The National Human Genome Research Institute defines genomic medicine as “an emerging medical discipline that involves using genomic information about an individual as part of their clinical care (e.g., for diagnostic or therapeutic decision-making) and the health outcomes and policy implications of that clinical use.” Genomic medicine is a type of precision medicine in which genomics, epigenomics and other related data is used to accurately aid in individual disease diagnosis.
Genomic medicine has novel applications in the fields of oncology, pharmacology, rare and undiagnosed diseases, and infectious disease. Genomic medicine paves way for ‘personalized medicine’ into clinics and has immense potential to reach the physicians and patients. Genomic medicine has been used for advanced sequencing in cancer pharmacogenomics, rare disorder diagnosis and for tracking of outbreaks of infectious diseases.
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Genomic Medicine Market: Drivers & Restraints
Backed by government investments in precision medicine initiatives such as a multimillion dollar investment by President Obama in January 2015 which aims to improve how to treat and prevent a disease by laying emphasis on its genetic makeup is expected to boost the market growth. Clinical validity and utility of genomic medicine tests is a major issue witnessed in the global market. Also, lack of awareness among healthcare professionals, sluggish adoption of genome medicine, fluctuating regulatory landscape are the factors which could hamper growth of the global genomic medicine market.
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Genomic Medicine Market: Segmentation
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Genomic Medicine Market: Key Players
The key research institutes in global genomic medicine market are BioMed Central Ltd., Cleveland Clinic, The University of Texas MD Anderson Cancer Center, The Manchester Centre for Genomic Medicine, Center for Genomic Medicine to name a few. The focus of the top players will be on the identification of effective drug candidates particularly in cancer treatment based on the molecular structure of tumors.
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