The Global Precision Medicine Market is expected to reach close to USD 40 billion by the end of 2016, gradually growing at an estimated CAGR of 10.3% by 2021. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person.
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Precision medicine will enable a new era of medicine in which researchers, providers, and patients work together to develop individualized care. For such individualized care using precision medicine, President Obama announced a Precision Medicine Initiative (PMI) for his State on January 20, 2015
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Global Precision Medicine Market- Market Dynamics
There are several driving and restraining factors for the global precision medicine market. Some of these are listed below.
There are large, established online forums that help clinicians collaborate with one another and share information, which will help in the diagnosis and treatment of patients in a better manner. This is a key driving factor for the precision medicine market. Some other driving factors for this market are:
- Increasing efforts to characterize genes
- Increasing demand for personalized treatment
- Technological innovations
- Perils of data sharing
- Reduced pharmaceutical market
- Declining trends in FDA pharmacotherapy approval rate
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American market dominates the global precision medicine market with the USA contributing the highest share of revenue, followed by Europe. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. The market in the APAC region is growing at a fast pace. This can be attributed to the developments in China and India.
The segmentation of the market for precision medicine is done based on technology (big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics and others), and application (oncology, CNS, immunology, respiratory medicine, infections and others).
Some of the key players in the market are:
- Ferrer InCode
What the Report Offers
- Market analysis for the precision medicine market, with region-specific assessments and competition analysis on the global and regional scale.
- Market definition along with the identification of key drivers and restraints.
- Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their market share.
- Identification and analysis of the macro and micro factors that affect the precision medicine market on both global and regional scale.
Get More Details In-Depth By TOC Of This Report –
Table of Contents
1.1 Report Description
1.2 Markets Covered
1.3 Research Methodology
- Executive Summary
- Market Overview
3.1 Market Definition
3.2 Market Drivers
3.2.1 Incidence of Online Collaborative Forums
3.2.2 Increasing efforts to characterize genes
3.2.3 Advancement in cancer Biology
3.3 Market Restraints
- Porters Five Force Analysis
4.1 Bargaining Power of suppliers
4.2 Bargaining power of buyers
4.3 Degree of competition
4.4 Threat of substitution
4.5 Threat of new entrants
- Market Segmentation
5.1 By Technology
5.1.1 Big Data Analytics
5.1.3 Gene Sequencing
5.1.4 Drug Discovery
5.1.5 Companion Diagnostics
5.2 By Application
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