According to study, “Latin America Precision Medicine Market (2018-2023)” some of the major companies that are currently working in the Latin America precision medicine market are Randox Laboratories, Abbott Laboratories, GlaxoSmithKline (GSK), Almac Group, Johnson & Johnson, Teva Pharmaceuticals Limited, CETICS Healthcare Technologies GmbH, GE Healthcare, Novartis AG, Pfizer.
Precision medicine is a mixture of molecular biology procedures and system biology. It provides the right treatment to the patients at the right time. It protects patient’s health by using family health history, tailoring prevention and screening of the diseases. Its main goal is to provide better treatment mainly for cancer involving many applications of the systems to examine the cause of a patient's infection at the molecular level and then to developing targeted treatment to tackle that patient's disease process. Some of the other attributes include protective care, edge cost, the ability of care, inhabitant’s health and others.
Some of the major technologies used in precision medicine market are pharmacogenomics, bioinformatics, gene sequencing, drug discovery technology, big data analytics,next-generation sequencing (NGS) and companion diagnostics. Drug discovery technology dominates the largest market share in the region. Additionally, based on the curative market is classified as cardiovascular, central anxious system, psychiatric disorder, cancer and virus diseases etc. Cancer curative market segment hold the maximum market share owing to higher death rate appropriate to cancer.
The implementations of precision medicines are mainly impacted by various medical areas in two basic phases of therapy regimen and the molecular diagnosis. The therapy regimen includes many molecular diagnostic, definition of clinical progression and resistance, evaluation of side effects, cost of new and old drugs, selection of combination or sequential regimens and proper communication with the multidisciplinary team. The molecular diagnosis includes various testing methods of validating & interpreting clinical assays and scoring criteria with cut-offs for variables with continuous distribution in the population: it also provides solutions for properly communicating with the multidisciplinary team.
The Brazilian Initiative on Precision Medicine (BIPMed) is based on a newly launched software platform. It offers public access to genomic & phenotypic data. BIPMed supports propagation and guidance in the areas of individual molecular heredity, computational ecology and others.
The market of Latin America precision medicine is driven by the increasing demand for personalized medical solutions & treatments, increase advance healthcare services, favorable government laws and advancements in healthcare technology. In addition, around 31% population of the region cannot access cost-effective healthcare facilities adding the major restraint factor. Some of other restraints factors are lack of tolerably skilled healthcare workers and poor economic conditions of many countries.
Nowadays, the Mexico, Brazil and Argentina are focusing on providing tailored treatment and therapies to the inhabitants, with the use of many technologies such as data analytics and NGS etc. During 2018-2023, it is estimated that the pharmaceuticals and biotech companies to drive owing to emergence of medicine discovery technologies. It is expected that Latin America precision medicine market will be reached at USD 6.4 billion, at a CAGR of 9.3 %, by 2023. In upcoming years, it is predicted that the market increasingly due to the huge investments in big analytic research and development (R & D) in the region.
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Ankur Gupta, Head Marketing & Communications