Enhancing Prevalence of Cancer
Conventional treatment methods of cancer includes surgery, chemotherapy, radiotherapy and cancer immunotherapy which have some side effects associated with it. With the help of precision medicines, information about various genetic changes in the tumor can effectively help oncologists to decide the best treatment for a cancer patient. According to the report of World Health Organization (WHO), the global cancer burden has increased to 18.1 million new cases and the number of deaths due to cancer was 9.6 million in 2018. The advent of these medicines has paved new roads in the field of oncology. Therefore, the rising prevalence of cancer around the world is anticipated to expand the global precision medicine market over the forecast period.
Increasing Development in the Field of Bioinformatics
Bioinformatics has a fundamental role in the field 0f precision medicine. Bioinformatics helps to understand the genetic sequence of an individual with the help of various techniques which includes high throughput sequencing, shotgun sequencing, Sanger sequencing, Maxam-Gilbert sequencing and others that specifically helps to analyze genetic sequencing which would further help in identifying specific treatment for cancer patients. This enhanced development in the field of bioinformatics is estimated to augment the growth of the market over the forecast period.
Security Concerns Related to Data Storage
There are various security concerns associated with the data storage which can cause potential problems. The storage and handling of large volume of genetic sequenced data can be extremely difficult as the leaking of this data of an individual can be used negatively in a variety of ways. Such security issues associated with data storage are anticipated to hinder the growth of the market during the forecast period.
The market is observing vibrant growth on account of increasing growth of personal healthcare devices coupled with the rise in the technological advancements in the healthcare sector. Rise in the investment in research and development and increased incidence of various types of cancer are some of the factors that expected to augment the growth of the market. Increasing development in the field of bioinformatics specifically for gene sequencing is also estimated to boost the market growth. Further, various developments in the field of targeted therapy for the treatment of cancer including precision medicines is helping the market to grow. Higher adoption rate of gene therapy in developed nations coupled with increased incidence rate of genetic disorders worldwide such as thalassemia, hemophilia, sickle cell anemia and others are expected to enhance the market growth.
The precision medicine market is anticipated to record a CAGR of 10.6% over the forecast period i.e. 2019-2027. The market is segmented into application such as immunology, CNS, oncology, respiratory medicine, infections & others out of which the oncology segment is expected to witness high growth on account of enhancement in the prevalence of cancer across the globe. Additionally, the high rate of adoption in the field of oncology to treat different types of cancers is supporting the growth of the market.
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Our-in depth analysis of the global precision medicine market includes the following segments:
By Sequencing Technology
By End User
On the basis of regional analysis, the global precision medicine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to dominate the global market of precision medicine on account of increasing cases related to rare genetic disorders and various initiatives taken by the regulatory bodies in support of the market. Further, the rising investment in the research and development in the field of precision medicine coupled with rising healthcare infrastructure are some of the factors augmenting the growth of market in this region.
In the Europe region, Germany is expected to have the largest market share on the back of rising pediatric and adult population susceptible to metabolic diseases. Additionally, rising investment in the healthcare sector by various private and government organizations coupled with various technological advancements is anticipated to boost the market growth over the forecast period.
The global precision medicine market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani