Medicines’ vertical is subject to adoption of enhanced digital technologies, which do help in mitigating the counterfeit drugs as per governments’ regulatory reforms. As such, with conventional batch production methods witnessing declination, various pharmaceutical companies are on the lookout for technology to aid in optimizing the paradigm shift with respect to pharma fulfilment supply chain. In other words, the medicine market could be witnessing an upswing in the forecast period, in line with digital transformation in the next 10 years.
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Genomic medicine has novel applications in the fields of oncology, pharmacology, rare and undiagnosed diseases, and infectious disease. Genomic medicine paves way for ‘personalized medicine’ into clinics and has immense potential to reach the physicians and patients. Genomic medicine has been used for advanced sequencing in cancer pharmacogenomics, rare disorder diagnosis and for tracking of outbreaks of infectious diseases.
Genomic Medicine Market: Drivers & Restraints
Backed by government investments in precision medicine initiatives such as a multimillion dollar investment by President Obama in January 2015 which aims to improve how to treat and prevent a disease by laying emphasis on its genetic makeup is expected to boost the market growth. Clinical validity and utility of genomic medicine tests is a major issue witnessed in the global market. Also, lack of awareness among healthcare professionals, sluggish adoption of genome medicine, fluctuating regulatory landscape are the factors which could hamper growth of the global genomic medicine market.
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Genomic Medicine Market: Segmentation
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Genomic Medicine Market: Key Players
The key research institutes in global genomic medicine market are BioMed Central Ltd., Cleveland Clinic, The University of Texas MD Anderson Cancer Center, The Manchester Centre for Genomic Medicine, Center for Genomic Medicine to name a few. The focus of the top players will be on the identification of effective drug candidates particularly in cancer treatment based on the molecular structure of tumors.
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