Precision Medicine: Trend and Market Analysis
7 April 2020
Summary
Precision medicine is utilized in Thailand for various applications such as oncology, rare and undiagnosed diseases, non-invasive prenatal testing (NIPT), newborn screening and health, pharmacogenomics and wellness promotion. The global market value of precision medicine was 48.5 billion USD in 2018 and is estimated to be valued at 84.6 billion USD in 2024. The growth rate will be approximately 9.7% per annum over the forecast period.
The Thailand Board of Investment (BOI) has put forward the idea of investment promotion in research laboratory. To do so effectively, it may be essential to encourage incoming blood samples from abroad to boost activities and improving services in the Thai market. With regards to Thailand 4.0 policy, the two relevant innovation trends in precision medicine are medical hub and well-being and cosmetics. The collaboration between the public and private sectors is instrumental for achieving the goals.
In terms of becoming a medical hub, the private sector plays a more important role than medical schools or public hospitals. Yet, some medical schools assist the private sector in becoming a medical hub by providing certain genetic analysis services which cannot be performed or conducted by private hospitals.
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