The Global Precision Medicine Market is expected to reach USD 40.0 billion by 2016, at an estimated CAGR of 9.0% by 2020. Precision medicine, a combination of molecular biology techniques and systems biology, is an emerging approach for disease treatment and prevention. The market growth for this approach is gaining momentum, as it takes into account individual variability in genes, environment, and lifestyle for each person while developing drugs and vaccines.
Precision medicine market has been segmented based on Technology (Big data analytics, Bioinformatics, Gene sequencing, Drug discovery, Companion Diagnostics, and Others), Application (Oncology, CNS, Immunology, Respiratory, and Others) and Geographical Regions (North America, Europe, Asia-Pacific, Latin America, and Middle East).
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Oncology precision medicine has the largest market share. The number of cancer patients is increasing every year, creating huge demand for advanced technologies. Patients diagnosed with cancer in 2004 would have had only a 10.0% chance of obtaining the right treatment for the disease as compared to a 70.0-80.0% chance of getting the right treatment today. While North America takes the top position in the precision medicine market, Europe and the Rest of the World are continuing to contribute to the revenues of this market at a greater pace.
The major key players for this market are Biocrates Life Sciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Ferrer InCode, Covance, Silicon Biosystems (now part of the Menarini Group), Pfizer, Eagle Genomics, Source Precision Medicine, Laboratory Corporation of America Holdings, Medtronics, Novartis, Qiagen, Quest Diagnostics, Roche Holding, Teva Pharmaceuticals, and others.
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