Precision Medicine Market Overview
The precision medicine market is estimated to reach around USD 126.14 billion at CAGR of 12.48% during the forecast period (2017-2025). Since the last few years, the healthcare industry has seen an explosion in the use of precision medicine. When the term “tailored medicines” was coined in 2003, it quickly became synonymous with precision medicine. Departments of medicine working on the complete sequencing of the human genome are primarily concerned with providing patients with personalized medications. New medical, scientific, and business models have emerged as a result of modern and advanced technological breakthroughs.
Rapid advances in technology, such as ultra-high-throughput and next-generation sequencing, will determine the future of precision medicine. The business potential for personalized medicine is reaching new heights as a result of the increasing prevalence of various hereditary disorders. The combination of biotech and pharmaceutical sectors with big data healthcare firms will drive the expansion of the precision medicine market.
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Precision medicine’s upward trajectory will be bolstered by further advances in the field. The fusion of biotech and pharmaceutical industries with bigdata health care enterprises is another factor that will raise the market value of the precision medicine industry in the near future.
There are numerous submarkets, therapies, and stakeholders in the worldwide precision medicine industry.
Companion diagnostics, PGX (pharmacogenomics) and many more segments are included in the market segmentation of biomarker-based testing.
Treatments such as cardiovascular disease or CVD, central nervous system cancer or oncology and infectious illness are all part of the global precision medicine market sector.
The players in the ecosystem include diagnostics companies, pharmaceutical and biotechnology companies, clinical laboratories, healthcare IT specialists, and big data enterprises.
Several regions, including the Americas, Asia Pacific, Europe and Africa, are studied in the precision medicine market.
The global market will be dominated by the Americas. Prevalence of cancer and genetic disorders, the growing use and presence of important businesses such as Pfizer, Qiagen and Quest Diagnostics in the North American precision medicine industry accounted for majority of revenue share. Precision medicine awareness in the region and an increase in demand for individualised cancer treatment are expected to drive industry revenue in the region. The U.S. market for personalised medicine is expected to grow at the quickest rate in the global market, thanks to improved gene mapping technology.
Diagnostics, drugs, and electronic health records are all more advanced in Europe, which is why it is the market’s second-largest regional market.
The most rapid expansion is predicted to occur in the Asia-Pacific region. One-size-fits-all medicine is increasingly being replaced by precision medicine, and these trends, as well as rising healthcare spending and research funding, are all projected to contribute to the expansion of the Asia-Pacific precision medicine software market. It is expected that the precision medicine industry in Singapore will surpass all other Asian markets in the next years as a result of rising disposable income and enhanced healthcare infrastructure.
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The notable players of the market are Abbott Laboratories (USA), Ab-Biotics Sa (USA), Almac Group Ltd. (UK), Asuragen Inc (USA), Biobase Gmbh (Germany), Biomérieux Sa (France), Caris Life Sciences (USA), Cepheid Inc. (USA), Cetics Healthcare Technologies Gmbh (Germany), Ge Healthcare (USA), Glaxosmithkline PLC (UK), Healthcore Inc. (USA), IBM (USA), Innventis (Israel), Intel Corporation (USA), Johnson & Johnson (USA), Laboratory Corporation Of America Holdings (USA), Medtronic (USA), Molecular Health Gmbh (Germany), Novartis (Switzerland), Pfizer Inc. (USA), Qiagen (Germany), Quest Diagnostics Inc (USA), Randox Laboratories Ltd. (UK), Sanofi Pharma (France), Takeda Pharmaceutical Company Limited (Japan), and Teva Pharmaceutical Industries Ltd. (Israel).
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