Precision Medicine Market Trends

Precision Medicine Market Trends

• The expansion of the market is driven by the increasing development and availability of drugs. For instance, the number of personalized medicines on the market grew significantly, increasing from 132 to 286 between 2016 and 2020.
   
• Additionally, personalized medicines accounted for 25% of the new drugs approved by the FDA in 2019, a substantial increase from 5% in 2005. Such increasing number of drug approval and availability of precision medicine drugs, thus aids in market growth.
   
• Pharmaceutical companies are heavily investing in research and collaborations with healthcare providers and others to expand their precision medicine drug portfolios.
   
• Also, companies aiming to expand their portfolio of precision medicine drugs are partnering and collaborating with other companies. For instance, Pfizer has established a long-term collaboration with 23 and Me on genome-wide association studies to address and better understand disease mechanisms that will help the company to develop effective and efficient personalized solutions for the patients. Such strategies are anticipated to foster industry growth over the forthcoming years.