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Precision medicine, also known as "personalized medicine" is an innovative approach to tailoring disease prevention and treatment that takes into account differences in people's genes, environments, and lifestyles. Precision medicine is a medication development strategy that focuses on using biomarkers for separating patients in clinical trials to improve effectiveness and/or safety outcomes, thus improving the likelihood of clinical success and drug approval.
Surge in demand for cell and gene therapies is driven by the substantial potential these therapies hold in addressing various medical conditions where effective treatments are currently lacking. These conditions primarily encompass chronic diseases within specialized fields such as oncology, rare genetic disorders, and other uncommon medical conditions. This presents a promising opportunity for pharmaceutical and biotechnology companies to invest in the research, development, and commercialization of innovative cell and gene therapies.
Personalized medicine involves managing patients' health based on their unique traits, including specific genetics. Identifying genetic information also helps in predicting the risk associated with hereditary characteristics such as cardiovascular disease. Furthermore, growing evidence shows that genetic background might help guide the selection of successful therapies and preventative interventions in people with certain genotypes.
For instance, in November 2023, Researchers at Uppsala University developed a tool that makes it possible to measure 21 biomarkers for cardiovascular disease simultaneously with great precision using a simple blood test. The aim is to use this tool to improve the prediction of cardiovascular complications and facilitate more personalized treatment for patients. As a result, precision medicine has the potential to transform the future of Cardiovascular Disease (CVD) healthcare through its use. It enables a doctor to treat heart illnesses on an individual basis, depending on the patient's specific profile.
Cell and gene therapies are appealing due to their targeted therapeutic effects, positioning them as personalized medicine. In 2022, the FDA endorsed this trend by approving 5 cell and gene therapies as personalized medicines. Consequently, experts in the industry anticipate rapid growth in the field over the coming decade.
The FDA foresees an influx of over 200 investigational new drug applications annually for cell and gene therapies, starting in 2020. By 2025, the regulatory agency anticipates granting approvals for 10 to 20 cell and gene therapy products yearly. According to the Massachusetts Institute of Technology's New Drug Development Paradigms Initiative, it is projected that by 2030, approximately 500,000 patients in the US will have undergone treatment with cell and gene therapies.
Source: Intent Market Research Analysis
Asia-Pacific appears to be the most promising market in precision medicine due to an increase in cancer and other ailments, as well as increased health awareness among individuals. Precision medicine is a rapidly evolving branch of diagnostics and therapeutics informed by human genetic makeup, lifestyle, and gene expression. Doctors, in Asia-Pacific can use this approach to tailor treatments through the identification of biological pathways causing the disorder.
Moreover, Asian countries have also initiated national genomics programs, building their population genomic databases by sequencing the DNA from healthy individuals. For instance, Thailand government has invested USD 150 million in the Genomics Thailand Initiative, a collaboration between academic institutions and the Ministry of Health, to sequence the genomes of 50,000 Thai people by 2024. Such attempts to create local genetic data banks aid in serving as a reference for genetic normalcy that is more relevant to local/Asian people than databases obtained from Western populations.
Similarly, the Chinese Academy of Sciences has issued invitations to apply for funding for projects under the China Precision Medicine Initiative, a USD 9.2 billion, 15-year project announced during the National People’s Congress sessions. All such government initiatives in precision medicine are providing potential growth opportunities in the Asia-Pacific and hence propelling the market growth.
The precision medicine market demonstrates intense competition, with key players in the market, including AbbVie, AstraZeneca, Bristol Myers Squibb, and Eli Lilly and Company. Major market players have actively pursued strategic alliances, partnerships, mergers and acquisitions, and geographical expansion endeavours to fortify their market positions. The report incorporates both qualitative and quantitative analyses of these vendors, offering clients a comprehensive understanding of the broader business landscape and the ability to assess the strengths and weaknesses of key market players.
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