Precision Medicine — What Should You Know About It?

What is Precision Medicine?

The precision medicine concept is a revolutionary step to manage and treat different diseases that are affecting people. So far, the traditional idea of modern medicine was designed on a generalized basis which can also be termed as ‘one size fits all.’ However, precision medicine is a much bolder step, and it takes into consideration each patient individually. Under the precision medicine concept, each patient is to be treated separately, considering their different genes, lifestyles, and environment.

According to the BIS Research, titled Global Precision Medicine Market — Analysis and Forecast, 2018–2028 highlights that the precision medicine market is anticipated to reach $216.75 billion by 2028, witnessing a CAGR of 10.64% in the forecast period 2018–2028.

Precision Medicine Initiative

The precision medicine initiative is taken up by the National Institute of Health (NIH) and other research centers. The precision medicine initiative is a mix of short-term and long-term goals. The precision medicine initiative aims to increase the knowledge pool about genetics and microbiology of people. Precision medicine initiative is expected to develop an effective treatment for several diseases.

What is the difference between Precision and Personalized Medicine?

Precision medicine and personalized medicine are somewhat similar yet different. The reason precision medicine terminology was coined to avoid any misinterpretation related to personalized medicine. Considering that personalized medicine can be misunderstood as a treatment module developed especially for an individual. However, in the case of precision medicine, although it takes into consideration the individual genetic markup, it analyzes the lifestyle and environmental factors as well.

What are the benefits of precision medicine?

The implementation of precision medicine helps in improving the overall disease management and treatment. Precision medicine also holds the potential to improve the outcome of patient treatment drastically. Some of the benefits of precision are as follows:

  • Introduction to new approaches
  • Improved diagnostics and drugs
  • Tools for managing and analyzing the copious amount of healthcare data
  • Enabling doctors to use genetic and molecular data of patients during treatment
  • Improved integration of electronic health record (EHRs)

What is all covered under the precision medicine ecosystem?

The precision medicine ecosystem involves various segments of study. It envelops study areas such as applied sciences, precision diagnostics, digital health and information technology, and precision therapeutics.

The area of applied sciences covers the study of genomics, pharmacogenomics, and other applied sciences. Herein, the study of genomic biology and genes is studied to develop tools and treatments to treat diseases. With the help of precision medicine, management and treatment techniques for chronic diseases are also possible. Treatments designed by studying human genomics can help remove the disease from its root with lesser side effects.

BIS Research offers exclusive market intelligence reports on disruptive technologies. Each year we publish over 200 titles across industry verticals.

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