According to the report “Global Precision Medicine Market” published by Market Data Forecast, the global market is projected to reach USD 69.8 billion by 2021 from USD 40.5 billion in 2016, at a CAGR of 11.5%.
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” This approach will allow doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. It is in contrast to a “one-size- fits-all” approach, in which disease treatment and prevention strategies are developed for the average person, with less consideration for the differences between individuals. Although the term “precision medicine” is relatively new, the concept has been a part of healthcare for many years.
The factors influencing the Global Market for Precision Medicine Market, either positively or negatively are presented in the DROC analysis. The market for Precision Medicine is mainly driven due to increased global incidence of cancer and rise in cancer susceptible aging population, increasing demand for personalized treatment, technological innovation and advancements and increasing efforts to characterize genes. But, the market growth is hampered due to threats associated with sharing of patients’ genetic data and declining trends in FDA pharmacotherapy approval rate.
For granular level understanding, the Precision Medicine Market is segmented based on the following categories with Market Size Estimations and Y-o-Y Forecasts presented for each sub-segments.
- By Technology
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- By Application
Geographically, Global market for Precision Medicine is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. The market in North America is highly driven due to higher acceptance rate and patient affordability. The Precision Medicine market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to increasing aging population. Initiatives from the government and contributions from academic laboratories helped augment growth.
- North America Precision Medicine Market
- Europe Precision Medicine Market
- Asia-Pacific Precision Medicine Market
- Latin America Precision Medicine Market
Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics, are the major players of Global Precision Medicine market.
The Precision Medicine Market study offers the following deliverables:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is blooming
- Segment-level analysis on basis of producttype, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors thateffect the global market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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