According to the report Global Precision Medicine Market, published by Market Data Forecast, the global market is projected to USD 69.8 Billion by 2021, at a CAGR of 11.5% during the forecast period from 2016 to 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. It will enable a new era of medicine in which researchers, providers, and patients work together to develop individualized care.
Precision medicine is an upcoming disease treatment approach which is devised based on individual variability in genes, environment, and lifestyle for each person. Often the term is used interchangeably with personalized medicine, however, precision medicine is not the same as simple individualized medicine, but rather a medicine mode which combines standardization with individualization. The benefit rendered by such a treatment approach is the accurate prediction of the treatment and prevention strategies for a particular disease will work in particular groups of people
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global Precision Medicine Market: Drivers & Restraints
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.
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Global Precision Medicine Market: Segmentation
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Y-o-Y Growth Analysis, By Technology
- Market Attractiveness Analysis, By Technology
- Market Share Analysis, By Technology
- Y-o-Y Growth Analysis, By Application
- Market Attractiveness Analysis, By Application
- Market Share Analysis, By Application
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global Precision Medicine Market: Overview
By Application, oncology segment holds the largest market share, followed by the CNS and immunology segments. By Technology, drug discovery market holds the largest share, followed by gene sequencing and companion diagnostics. Big data analytics is expected to grow at the highest CAGR.
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. He granted USD 215 million in the fiscal year 2016 to support the initiative. Oncology is the initial area of focus for precision medicine, as cancer is one of the leading causes of death worldwide, and its incidence is increasing as the population ages. The patients diagnosed with cancer in 2004 would have had only a 10% chance of obtaining the right treatment for the disease as compared to a 70-80% chance of getting the right treatment today. Many genetically targeted therapies are currently available to cancer patients, and many more are expected to become available in the near future. A large amount of research and development has been undertaken for the development of precise drugs, targeted therapeutics, and laboratory tests for various disease conditions. In FY2015, the NIH invested nearly USD 30.3 billion in medical research that allows investigators to come up with new ideas that can help change the world.
global Precision Medicine Market: Region-wise Outlook
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.
Key Questions Answered
- What is the current and future Precision Medicine market outlook in worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Precision Medicine space in global?
- What are the key, high growth markets that Precision Medicine manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Precision Medicine currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Precision Medicine?
- What are the challenges and barriers that have hindered widespread adoption of Precision Medicine?
- What are the major market drivers, challenges and opportunities of the precision medicine market and their use cases?
Global Precision Medicine Market: Key Players
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.
Reasons to buy global Precision Medicine Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, 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 that affect the 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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