Pune, India, May 02, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America precision medicine market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 50 billion by 2027.
As new drugs and diagnostics tests enter the landscape, North America precision medicine industry outlook is seeing a positive turn. Earlier in 2020, the U.S. Food and Drug Administration (FDA) granted approval to avapritinib, a novel drug for treating metastatic gastrointestinal stromal tumor or GIST. Two new oncology diagnostics, FoundationOne Liquid CDx test and Guardant360 CDx assay marked a step forward in precision oncology.
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The highly competitive scenario in North America features precision medicine companies such as AstraZeneca, Quest Diagnostics, Glaxosmithkline, Abbott Laboratories, Medtronic, bioMérieux, Pfizer, and Novartis. Industry players are launching new products considering the changing patient needs. Mergers, acquisitions, and partnerships are some common tactics used by them for staying ahead of their game.
Here are the three major trends in precision medicine industry:
Strong demand for cancer treatments
The oncology segment held over 55% of North America precision medicine market share during 2020. Precision medicine in oncology is expected to gain traction up to 2027 as it can make meaningful changes to patients’ lives with its holistic approach to cancer care.
The number of individuals suffering from prostate cancer, colorectal cancer, and breast cancer is expanding every year, creating a gap that can potentially be addressed by this approach. According to Breastcancer.org, nearly 1 in every 8 women in the U.S. is prone to develop breast cancer in her lifetime. It is estimated that in 2021, over 281,550 new patients suffering from invasive breast cancer will be recorded alongside 49,290 new non-invasive cases in the U.S.
CNS applications to register growth
The North America precision medicine market share from the CNS segment was estimated to be nearly $3.3 billion during 2020. The augmenting prevalence of CNS conditions is accelerating the need for effective treatments. A growing number of patients diagnosed with multiple sclerosis, epilepsy, and Alzheimer’s are looking for more precise medications that can minimize adverse effects while improving therapeutic results.
Funds and donations are empowering researchers to develop new precision medicine approaches. The collaboration of data analytics, advanced technologies, and skilled workforce is enhancing patient experience and boosting accessibility.
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Hospitals continue to attract patients
Despite the COVID-19 pandemic, the precision medicine market share in North America from the hospital segment generated nearly $10 billion during 2020. With the presence of healthcare experts backing a well-established healthcare infrastructure, appropriate patient care has become a key offering. Expanding healthcare spending alongside greater inclination toward the adoption of precision medicine is ensuring product uptake.
As the COVID-19 pandemic marked a transformation in virtual medicine, remote patient monitoring patient needs are being addressed by market participants. In November 2021, Rune Labs, a brain data precision medicine company, announced its collaboration with Medtronic for providing better patient care to patients suffering from neurological disorders. The company is expected to deploy its software platform for monitoring and reviewing patient data collected by Medtronic’s new device.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
