Precision medicine is the future of healthcare industry. By definition, precision medicines are tailored in accordance with a specific patient. It uses information about a person’s genes, proteins, immunity to disease, and the entire anatomy of the body. The entire healthcare sector is undergoing a major transformation as a result of the development of precision medicines in various medical laboratories. Be it the researchers, who are involved in research and development of a new drug, or the marketing companies who work to promote the sales of the new drug for the manufacturers.
Medical laboratories are also influenced by the developments of precision medicines in various ways. The precision medicines have created ample opportunities for the laboratories to enhance their role in the sector of healthcare while generating various profitable streams.
Changing Trends Helping Medical Laboratory to Grow Stronger
Since we are now aware of the definition and opportunities that precision medicine offers to medical laboratories industries, let’s have a look at the trends that making the industry grow in the market.
Although, targeted therapies and medicines have been the topmost priority for FDA since the early 90s, actual advancements were only capable of the arrival or new sophisticated technologies in medical laboratories market. Conducting various studies on different medicines reacting distinctly for patients suffering from identical diseases, scientists have begun to use new technologies to have a better understanding of patients and the treatment they are getting. This in return allowed the drug companies to develop treatments patient-oriented treatments and cures.
Ever since 2014, precision medicine trend is increasing its influence on medical laboratories market. Out of the new drugs applied for approval to FDA, 20% of them were personalized or targeted medicines and therapies.
From the patient’s perspective, the shift to tailored medicines approach is quite beneficiary. Scientists are able to understand the disease and how it affects a patient’s body in a better way. This allows them to take decisive steps toward prevention, preliminary diagnoses, and better treatments. With the information available doctors can now actually predict whether a treatment will work on a patient or not. With this, patients can be treated effectively with much lesser side-effects.
Impact of Real-World Data on Precision Medicines in Medical Laboratories Market
Initially, when medicines were tested in medical laboratories, they were done for a disease, irrespective of the patient who is suffering from it. However, with the technological advances in healthcare sector, the medicines are now developed keeping the patient as the reference point. Now, to have a precise idea about the history of the patient, medical laboratories focused their attention towards real-world data. This data allowed the labs to collect, process and store data in to understand the historical traits of development of medicines in the medical laboratories market. Also with real-world data, scientists were able to deduce treatment and medicines to help patients having comorbidities of diseases.
With the arrival of real-world data and other technologies in the medical laboratories market, a business can now create strategies and work plans that can support improving their profit margin. The databases also allow businesses to monitor the progress of the treatment and patient’s response to the particular treatment in real-time in the medical laboratories market.
Technology to Improve the Position of Laboratories in Medical Laboratories Market
With the aid of technology such as big-data and other databases, patients and medicines can be at the same platform. This intersection of two worlds has opened the doors of opportunities for medical laboratories to act as a channel for information exchange. The laboratories can provide better information on clinical trials and treatment paradigms along with clinician’s suggestion for drug selection.
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Today majority of the medical professionals believe that the clinical trial has become quite complex. Many medical practitioners may not readily understand the results obtained during these trials. Laboratories in the medical laboratories market understand these gaps and have started developing programs that can assist these practitioners in understanding the relevance of a trial’s results while treating the patient. In other words, the technology allows medical laboratories to access information about patient’s genetics, medical history, and comorbidities. This, in turn, helps medical laboratories to add greater value to the healthcare sector by presenting patients profile in context with other patient’s medical history with similar ailments in the medical laboratories market.
Looking at the values that medical laboratories add in the development of precision medicines, it seems that the medical laboratories market tends to show remarkable growth between 2104 and 2020. The medical laboratories market looks pretty strong in the forecast period and is projected to register a remarkable growth in regions of Asia Pacific and North America.