The pharmaceutical industry is undergoing a technological revolution. We’re seeing innovations and advancements that have the potential to shape the future of pharmaceutical research, development and manufacturing.
For today’s blog, we’ve picked out 4 technologies that will have a big impact on the industry in 2017:
- Precision Medicine
- mHealth Sensors
- 3D Printing
Precision medicine is an emerging approach for disease treatment and prevention. The market growth for this approach is gaining speed as it is mainly used to develop drugs and vaccines taking into account individual variability in genes, environment, and lifestyle for each person.
The Global Precision Medicine Market is expected to gradually grow at a CAGR of 9% by 2020. According to the report, patients diagnosed with cancer in 2004 would have had only a 10% chance of obtaining the right treatment for the disease as compared to a 70-80% chance of getting the right treatment today.
mHealth is already being utilized by many research institutions. Wearable technology, for example, contain powerful processors and sensors that can track movement, take measurements and record information. This is all value information for researchers conducting a study. As these sensors become more advanced, we will see mHealth become more and more important in clinical research.
Driven by a thriving ecosystem, the mHealth market is already forecast to account for over $23 Billion in 2017 alone. Despite barriers relating to regulation, it is also expected to grow a further 35% over the next three years.
The global demand for 3D printing materials was valued at $578 million in 2015 and is expected to grow with a CAGR of 18.3% by 2022. It is creating new opportunities for pharmaceutical research and biotechnology applications.
In the near future, we may be able to print personalized drugs that facilitate targeted and controlled drug release. Instead of printing objects made out of plastic or metal, it would allow us to print human organs or tissues. This would be an invaluable resource for pharma companies when testing drugs.
Last year, we saw the first 3D-printed drug to receive approval from the U.S. Food and Drug Administration (FDA). Aprecia Pharmaceuticals received approval for its 3D-printed Spritam tablets that are used to treat epilepsy.
The global nanotechnology market is expected to grow with the CAGR of 17.7% during the forecast period of 2016-2022. These nanoparticles can easily travel around the human body in the blood stream. They have already been shown to assist in the delivery of anti-cancer drugs and to reduce toxicity.
Globally, the development of efficient and advance technology, expanding nanotechnology research, growing awareness among common people, increasing government initiatives, and rising demand for novel drug delivery are the prime growth drivers of this market.
We saw many examples of this last year, including the scientists using drug delivery and bacteria to detect cancer and the MIT chemists that engineered a nanoparticle one-hundredth the size of a human hair that can treat the most aggressive, drug-resistant cancers.
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