that smaller biotechs are better suited to compete in the precision medicine market than large pharmaceutical companies.
As precision medicine becomes more important, smaller biotechs will continue to dominate the field. They have the ability to innovate quickly and they are more likely to be close to the patients who need their technology most.
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Top investment in precision medicine market:
- In August 2022, Vicinitas Therapeutics, a leading startup in precision medicine market, secured a funding of $65 million through series A funding. Google emerged as the lead investor.
- In August 2022, Senda Biosciences succeed in securing funding of $123 million through series C round for developing precision medicines for cancer patients.
- In August 2022, Sanofi signs $1.2B pact with Atomwise in latest high-value AI drug discovery deal. Wherein Sanofi Would pay $20 million upfront cost
- In August 2022, PanCAN invested nearly $25 million in research and development of precision medicine and early detection of cancer. So far, it awarded grants to 213 researchers and 79 institutions.
- In July 2022, Syapse raised $35 million through funding for improving precision medicine application for cancer diagnostics and treatment
SkyQuest has published a report on global precision medicine market that providers a detailed analysis of investment profile, total inflow of investment around globe, key investors, top funded organizations and startup, key research area, and area of investment, among others. The report also gives a deeper understanding about recent developments, clinical trials, and their impact on the existing offerings. The study would help the market participants in gaining insights about market analysis, market forecast, key investors, market trends, opportunities, among others
Demand for Precision Medicine is on the Rise for Cancer Treatment
Globally, more than 10 million are deaths recorded due to several types of cancers, which accounts for nearly 1 in 6 deaths around the globe. On the other hand, more than 18 million people were diagnosed with cancer in 2021. This represents a huge potential for precision treatment to improve patient care and develop better treatment options. The uptake of precision medicine market has already had a major impact on the treatment of cancer, with mortality rates for Stage 3 or 4 cancers falling by an average of 25% in Europe in 2021 since the early 2000s. Continued investment in this field is essential to meet the ever-growing demand for more efficient and successful treatments.
One of the main reasons precision medicine market is becoming so popular with cancer patients is because it offers a better chance of success than traditional treatments. In many cases, traditional cancer treatments only work 50% of the time, which means that patients often have to undergo multiple rounds of treatment until they find one that works. However, precision medicine allows doctors to target the infected area directly, which means that the chances of success are much higher.
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AI and Machine Learning is Becoming Popular in Precision Medicine Market
A growing demand for precision medicine software is contributing to the proliferation of artificial intelligence (AI) and machine learning (ML) in the precision medicine market. The use of AI and ML tools can improve medical diagnoses by providing more accurate information about a patient's health, which can help physicians make better treatment choices.
According to a report from SkyQuest, the global precision medicine software market is expected to grow from $1.51 billion in 2021 to $3.4 billion by 2028 at a CAGR of 12.3. This growth is due, in part, to the increasing popularity of AI and ML technologies in the healthcare industry. AI and ML tools can help physicians make better treatment choices by providing more accurate information about a patient's health.
In addition, the increase in aging populations is favorable for the burgeoning demand for precision medicine software. With an aging population, there is an increased need for customized treatments that are tailored to specific patients' needs. Accurate diagnosis and treatment options through precision medicine software can help meet this need.
The growing demand for precision medicine software will drive innovation in the precision medicine market and help advance medical discoveries.
Top Players in Global Precision Medicine Market
- F. Hoffmann-La Roche AG (Switzerland)
- Illumina, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Qiagen (Germany)
- Quest Diagnostics (US)
- Laboratory Corporation of America Holdings (US)
- Novartis AG (Switzerland)
- AstraZeneca (UK)
- Bristol-Myers Squibb (US)
- Eli Lilly And Company (US)
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