Global precision medicine market has been segmented based on application into oncology, CNS, cardiology, infectious disease and others. Cardiology had the maximum market share of 25.7% in 2018, however the oncology segment is expected to grow at a highest pace during the forecast period. Growth of this segment is largely due to the growing burden of cancer patients along with various genetic factors involved in disease prevalence.
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Precision medicines are about bringing the right treatment to the right patient at the right time. It is one of the key vehicles by which the healthcare system of tomorrow can achieve better outcomes for patients and financial efficiency.
Global Precision Medicine market size is estimated based on the population genetic screening data, disease prevalence rate and adoption of the precision medicines across the globe. Global Precision Medicine manufacturers have varying products, depending on consumer genetic screening data. The report also provides various key strategies adopted by the leading players as they mainly target prevalent diseases in the developed and developing economies. Precision Medicine market share in various diseases has also been derived on the basis of thorough understanding of the forecast and dynamics of various products under pipeline in various geographies. Also, the global Precision Medicine market size has been laid down based on an extensive value chain analysis and patent analysis.
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The global precision medicine market size is projected to be valued USD 119.90 billion by 2025. Advancement in genomic and proteomic sequencing with reduced costs, is bringing in the so-called “genomic revolution.” By identifying the optimal point of intervention for treatment, healthcare providers massively improve the quality of care. Additionally, these technologies offer optimized cost by effectively timing treatment intervention and eliminating the need for insufficient or excessive treatment regimens.
Next generation sequencing has shifted the paradigm of genomics by accomplishing entire genome sequencing in a matter of hours. The enhanced speed and ease of DNA sequencing has drastically reduced the cost. The cost of deciphering the entire human genome has dropped by an order of magnitude from USD 10,000 in 2011 to about USD 1,000 today. As genome sequencing costs are declining rapidly healthcare providers and patients are likely to be more inclined to seek treatments that are targeted to a particular illness.
Cost is a major issue for precision medicines. Precision medicines may overburden many healthcare systems which are currently under significant financial constraints. It is a major factor hindering the patient’s access to treatment. The new targeted drugs that are launched in the market, are so highly priced that the patients can hardly afford them unless the cost is fully covered by the payers.
Geographically, Asia Pacific led the precision medicine market share in the global market in 2017, growing with a CAGR of 14.38% from 2018 to 2025. Globally, 40 countries have their individual versions of precision medicine ingenuities. United States and China being one of them. China, is spending $43 for every $1 the United States is spending on its precision medicine initiatives. The Beijing Genome Institute has the world’s largest sequencer and repository of genetic material. Additionally, developments in computational power and artificial intelligence are also in progress to discover new drugs, treatment and delivery methods. Wuxi Nextcode and Huawei are collaboratively developing cloud computing infrastructure to store and compute enormous amounts of data for precision medicines.
Furthermore, the Korean government is strategizing framework for implementation of precision medicine into clinical practice. The Korean Ministry of Food and Drug Safety, conducted a survey in 2012-2013, in order to explore the public awareness and attitude towards precision medicine. Results of the survey demonstrated low levels of public awareness regarding precision medicine, however, family income showed a positive correlation with precision medicine knowledge, thus reducing potential health disparities will increase the access to precision medicine.
Some of the leading players operating in the market include Novartis International AG, F. Hoffmann-La Roche AG, AstraZeneca plc, Eli Lilly and Company, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Abbott Laboratories, Merck & Co. and others.
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Key segments of the global precision medicine market
Application Overview, 2015-2025 (USD Million)
- Infectious disease
Regional Overview, 2015-2025 (USD Million)
- North America
- Asia Pacific
- South Korea
Grasp advance knowledge on Precision Medicine Industry through in-depth Blogs, White Paper & Infographics:
Access the White Paper “Precision Medicine And The Future Of Health Technology”
Read the in depth blog titled “How Does Precision Medicine Benefit An Individuals’ Health?”
What does the report include?
- The study on the global precision medicine market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the PEST and Value Chain Analysis.
- The study covers qualitative and quantitative analysis of the market segmented on the basis of application and region. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
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