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In the past few years, research into the field of medicine has brought precision medicine to greater attention. Rather than having a drug which fits all, precision medicine takes into consideration the profile of specific individuals and their genetic history. This approach reduces the need for invasive procedures and costly tests, which in turn is expected to cut costs and become less cumbersome for the patient as well. This has resulted in greater awareness and greater demand for precision medicine. This has especially been made possible because complementary fields like bio-informatics and genomics have also been growing at fast paces.
Precision medicine has seen a large market share in developed markets such as North America and Europe, where robust medical systems and research facilities already existed in place to capture the demand. It is, however, expected to grow at a high growth rate in Asia Pacific where centres of high population, increasing research into medicine as well as a rising middle class with better disposable income looks forward to better forms of healthcare.
Quest Diagnostics (NYSE: DGX) is one of the major companies in the field of precision medicine which has invested considerably across the world in research in this field. Like Quest Diagnostics, most companies maintain a large database of patients and their genetic profiles across the world to gain a large sample space to get better results. Such research is expected to improve the efficacy of precision medicine against diseases, which will increase the popularity of precision medicine in the coming years.
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The major players in the global precision medicine market are Siemens Healthcare GmbH, Janssen Pharmaceutica N.V., Quests Diagnostics Incorporated, F. Hoffmann-La Roche Ltd., and Myriad Genetics Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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