The increasing availability of genomic data and the development of personalized medicine approaches are driving growth in the precision medicine market. Rising prevalence of cancer and genetic disorders: The prevalence of chronic diseases, such as cancer and genetic disorders, is increasing globally. Precision medicine offers a promising solution for the accurate diagnosis and treatment of these diseases. Moreover, governments and private investors are increasingly investing in precision medicine research and development, which is driving innovation and growth in the market.
Furthermore, patients are increasingly demanding targeted therapies that are tailored to their individual needs and offer better outcomes than traditional treatment approaches. The development of high-throughput sequencing, next-generation sequencing, and other advanced technologies is improving the accuracy and efficiency of precision medicine, further driving growth in the market.
The global Precision Medicine Market was valued at US$ 73,946.2 million in 2022 and is expected to witness a CAGR of 10.3% over the forecast period (2022-2030).
Market Leaders in the Precision Medicine Industry:
1. Intomics: The company was first established in 2008. It is a Danish company that provides bioinformatics solutions for personalized medicine and drug discovery. They offer a range of services, including systems biology, network analysis, and precision oncology.
2. GENinCode: Established in the year 2017, GENinCode is a Spanish biotech company that develops genetic tests and personalized medicine solutions. Their flagship product is a cardiovascular genetic risk test that helps identify individuals at risk of developing heart disease. GENinCode announced the launch of its new genomics platform, called Prudens in 2020. The platform uses advanced machine learning algorithms to analyze genomic data and identify patients who are at the highest risk of developing certain diseases, such as heart disease, cancer, and diabetes.
3. NanoString: A Seattle-based biotech company that develops and markets a range of products for genomic analysis, including the nCounter system for gene expression analysis, and the GeoMx Digital Spatial Profiler for spatial profiling of tissue samples. The company was established in 2003. NanoString launched its new nCounter® Stem Cell Characterization Panel, a gene expression panel designed to analyze the heterogeneity of stem cell populations, in November 2020.
4. Pfizer Inc.: A global pharmaceutical company that develops and markets a wide range of drugs, including many targeted therapies for cancer and other diseases. The company was first established in 1849. They are also involved in precision medicine research and have several partnerships with academic and industry partners. In May 2021, Pfizer announced a collaboration with Sangamo Therapeutics to develop a gene therapy for hemophilia A, a rare genetic disorder that affects blood clotting. The therapy uses a gene editing technology called zinc finger nucleases to correct mutations in the patient's DNA that cause the disease.
5. Novartis AG: Established in 1996, Novartis is a Swiss pharmaceutical company that develops and markets a range of drugs, including many targeted therapies for cancer and other diseases. They are also involved in precision medicine research and have several partnerships with academic and industry partners. Novartis announced the positive results from a Phase II clinical trial of its CAR-T cell therapy for multiple myeloma, called Ciltacabtagene Autoleucel (cilta-cel), in December 2020. The trial met its primary endpoint, demonstrating a response rate of 97% among patients who received the therapy.
6. Teva Pharmaceutical Industries Ltd.: An Israeli pharmaceutical company that develops and markets a range of drugs, including many generic and specialty pharmaceuticals. They are also involved in precision medicine research and have several partnerships with academic and industry partners. The company’s establishment year is 1901.
7. Merck & Co., Inc: A global pharmaceutical company that develops and markets a range of drugs, including many targeted therapies for cancer and other diseases. They are also involved in precision medicine research and have several partnerships with academic and industry partners. The company was first founded in 1891. Merck announced its collaboration with NanoString Technologies to develop the diagnostic test for Keytruda in June 2021. The test uses NanoString's proprietary nCounter technology to analyze gene expression patterns in tumor tissue samples, helping to identify patients who are most likely to respond to Keytruda.
8. QIAGEN: A German biotech company that provides a range of products and services for genetic testing, including molecular diagnostic assays, gene panels, and sequencing solutions. They also offer bioinformatics and data analysis services to support precision medicine research. The company was established in 1984. QIAGEN launched the QIAseq Pan-Cancer Panel in October 2020. QIAseq Pan-Cancer Panel, is a next-generation sequencing (NGS) assay designed to detect genetic mutations associated with various cancer types.
9. Quest Diagnostics Incorporated: Founded in 1967, Quest Diagnostics Inc. is a US-based provider of diagnostic testing and clinical laboratory services. They offer a range of services to support precision medicine research and clinical trials, including genetic testing, pharmacogenomics testing, and molecular diagnostic assays.
10. Medtronic: A global medical device company that develops and markets a wide range of products, including many devices used in precision medicine applications. They are also involved in precision medicine research and have several partnerships with academic and industry partners. The company was established in 1949. In 2021, Medtronic announced the launch of the Medtronic MedTech Innovation Accelerator, which is focused on developing new technologies for precision medicine. The accelerator will focus on technologies that address chronic conditions such as diabetes, heart disease, and chronic pain. Moreover, in 2020, Medtronic acquired Companion Medical, a company that developed a smart insulin pen system for people with diabetes. This acquisition is expected to help Medtronic expand its offerings in the diabetes care market and support precision medicine initiatives for diabetes patients.
11. Thermo Fisher Scientific Inc.: A US-based provider of laboratory equipment and services, including genetic sequencing and analysis solutions. They offer a range of products and services to support precision medicine research and clinical trials. The company’s establishment year is 2006. In 2021, Thermo Fisher Scientific announced the launch of the Ion AmpliSeq HDx platform, which is a next-generation sequencing (NGS) system that can analyze multiple genes in a single run. The platform is designed to support precision medicine initiatives by providing accurate and comprehensive genetic information for patients. Thermo Fisher Scientific has also been involved in the development of COVID-19 diagnostic tests. In 2020, the company launched the Applied Biosystems TaqPath COVID-19 Combo Kit, which is a diagnostic test that uses PCR technology to detect the SARS-CoV-2 virus.
Definition: Precision medicine is an approach to healthcare that takes into account individual variability in genes, environment, and lifestyle for each person.
