Description
The global precision medicine market is expected to reach close to USD 40 billion by the end of 2016 , gradually growing at an estimated CAGR of 10.3 % by 2021 . Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes , environment , and lifestyle for each person . It is a combination of molecular biology techniques and systems biology . Precision medicine is one of the greatest opportunities for new medical breakthroughs .
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Precision medicine will enable a new era of medicine in which researchers , providers , and patients work together to develop individualized care . For such individualized care using precision medicine , President Obama announced a Precision Medicine Initiative ( PMI ) for his State on January 20 , 2015 . He granted USD 215 million in the fiscal year 2016 to support the initiative . Oncology is the initial area of focus for precision medicine , as cancer is one of the leading causes of death worldwide , and its incidence is increasing as the population ages . The patients diagnosed with cancer in 2004 would have had only a 10 % chance of obtaining the right treatment for the disease as compared to a 70-80 % chance of getting the right treatment today . Many genetically targeted therapies are currently available to cancer patients , and many more are expected to become available in the near future . A large amount of research and development has been undertaken for the development of precise drugs , targeted therapeutics , and laboratory tests for various disease conditions . In FY2015 , the NIH invested nearly USD 30.3 billion in medical research that allows investigators to come up with new ideas that can help change the world .
Global Precision Medicine Market- Market Dynamics There are several driving and restraining factors for the global precision medicine market . Some of these are listed below .
Drivers There are large , established online forums that help clinicians collaborate with one another and share information , which will help in the diagnosis and treatment of patients in a better manner . This is a key driving factor for the precision medicine market . Some other driving factors for this market are : Increasing efforts to characterize genes Increasing demand for personalized treatment Technological innovations Government initiatives Advancement in cancer biology
Restraints Perils of data sharing Reduced pharmaceutical market Declining trends in FDA pharmacotherapy approval rate
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