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Global precision medicine market is projected to grow at a CAGR of 10.8% by 2032: Visiongain Reports Ltd

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 Visiongain has published a new report entitled Precision Medicine 2022-2032. It includes profiles of precision medicine and Forecasts Market Segment by Product Type (Diagnostics, {Genetic tests,  Biomarker based tests, Others}, Therapeutics), Market Segment By Application (Oncology, CNS, Immunology, Respiratory, Others) Market Segment By End User (Hospitals, Diagnostic Centres, Research & Academic Institutes, Other End-Users) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), and Profiles of Leading Companies, Region and Country.

The global precision medicine market was valued at US$63,333 million in 2021 and is projected to grow at a CAGR of 10.8% during the forecast period 2022-2032.

Accelerated Demand for Targeted Therapy

According to a 2016 survey published in an article by the National Centre for Biotechnology Information (NCBI), 75% of physicians believe that genomic testing could improve the treatment of cancer patients. The article further stated that the US annually spends $5 billion on genetic tests, which is anticipated to reach $15-25 billion by 2021 further accelerating the targeted therapy demand. Growing awareness about the benefits of personalized medicine is also one of the key factors in the upsurge of precision medicine, genomics & proteomics technologies. Precision medicine which involves the analysis or specific indications for specific drugs in a particular patient, are an essential part of individualized treatment regimens for many chronic diseases and conditions. Implementation of patient-selection diagnostic set-up in the earlier phases of drug development has been the core objective of pharmacological, pharmaceutical and biopharmaceutical firms for which significant efforts are being put so that targeted therapies are delivered to the right candidate which further supplements the growth of the precision medicine market. For instance, Roche has developed EGFR inhibitor Osimertinib sold under the brand name “Tagrisso” for treating lungs cancer and monoclonal antibody trastuzumab sold under the brand name “Herceptin” for HER-2. Genentech had launch BRAF inhibitor vemurafenib commercially known as “Zelboraf”, and Merck has come up with immunotherapy pembrolizumab sold as “Keytruda” which targets the exact biomarkers regardless of tumour location. Other FDA approved therapies in rare and advance cancer includes Novartis’s “Kymriah” and Gilead’s “Yescarta”. These therapies enable healthcare providers to make informed clinical decisions and reduce the likelihood of unnecessary adverse events.

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How has COVID-19 had a significant impact on the Precision Medicine Market?

The COVID-19 disruption has handicapped the global market extensively due to numerous challenges in supply chain of lot of essentials. The European Union has been revamping its guidelines on precision medicine, to bring them in line with internationally established standards. However, these political priorities might get impacted due to the COVID-19 pandemic not only for current year but also in future. In Europe, scrutiny has been on the conflicts amongst Member States’ own actions and those taken mutually at European Union level. The initial indications of nationalist political response of member states, such as the closing of borders and export bans on medical equipment were not encouraging.

Moreover, during the pandemic, termination of elective care to increase hospital capacity and social distancing measures to reduce community spread of the coronavirus resulted in a steep drop in healthcare use and expenditure. This has certainly delayed and hindered surgeries and testing on biopsy tissue. Thus, delayed biopsies, postponed preventative screening and medical appointments might lead to wave of more advanced cancers since earlier the cancer is detected, the better the outcome.

However, as the year progressed, healthcare use and spending began to rebound as in-person care resumed for hospital and lab services. Thus, the challenges also give birth to opportunities, and it is rightly applied to the healthcare care industry which is now living through the impact of the COVID-19 pandemic and evolving under changing circumstances. Precision medicine treatments can help to increase the positive patient outcome for severely affected COVID patients. There are more than 60 subtypes of SARS-CoV-2; all patients have complex array of underlying risk and disease tolerance; and all patients have varying response towards COVID-19. These aspects help to promote the use of personalized treatment based on the requirement of the patient. Thus, COVID has helped promote the importance of precision medicine for treatment of different diseases.

How will this Report Benefit you?

