Personalized medicine promises a paradigm shift in diagnosis and care delivery as the treatment is based on data leveraged from a holistic view of an individual patient. Proliferation of sequencing methodologies, especially Next Generation Sequencing (NGS), due to rising cost of sequencing and development of Human Genome Project in genomics field is expected to drive the personalized medicine industry.
NGS technology delivers the data related to the genetic makeup of the patient and response of drugs on patient, thereby fostering the development of precision medicine to treat diseases. Moreover, NGS combined with Companion Diagnostics (CDx) is expected to play a major role for advancement of personalized diagnostics and therapeutics over the forthcoming years. Advent of novel CDx and biomarkers for non-oncology therapeutic applications have forced companies to improve their precision medicine portfolio; focusing oninfectious diseases and Cardiovascular Diseases (CVDs).
This generates a strong impetus for scaling up the CDx tests to form PM for non-oncology cases. Increasing prevalence of cancer, which boosts demand for personalized cancer diagnostics and therapeutics, is also one of the key factors responsible for the growth of the market. As per data GLOBOCAN 2018, the global burden of cancer has increased to 18.1 million new cases in 2018.