- The markets for next-generation genomic testing tools and precision medicine software and services will be worth more than $100 billion by 2022, according to a new series of market reports, propelled by breakthroughs in cancer care, big data analytics, pharmaceutical development, and bioinformatics.
Next-generation sequencing (NGS) has quickly become a critical tool for speeding up the process of genomic analytics while reducing the costs of bringing genetic tests into the routine of clinical care. MarketsandMarkets predicts that the growing global reliance on NGS will create a $12.45 billion marketplace by 2022, representing an annual compound growth rate of 20.5 percent.
Combined with an anticipated $88.64 billion value for the precision medicine sector as a whole, vendors and providers will have an enormous opportunity to develop new revenue streams through personalized care products and strategies.
Healthcare providers, laboratories, and genomics sequencing companies will need to optimize the testing process, says MarketsandMarkets. Services and platforms that enable the standardization of pre-testing activities are expected to produce the highest short-term growth.
The report notes that partnerships between health systems and companies to address specific patient needs is likely to play a significant role in generating revenue and expanding the use of precision medicine technologies at the point of care.
Numerous academic medical centers and large providers have already started to prove this prediction true by announcing collaborations, research projects, and development agreements with product and service vendors.
MD Anderson Cancer Center is among the latest to do so. The oncology specialists have unveiled a strategic alliance with Oncora Medical to further develop precision medicine software for radiation therapy.
The two organizations will work together to enhance Oncora’s radiation oncology platform with big data from MD Anderson’s electronic health records, tumor registry, and web-based clinical documentation tools.
"We believe this partnership could be a significant step forward for the field of radiation oncology and our patients," said Benjamin Smith, MD, Associate Professor of Radiation Oncology. "Through this alliance, we hope to improve workflows and processes for radiation oncologists and simultaneously give radiation oncologists access to better information to support real-time, precision medical decision making."
Illumina, a major genetic testing company, is also making an effort to collaborate with providers by contributing data on more than 8000 gene variants linked to tumor development to the Clinical Interpretation of Variants in Cancer (CIViC) databank.
The freely available database, hosted by Washington University in St. Louis, gives researchers access to critical data related to cancer development and genomics.
“We are very excited and grateful to receive this substantial contribution from Illumina. The open-access model of CIViC was consciously chosen to allow for these kinds of submissions,” said Obi L. Griffith, Assistant Professor of Medicine at Washington University School of Medicine, St. Louis.
“This genetic information represents a very valuable data set that is now available to researchers worldwide. CIViC's strategy is to break down information silos between academic and industry researchers. This donation shows that such a strategy can work.”
The data donation triples the amount of information available in the database, and could provide the basis for the development of new cancer therapies.
“This extensive data set will expand our shared genomic knowledge and enable researchers to design personalized therapeutics which aids in advancing genomics into healthcare,” said Sanjay Chikarmane, Senior Vice President and General Manager at Illumina.
The precision medicine ecosystem will be largely built upon collaborations and partnerships for the foreseeable future as organizations recognize the need to work together in order to develop the large volumes of patient data required to generate new insights.
In order to do so, stakeholders must navigate murky regulations and restrictions on data sharing that may not have been intended to cover many precision medicine use cases when written. They will also need to find more efficient ways to lower the costs of precision therapies, says Market Research Future, and invest in formalized research projects to generate evidence about the safety and efficacy of new treatments.
The pharmaceutical industry will be instrumental in helping providers and researchers overcome these barriers.
Companies including Illumina, Thermo Fisher Scientific, Agilent Technologies, Glaxosmithkline, Johnson & Johnson, Sanofi, and Pfizer will be among the leading organizations in that process, the reports state, as the precision medicine ecosystem continues to develop through the middle of the next decade.