Rising government initiatives and funding, increase in FDA approval for drugs, developments in molecular diagnostic, and interest of market player in investing new personalized therapies are the factors responsible for the growth of non-oncology precision medicine market.
The Global Non-oncology Precision Medicine Market was valued at USD 45.0 billion in 2020, and it is expected to reach USD 130.2 billion by 2027, with a CAGR of 16.4%, during the forecast period (2021-2027).
Precision medicine is a dynamic field which integrates the latest research advances into individual treatment. It seeks to provide the most-tailored diagnostic tools and treatments for patients in any form of problems from cardiac disease, diabetes to cancer. Precision medicine can even be used to keep healthy patients even healthier. It includes medication themselves including target therapy against mutations found in certain cancer, gene therapy and immunotherapy. Precision medicine drills down to know as much about the patient as possible, from understanding genome to considering metabolomics, proteomics, and even pharmacogenomics. Precision medicines even looks inside a patient's social media home to see if we can allow for earlier detection of disease and who will respond to one treatment versus another. The charge of the field of precision medicine is to integrate this information clinically as well as research using novel clinical trials to reach patients as soon as possible. In today’s age, it’s not just thinking about each patient but the value of precision medicine to society at large.
Non-oncology precision medicine involves deep study on the cause of patient’s disease instead of diseases. This will provide information on molecular basis and target-based therapies and individualized therapies can be given to patient in order to treat health-related issues. Non-Oncology Precision Medicine is one of the most advanced and premium development in healthcare domain. The market of non-oncology precision medicine is expected to grow in double digits in coming years with increase in R&D technology. Rising hospital infrastructure and increasing in respiratory suffering leads to increase in demand for adoption of non-oncology precision medicine. In coming years, it is expected to have positive impact on overall healthcare market and precision medicines.
Substantial growth in research and innovations led to establish new drugs Formulae which would help in reducing the number of deaths. This is expected to have positive impact on overall growth of the non-oncology precision medicine market during the forecast period. Additionally, the market is expected to gain attraction in the coming years due to increasing prevalence of chronic diseases, growing incident of various infectious diseases, and development of its diagnostics test at early stage of cure.
With growing health concern, the U.S. government has announced launching of Precision Medicine Initiative, as a bold new research effort to revolutionize how to improve health and treat disease. This is expected to further creates awareness about personalized treatment amongst population. Additionally, some of the factors driving the growth of non-oncology precision medicine are increase in pipeline products, investment by market players, rise in diseased conditions which need to be treated on genetic level like immunodeficiency disorders, diabetes, or genetic problems.
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