The latest report published by Persistence Market Research titled “Global Market Study on Precision Medicine: Drug Discovery Technology Segment Estimated to Witness 0.1% Decline in Market Share Between 2016 and 2024“. projects some of the crucial aspects of the global precision medicine market after an in-depth research. The report assures that the market will grow manifold and it will register a 14.7% CAGR between 2016 and 2024.
Global Precision Medicine Market: The Propellers
The global expansion of the medicine industry will expand the canvas of the global precision market. Larger investments, better infrastructure, simplified approval process of drugs along with companion diagnostics will impact the structure of the entire climate of the global precision medicine market. The affordable DNA profiling, the bloating cancer population of the globe will create a favorable condition of growth for the global precision medicine market. The proper storage of genome data plays a crucial part in this segment. The emergence of data backed medicare will also drive the global precision market ahead.
But the market is combating acute data storage and data privacy issues and it also lacks in systematic approach towards funding and soaring prices of personalized drugs is also creating a blockade in the expansion of the global precision medicine market.
Global Precision Medicine Market: Market Autopsy
The global precision medicine market is bifurcated into multiple parent segments which are further sub-categorized. The primary division of the market is an assimilation of three, region, technology and application. The major technologies which will define the market character in the forthcoming years are bioinformatics, next-gen sequencing and drug discovery technology. The applications segment will showcase fruitful results and oncology will act as the showstopper. The market prediction shows that this segment will bloom and will touch an approximate value of US$ 69 Bn by the end of the assessment period. The approximate registered CAGR of this segment within the assessed period will be above 13.5%. The global population is struggling with some of the acute diseases such as arthritis. A large slice of the aged population is an easy prey of this crippling ailment. The immunology segment will reap maximum benefits from the population affected by arthritis. The immunology segment will gain revenue from the market and the market worth will cross US$ 34 Mn by the end of 2024.
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The regional market arena has penetrated through different key regions of the globe. The global precision medicine market has extended its boundaries in the last few years. The product has a massive global presence and it is expanding steadily. Apart from North America, Europe, MEA, Latin America and Asia Pacific regions are other major pockets which are expected to show fruitful outcome in the forthcoming years. The global precision medicine market is expected to perform well in the North American region and it will occupy more than 35% of the market share within the period of prediction. The global precision market in North America will flourish and will probably touch the approximate market value of more than US$ 60 Mn by 2024 end. With a stupendous performance the US and Canada will conquer a lion share of the global precision medicine market of this region predicts the report. The Europe is a consistent market and will crawl up the revenue chart within the forecast period. The global precision market in Europe will ride an estimated CAGR of more than 13% to sew up an average worth of more than US$ 40 Mn by the end of 2024. In Europe the markets spread across Germany and France will shape the destiny of this market. Apart from this the countries such as Spain, UK and Italy will also follow the leading pack during the period of assessment. The APAC region is the rising star of the global precision medicine market. The region will project a CAGR of more than 14% during the period of projection. The market will witness a staggering hike and will touch approximately US$ 35 Mn by the end of 2024. In the APAC region Japan will spearhead the market, China and India will lock horns to accumulate maximum market share during the projected period. The region of Latin America will score considerable revenue during this period. MEA will be a sulking market as less of research activities will dampen the spirit of the precision medicine market.
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The market is evolving fast with the better and bigger market tie-ups. The bonhomie between IT and healthcare is also expediting the market and providing a bigger playground to the stakeholders. Novartis AG, Laboratory Corporation of America Holdings, Eli Lilly And Company, AstraZeneca are contributing massively in the overall development of the global precision medicine market.
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