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Visiongain’s 435-page report provides 267 tables and 411 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global precision medicine market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for precision medicine. Get financial analysis of the overall market and different segments including product type, application, end user, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing precision medicine market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Growing precedence of precision medicine over traditional practice of “one-size-fits-all” therapies

At present most of the diagnostic test are being carried out in centralized, hospital-based or clinical laboratories which makes use of expensive equipment and highly trained professionals. The costly, time-consuming, and invasive nature of these tests makes it extremely challenging for healthcare professionals to diagnose diseases in the early stage a key issue faced by healthcare systems across the globe. This, however, has led to the development of fast, reliable, and disease specific diagnostic tools that can be used to eliminate the traditional practice of “one-size-fits-all” therapies and help in determining a specific therapy for patients, which reduces overall healthcare costs and improve public health. Precision medicine reduces healthcare costs by decreasing the consumption of reagents, shortening analysis times, and increase efficiency. Precision medicine not only helps in early detection and screening of chronic diseases but also improve patient outcomes by providing high diagnostic accuracy and most-effective targeted therapy options. Recent advances in precision medicine technologies integrated with non-invasive procedures are accelerating the development of rapid, low-cost, and reliable diagnostics and therapeutics. Many new technologies and tests are also being developed that integrate the various functions of sample collection, analytic deduction, and readout. These advantages of precision medicine and increasing test marketing of these therapies are expected to drive market growth in the coming years.

Increase in scope of application of precision medicine

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Precision medicine approach can be used to assess and treat have various application areas such as immunology, respiratory disorders, oncology, central nervous system (CNS), and other diseases. Currently oncology is the major application area of precision medicine. Various diagnostic tests and therapeutics have been developed for breast, lung, and colorectal cancer. Several studies are exploring the possibilities of developing diagnostic tests and therapeutics for other cancer indications, such as prostate cancer, ovarian cancer, and leukaemia. New entrants have identified this opportunity to venture into the market by developing tests for rare indications, such as ovarian cancer. The applications of precision medicine are also increasing in the domain of genetic diseases. This approach is being increasingly used for rare disease genetic tests, cardiovascular genomics, and in the field of neurogenetics. Precision medicine is also being increasingly used to screen genetic risk for hereditary disease, non-invasive prenatal testing, and pharmacogenomics. Several drug manufacturers are also focusing on the development of precision medicine for neurological diseases, such as Alzheimer’s and Parkinson’s disease. For instance, Roche Diagnostics developing a biomarker for Alzheimer’s disease. Takeda Pharmaceuticals and AstraZeneca are also investigating biomarkers for Alzheimer`s disease and asthma. At present, oncology offers significant market potential as this segment requires precision medicine for better treatment options. Technologies such as NGS and liquid biopsy are widely adopted for this purpose, with companies such as Illumina and Thermo Fisher scientific partnering with pharmaceutical companies to develop NGS based diagnostic tests for precision medicine. However, as the avenues for the use of precision medicine grow, they will present potential growth opportunities for other non-oncology stakeholders in the market.

Where are the Market Opportunities?

Growing Use of AI in Healthcare

Over the decade, biotechnology has progressed immensely. Computers are becoming faster in speed and micro in size, heterogeneity is increasing in datasets and their volume is growing robustly. These developments are fuelling the engine of artificial intelligence in medical science and thus finds a huge opportunity in precision medicine. Technological progressions through AI are transforming the medical industry by assisting healthcare professional’s record clinical data and monitor it on a regular basis, with greater ease and fewer errors. For example, in 2018, researchers at the Seoul National University Hospital and College of Medicine developed a Deep Learning-Based Automatic Detection (DLAD) which is an AI algorithm, to inspect chest radiographs and identify abnormal cell growth, such as potential cancers. Also, in August 2020, Renalytix AI plc and AstraZeneca plc partnered to launch strategies for precision medicine for cardiovascular, renal, and metabolic diseases. Thus, the increasing usage of AI in precision medicine will boost the market growth. Artificial intelligence and deep networks are changing the approach to medical bioinformatics at an unparalleled speed. As a result, the decision-making processes in precision medicine will shift from an algorithm-centric to a data-centric insight. Further advancement in pattern recognition and image processing will allow synergies between AI technology and modern pathology which will lead to more accurate drug response prediction and prognosis of this underlying disease. Thus, the convergence of artificial intelligence (AI) and precision medicine is anticipated to revolutionize health care industry.

