The major market driving factor for precision medicine are patient’s involvement in personal healthcare, integration of wireless technologies with portable healthcare devices, and increase in genetic diseases (due to mutation, UV rays) among others.
Precision medicine refers to medicines developed as per an individual’s genetic profile that helps as a guide for the prevention, diagnosis and treatment of diseases. 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.
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The market constraints include potential threat to personal data, high diagnostic cost as a barrier, potential risk of hardware or software failure, stringent regulations and standards, lack of awareness about the possible applications of precision medicine, reimbursement policies and regulatory framework, limited knowledge about the application of test and techniques, lack of research and evidences creating hindrances in its application.
Key Players for Global Precision Medicine Market:
Abbott Laboratories, Almac Group, Ltd., 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, Precision For Medicine
- The global precision medicine market is expected to reach USD 88.64 billion by 2022.
- By ecosystem diagnostic tool companies holds the largest market share of precision medicine market and is expected to reach USD 27.56 billion by 2022.
- By sub-market, company diagnostics holds the largest market share of precision medicine market and is expected to reach USD 21.32 billion by 2022.
Global Precision Medicine market has been segmented on the basis of ecosystem, sub-market, therapeutics and region.
Globally North America is the largest market for global precision medicine. Europe is the second-largest market for global precision medicine. The near future market for precision medicine will be dominated by the developed regions with developing regions providing a supporting role only. However the developing regions market particularly Asia Pacific will be the fastest growing and is likely to be the key to the future.
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List of Tables
Table 1 Leading Companies In The Precision Medicine Market 37
Table 2 Downsizing Cost Of Genome Sequencing 74
Table 3 Factors Impacting The Buyer’s Bargaining Power 80
Table 4 Factors Impacting The Supplier’s Bargaining Power 81
Table 5 Factors Impacting The Threat From Substitute 82
Table 6 Factors Impacting The Threat From New Entrant 83
Table 7 Factors Impacting The Degree Of Competition 84
Table 8 Regulatory Bodies In Precision Medicine Market 87
Table 9 Consortiums In Precision Medicine Market 93
Table 10 Alliances/Associationsin Precision Medicine Market 94
Table 11 Global Precision Medicine Market Value, By Ecosystem Players, 2014-2022 ($Billion) 97
Table 12 Pharma & Biotech: Global Precision Medicine Market Value, By Sub-Market Types, 2014-2022 ($Billion) 100
List of Figures
Figure 1 Precision Medicine Market Study 27
Figure 2 Research Methodology 29
Figure 3 Different Phases Of Research Methodology For The Global Market 30
Figure 4 Precision Medicine Market: Research Methodology 32
Figure 5 Global Precision Medicine Market Share, By Ecosystem, 2014-2022 ($Billion) 38
Figure 6 Global Precision Medicine Market Size, By Sub-Market Type, 2014 – 2022 (Billion) 39
Figure 7 Global Precision Medicine Market Size, By Therpeutic Application, 2014 – 2022 (Billion) 40
Figure 8 Global Precision Medicine Market Size, By Geography, 2014 – 2022 ($Billion) 41
Figure 9 Timeline Of Precision Medicine 43
Figure 10 Precision Medicine: Benefits 45
Figure 11 Examples: Applied Areas Of Precision Medicine 46
Figure 12 Elements Of Precision Medicine Technology 47
Figure 13 Different Type Of Data Used By Big Data Companies 48
Figure 14 Precision Medicine: Areas Of Interest 49
Figure 15 Precision Medicine: Partnerships, Agreements, And Collaborations (2015) 53
Figure 16 Precision Medicine: Mergers & Acquisitions( 2015) 55
Figure 17 Precision Medicine: Key Product Launch & Developments (2015) 57
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