The Global Precision Medicine Market is estimated to gain a valuation of USD 132.66 billion by 2027, expanding at a CAGR of 10.3%, according to the current analysis by Emergen Research. The proliferation of sequencing methodologies, such as Next Generation Sequencing (NGS), and rapid advancement in the Human Genome Project in the genomics field, is anticipated to drive the market growth.
The increasing incidences of chronic and rare diseases augment the need for technologically innovative methods for accelerated collection and analysis of data. The bioinformatics programs assess in the data processing that leads to the development of successful therapeutic approaches. This can lead to the generation of massive amounts of data in the healthcare sector, thereby fueling the demand for bioinformatics, raising competition for precision medicine.
Development of advanced bioinformatics tools and applications is anticipated to promote immunotherapy production, boosting the microbiome studies, thus leading to the expansion of precision medicine. Additionally, the development of high-throughput technologies such as NGS and microarray are anticipated to break the ground for bioinformatics, driving the market growth over the projected timeframe.
Key Highlights from the Report:
- Based on technology, drug discovery is estimated to expand at a CAGR of 9.8% in the projected period due to the increasing focus of biopharmaceutical companies in developing precision medicine to treat rare and chronic diseases, including cancer.
- Diagnostic companies are anticipated to proliferate at the highest growth rate, registering a CAGR of 10.4% during the timespan. This growth can be attributed to the broad spectrum of applications of the precision medicine industry and the active engagement of market players in the market’s advancement.
- The Oncology application holds significant weight in the Precision Medicine Market owing to the rising incidences of cancer worldwide, intensifying the demand for precision medicine. Precision medicine plays a pivotal part in the cancer treatment as it can develop tailored therapies for cancer patients depending on their genetic makeup.
- North America accounted for the largest industry share in 2019 and is expected to continue its dominance. This can be accredited to the consistent focus on developing cost-efficient and innovative procedures and the presence of major market players in the region.
- Qiagen, NanoString Technologies, Biocrates Life Sciences, Novartis, Teva Pharmaceutical, Tepnel Pharma Services, Menarini Silicon Biosystems, Quest Diagnostics, Eagle Genomics, and Pfizer, among others are some of the prominent players in the market.
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For the purpose of this report, Emergen Research has segmented the global Precision Medicine Market on the basis of technology, end-use, application, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Big Data Analytics
- Gene Sequencing
- Companion Diagnostics
- Drug Discovery
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Companies
- Healthcare IT companies
- Diagnostic Companies
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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About Emergen Research
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