Competitive Landscape
The major players operating in the precision medicine market are Pfizer Inc. Group Ltd., Qiagen Inc., Quest Diagnostics Inc., Illumina, Agilent Technologies, Novartis AG Inc., BioMérieux SA Industries AG, Abbott Laboratories International GmbH, F Hoffmann-La Roche AG, Eli Lilly & Company, GlaxoSmithKline Plc, AstraZeneca plc Corporation, Thermo Fisher Scientific, Inc., Myriad Genetics Inc., and Abnova Corporation. These major players have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

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Recent Developments

  • In March 2022, Pfizer entered into clinical trial collaboration with IDEAYA Biosciences to evaluate darovasertib and crizotinib combination therapy to treat metastatic uveal melanoma and hepatocellular carcinoma.
  • In February 2022, Eli Lilly announced the establishment of Institute for Genetic Medicine with an investment of $700 Million in Boston Seaport Site as a part of the company’s strategy to advance RNA based therapeutics.
  • In December 2021, Roche launched the AVENIO Edge System to simplify and automate next-generation sequencing sample preparation, reduce human error and advance precision medicine.

Avoid missing out by staying informed – order our report now.

To find more Visiongain research reports on the Pharma sector, click on the following links:

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: [email protected]

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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Contact:
Dev Visavadia
PR at Visiongain Reports Limited
Tel: + 44 0207 336 6100
Email: [email protected]

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Scorpios’ Summer Cultural Series Redefines AI & Visual Art in Mykonos & Bodrum

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LONDON, July 3, 2024 /PRNewswire/ — Scorpios, the renowned beach concept and creative gathering place, in partnership with art tech pioneers HOFA Gallery, announces ‘Evolving Perspectives’ the second edition of their Encounters summer arts programme. Running from 18 July to 18 September, this 9-week series expands to take place across Scorpios’ two stunning beachfront locations, Mykonos and the newly opened Bodrum.  Featuring immersive installations and live music performances, the programme will showcase AI and visual artists, headlined by Joseph Klibansky, Random International, and Sougwen Chung – all revered for pushing the boundaries of art and technology.

Building on the success of 2023’s inaugural edition launched with Turkish AI artist and director Refik Anadol, his special collaboration with the Yawanawa Indigenous communities of Brazil’s Amazon, was regarded as a profound exploration of the relationship between human consciousness and nature. Over half a million people attended last year’s programme, generating $3 million in artwork sales, with Refik Anadol’s Yawanawa heritage project alone selling out in hours and raising $1.5 million for the preservation campaign. 
HOFA Co-founder Elio D’Anna says: “The 2023 season of Encounters was a groundbreaking and very successful programme that brought together AI and digital artists, musicians, and an audience of global changemakers and creatives through a series of live performances and installations. 
“This year’s ‘Evolving Perspectives’ programme continues to push boundaries, making it the most exciting synchronisation of visual art and cultural engagement, while also delivering a very powerful message on the power of AI and human-machine collaboration to help us achieve a more harmonious coexistence with nature.” 
The Mykonos lineup headlines Dutch contemporary artist Joseph Klibansky from 18-21 July 2024. Celebrated for his innovative use of technology in art and sculpture, will present ‘Tree of Life’ merging digital art with environmental stewardship. This collection creates a unified visual narrative rich in depth and storytelling, featuring intricate patterns and vibrant colours inspired by nature. The new ‘Tree of Life’ collection includes a large-scale video sculpture installation to be exhibited at Scorpios Mykonos, along with 1,000 unique digitally painted fine art prints with a matching digital companion. Each artwork boasts its own unique traits, ensuring every piece is one-of-a-kind.
Moreover, Klibansky combines visual art with environmental awareness. For every artwork sold, the partnering non-profit One Tree Planted will plant physical trees in the Amazon. 
In Bodrum between 22-25 August 2024, the art group Random International, a German duo with studios in London and Stockholm, will present an immersive installation that invites visitors to engage physically with a seemingly sentient, digital swarm. Titled ‘When Tomorrow Comes’, the work features a custom tracking system and flocking algorithm to create an interactive digital sculpture blending technology with human perception and interaction. 3 sets of 150 limited signed edition prints of ‘When Tomorrow Comes’ will be available for purchase.
A global name in human-machine collaboration, and multi-award winning Chinese-Canadian artist Sougwen 愫君 Chung will perform a live showcase with the robotic system D.O.U.G. (Drawing Operations Unit Generation at Scorpios Bodrum between 5-8 September 2024. The single scheduled performance during that weekend offers a unique opportunity to experience their groundbreaking collaborative work. Chung’s innovative approach to combining human artistry with AI technology has earned them international acclaim, including a spot on TIME Magazine’s TIME100 AI list as one of the world’s most influential people in AI and the TIME Impact Award 2024.
Accompanying the performance will be the debut of ‘Genesis II: Body Machine’, a collection of unique artworks. The works in ‘Body Machine’ speculate on the future of the robotic form intertwined with the human body. Each bespoke work is generated from the artist’s drawing choreography captured in three dimensions and paired with exclusive signed prints. 
All prints and digital artworks will be available for purchase through Scorpios Collect.
The headline artist events are also supported by a programme of featured AI and visual artists, encompassing music into these collaborative events, they will take place throughout the 2024 summer season in both Mykonos and Bodrum. 
Scorpios Co-Founder Thomas Heyne says: “We use digital art to create holistic experiences. Interaction and immersion enhance the overall experience, taking guests on a journey where they feel inspired. We are excited to welcome Joseph Klibansky, Random International, and Sougwen Chung to this year’s Encounters program, showcasing how AI can teach us about living in harmony with nature.”
WWW.THEHOUSEOFFINEART.COMWWW.SCORPIOS.COMWWW.SCORPIOS.COM/ENCOUNTERSWWW.SCORPIOSCOLLECT.COM
Media contact: Emma-Louise O’Neill; [email protected]; +44 7515 136909 
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Two Belgian hospitals live with Sectra’s public cloud service for medical imaging based on Microsoft Azure

