Precision medicine is becoming one of the most modernized trends in the healthcare industry showing an incredible growth in the recent years. The market growth is gaining speed as large number of government initiatives and research & development programs have been launched in the recent years. The market is projected to grow at a CAGR of +12% CAGR by 2022
Governmental regulations and standards are sustaining the growth and development of the precision medicine market. The main aim of these regulations is to make precision medicines more adaptable and focused towards genetic diseases related to Oncology, skin, respiratory, CNS, CVD, and infectious diseases among others. The patients are benefitted indirectly by these regulations as it save time and cut-down cost as the patients get the required treatment for the specific disease.
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Precision medicine is becoming one of the most modernized trends in the healthcare industry showing an incredible growth in the recent years. The market growth is gaining speed as large number of government initiatives and research & development programs have been launched in the recent years. According to the report put forward by the market research experts of BIS Research, the global precision medicine market is expected to grow over USD 88 billion by 2022 at an estimated CAGR of +12 % from 2015 to 2022
While The Americas will continue to lead the global market through the forecast period, Europe and APAC will continue to be the principal revenue generating countries of the world. The global precision medicine market, on the basis of sub-market categories, is segmented into: companion diagnostics, biomarkers, targeted therapeutics, pharmacogenomics, molecular diagnostics and others. With increasing research and development processes, it has been estimated that the demand for precision drugs will escalate in the coming future, thus, resulting in the domination of the Pharma & Biotech segment. At present, Cancer is dominating the market and is expected to reach $46.38 billion by 2022, as the number of cancer patients are increasing every year and thus, deployment of targeted therapeutics and diagnosis applications of cancer is also anticipated to increase tremendously.
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