The global precision medicine market size is expected to reach around US$ 84 Bn by 2026 and is anticipated to grow at a CAGR of around 10% in terms of revenue during the forecast period 2019 to 2026.
Precision medicine is an approach to patient care that enables physicians to choose medicines that assist patients to understand their disease genetically. This can also be called custom medicine. The report provides analysis of global precision medicine market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The development of private medical devices and the inclusion of intelligent techniques in the health care scheme, the industry of precision medicine is gaining priority among the masses. Moreover, the steady growth in the industry of precision medicine is helped by growing alliances among multiple players in the ecosystem. Increasing demand for customized therapy, technological innovation and progress (including biomarker-based tests, next-gene sequencing and accurate imaging), public assistance and laws have led to development in the precision medicine markets. The development of the precision medicine industry is sustained in government regulations and standards. The primary objective of these regulations is to enhance the adaptability of precision drugs to genetic diseases linked, amongst others, to oncology, skin, respiratory, central nervous systems, cardiovascular and infectious disease. In addition, enhancing efficiencies of the health systems will have a beneficial effect on the development of the therapy company in a personalized manner. The benefits of precision medicine and therapy include patient targeting, optimal dosing, avoidance, early intervention, and negative events avoidance. This will promote the demand for precision development in medicines. However, elevated costs of precision medicine could hinder market development amid the forecast period.
The growing investment in the US for precision medicine, growing implementation of leading-the-line techniques and a favorable legal climate through public grants and projects are the variables that assist drive the regional markets. North America is leading the precision medicine industry. In addition, the increased incidence of respiratory and oncologic conditions due to changing lifestyles is the main driver of market demand. The development of companies will be spurred by higher health care spending and the existence of significant players in North America.
Europe held the considerable share in the global precision medicine market and is projected to grow at a steady growth rate during the forecast timeframe. The growing use of accurate diagnostic instruments, electronic health records, and medicines prescribed especially for illness are anticipated to increase market development in this region. Furthermore, European businesses focus on fusions and acquisitions that are supposed to promote the development of the industry.
Asia-Pacific to grow at a highest CAGR amid the projected time span owing to surge in incidence of cancer and increase in ageing population susceptible to disease is expected to boost the demand of precision medicines. Government initiative & grants and private companies investing in R&D of precision medicines is expected to boost the market growth. Moreover, advances in technology for sequencing. Furthermore, Asia Pacific existence of a big patient pool along with increased R&D investment will speed up the development of personalized medicine businesses.
The precision medicine market in Latin America is being propelled by development of health care infrastructure, population growth, and the biotechnology industry boom. Whereas, factors such as lack of awareness of health are projected to be steadily increasing this will help Latin America to gain momentum in near future.
The Middle East & Africa head gain a considerable share in the global precision medicine market. However, due to high investments by private players in the Middle East countries, the market is expected to be growing. Moreover, the increasing prevalence of cancer and increased government initiatives in the area to improve healthcare contribute to market development.
In Africa due to strong policies of the government and poor economies, Africa has the least share of the global market for precision medicine. On the other hand, the growing awareness related to the healthcare sector in the stable countries like Botswana, Ghana in Africa is gaining momentum in terms of development. This, in turn, encourages the precision medicine market participants to expand their footprint and tap new customer segments in key African countries.
The market research study on “Precision Medicine Market (By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other; By Application: Oncology, Immunology, CNS, Respiratory; End Use: Home care, Hospitals, Clinical Laboratories, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global precision medicine market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global Precision Medicine market, its technology, application, end use, and major geographic regions. The report covers global Precision Medicine market size, and segment markets by technology, application, end use, and geography along with the information on companies operating in the market. The precision medicine market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global precision medicine market is segmented as below:
Precision Medicine Market By Technology
Precision Medicine Market By Application
Precision Medicine Market By End Use
Precision Medicine Market By Geography
Major players include in this report are Tepnel Pharma Services, Novartis, Qiagen, Biocrates Life Sciences, NanoString Technologies, Roche, Pfizer, Eagle Genomics, Quest Diagnostics, Menarini Silicon Biosystems, Intomics, and Teva Pharmaceutical and Others.