Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Cooked research report on “global precision medicine market research report – forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
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The global precision medicine market was valued at $38.92 billion in 2015, and is expected to reach $88.64 billion by 2022. Thus the market is expected to perform a growth at a CAGR of 12.48% from 2015 to 2022.
Global Precision Medicine Market – Regional Analysis:
The Americas leads global precision medicine market due to the advancement of gene mapping technologies and increasing precision medicine solutions. Moreover, with the announcement of Precision Medicine Initiative by President Barak Obama, this market has gain lots of attention. The Americas is followed by Europe. Countries like the U.K, France, Germany, Russia, the Netherlands, Spain, Finland, and Italy within the region are extensively involved in development of precision medicine solutions. The Asia Pacific is the fastest growing region due to a huge patient population and rising healthcare expenditure. On the other hand, Middle East & Africa have the least share of the market.
Global Precision Medicine Market – Major Players:
Abbott., Almac Group, Asuragen, Inc., bioMérieux SA, Cepheid Inc., Cetics Healthcare Technologies Gmbh, Ge Healthcare, Glaxosmithkline Plc, Johnson & Johnson, Laboratory Corporation Of America Holdings, Medtronic, Novartis, Pfizer Inc., Qiagen, Biobase Gmbh, Quest Diagnostics Inc, Randox Laboratories Ltd., Sanofi Pharma, Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Ab-Biotics Sa, Caris Life Sciences, Healthcore, Inc., Ibm, Innventis, Intel Corporation, Molecular Health Gmbh are some of the prominent players at the forefront of competition in the global precision medicine market and are profiled in MRFR Analysis.
Market Synopsis of Global Precision Medicine Market:
The global precision medicine market is growing with rapid pace, mainly due to the increasing number of patient involvement in personal healthcare. According to a recent study report published by the Market Research Future, the global precision medicine market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017–2022).
The market is going to continue with the same trends of growth during the forecast period. The major drivers will be the advancements in the healthcare, technology, increasing prevalence of the genetic diseases, and rising integration of big data healthcare companies with pharmaceutical & biotech companies. In 2016, according to the Centres for Disease Control and Prevention, it was estimated that genetic disease like sickle cell anaemia affected approximately 100 million Americans. Additionally, potential for targeted therapies fuels the market growth. However, potential threat to personal data, high diagnostic cost, and stringent regulations and standards restrains the market growth during the forecast period. The healthcare data software developers are on a stand-by from the FDA regarding future compliance requirements and policies. Some precision medicine applications might face problems in future for timely transmission of critical health data between the doctor and the patient due to a vulnerability to deliberate ‘Denial of Service’ (DOS) attacks. To overcome this, in 2014, FDA published ‘Content of Premarket Submissions for Management of Cyber security in Medical Devices’ which contains guidelines for the healthcare industry.
Global precision medicine market – Competitive Analysis:
Characterized by the presence of several well-established and small players, the global precision medicine market appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
Abbott is one of the significant players in the global precision medicine market. It is constantly expanding its strategy of the acquisition, merger, collaboration and product launches, as result the company’s net revenue have increased from USD 20,405 million in 2015 to USSD 20,853 million in 2016. Significantly, the R&D expenditures was approximately around 7.0% in 2016.
In October, 2016, Abbott collaborated with Celgene and Agios for diagnostic identification of IDH mutations. Moreover, Celgene signed an agreement with Abbott to develop and commercialize the diagnostic tests.
In April, 2016, Abbott received FDA approval for its companion diagnostics Vysis CLL FISH probe kit in Leukemia. The kit is used to detect the 17p deletion in chronic lymphocytic leukemia patients.
In May, 2016, Almac Group partnered with ZYMtronix on a National Science foundation sponsored project which focusrd on the stabilisation and immobilisation of metabolic enzymes for various applications in bio-oxidation.
In November, 2016 bioMérieux SA launched, eMAG, for molecular biology providing a platform for the extraction of nucleic acids including the DNA and RNA.
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