Innovative tools, technologies, and data enables a future of personalized care, finds Frost & Sullivan's Visionary Healthcare program
SANTA CLARA, California, Feb. 9, 2017 /PRNewswire/ -- A confluence of innovative technologies moving from concept to reality correlated with macroeconomic factors such as cost of care constraints, consumerism, and connectivity are leading to a replacement of outdated models of care with precision medicine approaches. Moving beyond just genomics, developers have begun to examine a wider range of patient records that apprehends everything from remote monitoring to consumer data streams.
Global Precision Medicine Growth Opportunities, Forecast to 2025, from Frost & Sullivan's Visionary Healthcare team, evaluates the current status and future potential of the precision medicine market. Related topics covered by this team include healthcare digitalization, pharma, patient engagement, and advanced medical technologies. All studies in the subscription provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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"Precision medicine solutions are leading to both technology and process innovations in care delivery," said Frost & Sullivan Industry Analyst Kamaljit Behera. "From credit card information to wearables, structured and unstructured sources of personalized data will be captured and correlated to help wellbeing and clinical care guidance."
Pressures such as declining research and development (R&D) productivity, price control, and eroding operating margins are forcing pharmaceutical companies to review their traditional business model and consider ulterior strategies to optimize current areas of focus and open new revenue streams.
Expanding functionalities with declining technology costs are increasing the accessibility of next-generation sequencing (NGS) tools. From personal testing to the incorporation in large-scale million-person cohort studies, the era of genomic factors influencing care decisions, is upon us. This makes NGS a game changer with future investment opportunities across automation, multiplexing and optimizing sample preparation. Other emerging technologies include liquid biopsy and point-of-care testing (POCT) technologies. In the next five to eight years, clinical sequencing will represent the largest growth potential for NGS service providers.
"We can expect molecular decision support systems to bridge the last miles in integrating genomics data into clinical workflows," explained Behera. By 2020, advanced clinical decision support systems (CDSS) will evolve to provide combined insight from genomic data with clinical and environmental information to facilitate targeted diagnostic for personalized treatment decisions. Finally, by 2025, companion diagnostic (CDx) and targeted therapeutics (Rx) will go beyond oncology and spread more toward therapeutic areas such as infectious central nervous system (CNS), and cardiovascular diseases. Predictive biomarkers for various diseases will be a sensational area for future investment and growth.
Precision medicine as a concept is in a developing phase, therefore a broad segment of hospitals will have to face inquiries about its cost and relevancy, as well as figure out how to translate available information into insights. "Pharma and diagnostic companies that consider engaging patients, physicians, payers, regulators, and testing laboratories, will be able to justify value of their targeted therapies by virtue of improved efficacy rates and overall treatment adherence. Collaboration and interoperability will be key ingredients for future success of precision medicine," commented Behera.
Before precision medicine can revolutionize the care delivery model, progress toward more effective and targeted drugs must be improved by reducing treatment uncertainty.
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Global Precision Medicine Growth Opportunities, Forecast to 2025
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