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LINKÖPING, Sweden, July 3, 2024 /PRNewswire/ — Two hospitals in Belgium are successfully live with the public cloud service from international medical imaging IT and cybersecurity company Sectra (STOCKHOLM: SECT-B). As the first to use Sectra One Cloud in the Benelux countries, the two hospitals have begun experiencing the benefits of a cloud service such as improved ability to share resources between the sites and more streamlined workflows.

In the city of Bruges in Belgium, the hospitals AZ Sint Lucas and AZ Sint Jan began their journey to the cloud following a contract with Sectra signed in 2023. As the first in the Benelux countries to adopt Sectra’s enterprise imaging as a fully managed service in the public cloud, these hospitals have now gone live with the service.
One of the main reasons for this shift was the need to streamline operations and enhance collaboration between the two sites. Since 2021, the 23 radiologists and nine trainees of both hospitals have worked together in one single association. Previously, they were unable to work in one environment as they were using two different PACS providers. This made it much harder to collaborate. This need originates from the challenge many hospitals face today of dealing with heavy workloads. 
“With an aging population come increasing needs. We are already experiencing a lack of resources and heavier workload. With more and more exams to report on and a shortage of staff, our radiologists are having a hard time coping with the everyday workload. A state-of-the art communal PACS system could help streamline workflow and improve efficiency,” says Dr. Jesse Marrannes, radiologist at AZ Sint-Jan and main medical responsible for this PACS project.
Bart Thielen, Managing Director, Sectra Benelux, adds: “Healthcare today needs to be able to cope with the increasing need for diagnostics and specialized care. Transitioning to the cloud is the first step for hospitals wanting to use new technology to cope with these challenges, as the service offers the needed scalability and security. Many hospitals also deal with staff shortages when it comes to qualified IT staff. I am very happy to offer a solution that will take away some of the stress and resources usually needed to manage the system.”
He continues: “AZ Sint Jan and AZ Sint Lucas pave the way for the transition to public cloud for medical imaging in the Benelux and I’m excited to follow their journey.”
The service is based on Microsoft Azure and fully managed by Sectra. The hospitals saw the potential of the service helping to relieve burden on their IT staff and resources. “The fact that it is a fully managed service and deployed in the cloud gives us more time to focus on the care of our patients rather than on the maintenance of the IT-system and the storage and accessibility of data,” said Annelies Meyns, Head of ICT Applications at AZ Sint Jan, when the project was initiated.
The implementation process began shortly after the contract was signed, with Sectra closely collaborating with hospital teams to ensure a seamless transition. “Moving everything to the cloud is a monumental task, but Sectra’s commitment made it manageable and efficient,” says Jurryt Laleeuwe, Head of ICT Applications at AZ Sint Lucas.
The cloud service is now fully operational, bringing notable enhancements. “The new system has already enhanced our ability to share resources and collaborate on patient cases. The ability to tailor our workflows has also greatly benefited our radiologists, especially for overarching multidisciplinary team meetings” says Dr. Pieter Vandaele, Head of the Department of Radiology at AZ Sint Lucas.
He continues: “The implementation and experience so far have been very positive, and I look forward to seeing the ongoing benefits of this cloud service.”
Sectra’s enterprise imaging solution provides a unified strategy for all imaging needs while lowering operational costs. The scalable and modular solution, with a VNA at its core, allows healthcare providers to grow from ology to ology and from enterprise to enterprise. Visit Sectra’s website to read more about Sectra and why it’s top-ranked in “Best in KLAS.”
About SectraSectra contributes to a healthier and safer society by assisting health systems throughout the world to enhance the efficiency of care, and authorities and defense forces in Europe to protect society’s most sensitive information. The company, founded in 1978, is headquartered in Linköping, Sweden, with direct sales in 19 countries, and distribution partners worldwide. Sales in the 2023/2024 fiscal year totaled SEK 2,964 million. The Sectra share is quoted on the Nasdaq Stockholm exchange. For more information, visit Sectra’s website.
For further information, please contact:Dr. Torbjörn Kronander, CEO and President Sectra  AB, 46 (0) 705 23 52 27 Marie Ekström Trägårdh, Executive Vice President Sectra AB and President Sectra Imaging IT Solutions, 46 (0)708 23 56 10
This information was brought to you by Cision http://news.cision.com
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Sectra’s module for breast imaging
 

