Precision Medicine is a combination of technologies for patient care that allows doctors to select treatment that is most likely to help their patients. The Next-gen precision medicine include the use of next generation sequencing technology, drug discovery technologies and bioinformatics. Advancements in applications of Big Data technologies in medicine such as accurate detection of disease is expected to drive the growth of the next-gen precision medicine market. The growing adoption of Big data for chronic disease management is expected to strongly support the growth of the next-gen precision medicine market.
There is also an increasing involvement of industry players in adoption of the big data for the next-gen precision medicine. For instance, GE Healthcare collaborated with Roche Holdings to develop an integrated platform for critical care treatment in oncology. The platform is designed develop next-gen precision medicine for both chronic diseases and genetic diseases. These advancements in the next-gen precision medicine market is expected to speed up the patient recovery.
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Genes are a big part of next-gen precision medicine. Developments in the gene therapy front is also expected to support the growth of the next-gen precision medicine market. Developments such as advancements in the human genome project and in cell-biology has potential application in the gene therapy technologies. Other factors such as increased disease burden of metabolic diseases such as diabetes and hyperthyroidism is expected to boost the growth of the next-gen precision medicine market.
Next-gen precision medicine is expected to perfect medicine for individuals including specialized diet, personalized test panels and real-time tracking of parameters such as blood glucose and blood pressure in the future. However, currently next-gen precision medicine is limited to only a few diseases and treatments. Some of the applications that next-gen precision medicine offers include oncology, immunology, neurology, cardiology, infectious diseases and others. The oncology segment is expected to be one of the largest applications for the next-gen precision medicine. Growing incidence of different types of cancer is the major driving factor for the growth of the oncology segment in the next-gen precision medicine market.
The Global Next-gen precision medicine market is classified on the basis of technology, application and region:
Based on the technology, Next-gen precision medicine market is segmented into following:
- Next Generation Sequencing
- Drug Discovery Technologies
Based on the application, Next-gen precision medicine market is segment as below:
- Infectious Diseases
Growing incidence of cancer worldwide is driving the growth of the Next-gen precision medicine market globally. Other factors such as reimbursements, growing number of clinical trials, and advancements in technology and data management also support the growth of the Next-gen precision medicine market. Furthermore the trend of opting for personalized medicine is growing worldwide that supports the growth of the Next-gen precision medicine market. However, high cost of diagnosis and other procedures may hinder the growth of the Next-gen precision medicine market significantly during the forecast period.
On the basis of geography, global Next-gen precision medicine market is segmented into six major regions that include North America, Latin America, Europe, Asia-Pacific excluding China, China and Middle East & Africa. North America is expected to be the most lucrative Next-gen precision medicine market owing to increased awareness for cancer diagnosis and treatment. A number of service providers offer Next-gen precision medicine in North America that further drives the Next-gen precision medicine market growth in the region. Cancer Medical Tourism is responsible for growth of the Next-gen precision medicine market in regions such as India and Malaysia that drive the growth of the Next-gen precision medicine market in the Asia pacific region.
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Key participants operating in the Next-gen precision medicine market are:
- F. Hoffmann-La Roche AG
- Illumina, Inc
- Thermo Fisher Scientific Inc
- Quest Diagnostics
- Laboratory Corporation of America Holdings
- Novartis AG
- Bristol-Myers Squibb
- Eli Lilly And Company
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