“Surge in prevalence of cancer and rise increase in elderly population susceptible to diseases fuel the growth of the global precision medicine market.”
The global precision medicine market is estimated at $3.51 billion in 2016 and is expected to reach $7.74 billion by 2023, garnering a CAGR of 11.9% during the forecast period. The report offers a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
Increase in prevalence of cancer and rise in geriatric population susceptible to diseases fuel the growth of the global precision medicine market. On the other hand, stringent government regulations and risks associated with sharing genetic data of patients restrict the growth to some extent. However, government initiatives & grants and private companies investing in R&D of precision medicines have created multiple opportunities in the industry.
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The report segments the market into technology, sequencing technology, product, application, end-user and geography. Based on technology, the market is categorized into Genomics, Transcriptomic and Epigenomics. Based on sequencing technology, the report classifies the market into Sequencing by Synthesis, Ion Semiconductor Sequencing, Sequencing by Ligation, Pyrosequencing, Single Molecule Real Time Sequencing, Chain Termination Sequencing, and Nanopore Sequencing. Based on product, the report is divided into Consumables, Instruments and Services. The application segment is indexed into Oncology, CNS, Immunology, Respiratory Medicine, Infections, and other applications. The end user segment is classified into Diagnostic Tool companies, Pharma & Biotech Companies, Clinical Laboratories, and Healthcare IT/ Big Data Companies. Based on region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
By sequencing technology, the sequencing by synthesis segment would register the fastest CAGR during the study period. Based on product, the consumables segment held the major share in 2016 and is projected to rule the roost throughout 2017–2023. Based on technology, the epigenomics segment is expected to register the fastest CAGR of 14.1% by 2023. Based on geography, North America garnered the highest market revenue in 2016 and is would cite the fastest CAGR of 11.0% during the anticipated period.
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Leading market players-
The key players analyzed in the report include QIAGEN, Roche Holding AG, Illumina Inc., Thermo Fisher Scientific Inc., Quest Diagnostics, Laboratory Corporation of America Holdings, Novartis AG, AstraZeneca, Eli Lilly & Company, and Bristol-Myers Squibb. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
Scope Of The Report:
| Report Attribute | Details |
| Market size available for years | 2017-2023 |
| Base year considered | 2018 |
| Forecast period | 2018-2023 |
| Forecast units | Value (USD) |
| Segments covered | Technology, Sequencing Technology, Product, Application |
| Geographies covered | North America, Europe, Asia-Pacific, LAMEA |
Key Findings of the Precision Medicine Market:
- The sequencing by synthesis segment is projected to grow at the highest CAGR during the analysis period.
- Consumables segment generated the highest revenue and is expected to continue its dominance in future.
- North America dominated the market and is projected to grow at a CAGR of 11.0%.
- China is expected to grow at the highest CAGR of 16.8% in Asia-Pacific.
- The epigenomics segment is anticipated to grow at the highest CAGR of 14.1% during the forecast period.
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