The personalised medicine market has been forecast to increase at a compound annual growth rate (CAGR) of 12.07% through to 2016, driven by the significant growth of the targeted biologics segment, and the increase in the number of mergers and acquisitions.
Personalised medicine, which targets individualised treatment and care based on personal and genetic variation, is creating a booming market, but it is a disruptive innovation that will create both opportunities and challenges for traditional healthcare and emerging market participants.
The promise of personalised medicine has been predicated upon advances in genomics, proteomics and metabolomics, completion of the human genome map and development of "targeted" diagnostics and therapeutics.
Genomic testing enables physicians to identify an individual's susceptibility to disease, predict how a given patient will respond to a particular drug, eliminate unnecessary treatments, reduce the incidence of adverse reactions to drugs, increase the efficacy of treatments and, ultimately, improve health outcomes.
The growth of personalised medicine will change the role of traditional healthcare organizations and create new challenges. Most notably, it is one of the market forces driving the changing business model of Big Pharma away from the blockbuster drug model to a more collaborative model focused on outcomes and specialised therapies.
Primary care providers may have to build new service lines around prevention and wellness in order to replace revenues lost from traditional medical procedures.
How players approach the personalised medicine market will be critical, as their reimbursement schemes will influence the business models of pharma and diagnostics companies as well as providers who depend on third-party payment. Payers that want to embrace the new science will have to rethink how they define coverage.
Key players currently dominating the personalised medicine market include Abbott Laboratories, AstraZeneca plc, F. Hoffmann-La Roche Ltd., Novartis AG, Pfizer Inc., and Sanofi S.A.
For more information on the personalised medicine market, see the latest research: Personalised Medicine Market
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