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Barrington James Announces Strategic Acquisition of S3 Science Recruitment

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LONDON, July 3, 2024 /PRNewswire/ — Barrington James, a global leader in Life Science Recruitment, proudly announces the acquisition of S3 Science Recruitment, a firm renowned for its expertise in drug discovery, medical research, and the broader field of life sciences. Terms of the transaction were not disclosed.

This strategic acquisition marks a significant milestone for Barrington James, enhancing the company’s commitment to expanding its client-service capabilities and supporting the development of cutting-edge technology. This integration will provide clients with greater access to exceptional talent on both a permanent and temporary basis.
Dan Barrington, CEO of Barrington James, stated: “We are thrilled to acquire S3 and expand our Human Capital services in Life Sciences. This acquisition enhances our offerings across Board and Executive partnerships, Permanent Recruitment, Contract Recruitment, Staffing, OSP, and FSP. S3’s expertise in Clinical and Pre-Clinical specializations, both on a temporary and permanent basis, will perfectly complement Barrington James’ comprehensive Life Science services, from Clinical to Post-Marketing, A.I., and beyond. We are excited to collaborate with Alex Barrie, and his team, and we look forward to significantly growing S3 in the coming years.”
Alex Barrie, Director of Recruitment at S3, stated: “Clients of S3 Science Recruitment can expect a seamless transition, marked by the same dedication to excellence and personalized service they have come to rely on. Like Barrington James, we are deeply committed to delivering exceptional value and support to all our clients. By integrating the strengths of both companies, we are not only maintaining our high standards but also elevating them. The exciting integration of S3 Science into Barrington James enables us to offer an even broader and more comprehensive range of staffing solutions, ensuring that our clients benefit from a superior recruitment experience.”
About Barrington James:
Barrington James is a global, industry-leading recruitment business serving the Pharmaceutical, Biotechnology, and Medical Device sectors. With a global presence and a team of hundreds of specialists, we deliver world-class recruitment solutions to life science companies of all sizes. Leveraging a network of over 6 million industry professionals and advanced AI platforms, our expert consultants provide a personalized approach to global life science recruitment. For more information, please visit barringtonjames.com.
About S3 Science Recruitment:
S3 Science Recruitment connects talented individuals with leading organizations and institutions across the UK, Europe, and the United States. Our mission is to enable groundbreaking discoveries and life-saving treatments today. Specializing in drug discovery, medical research, and the broader Life Sciences field, we support the UK’s leadership in developing cures and treatments. Since 2002, S3 Science Recruitment has helped Life Sciences organizations find passionate individuals dedicated to medical advancement, particularly in animal research. We believe attracting talent to this vital industry is just the beginning of greater achievements. For more information, please visit s3science.com.
CONTACT: Amy TilburyHead of [email protected]+44 (0) 1293 776644
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