As mentioned in our blog post, 5 Things to Know About Precision Medicine, the U.S. President’s 2016 budget included a $215 million investment for the precision medicine initiative. As stated by CISION PR Newswire, the market for global precision medicine hit $43.59 billion in 2016.
Now, as we are looking ahead, the market is projected to reach $141.7 billion by 2026 with a CAGR of 11.23% (2017–2026). CISION PR Newsire further states this growth is fueled by four main drivers:
- Early diagnosis
- Adverse drug reactions
- Chronic diseases
- Further advancements in the genetics space
Precision medicine has made strides within the industry as it’s transforming the way we develop drugs and treat patients. This targeted approach is a game changer—from R&D to bioproduction and from the provider to the patient.
The National Cancer Institute (NCI) is fully on board with this initiative. The NCI has already launched a series of clinical trials in support of precision medicine. With such significant growth projections, market potential, and support for funding, R&D and clinical trials in the field will continue to develop and improve at a rapid pace.