Global Precision Medicine Market – Overview
The Precision Medicine Market is touted to reach USD 88.64 Billion revenue with a stellar CAGR of 12.48% during the forecast period (2015-2022), asserts Market Research Future (MRFR). The concept of targeted therapies according to an individual’s genomic structure has improved chances of getting cured.
Precision medicine has impacted the healthcare sector considerably and paved the way for new scientific, medical and business models.
Global Precision Medicine Market – Segmentation
The global precision medicine market has been segmented by ecosystem players, sub-market, and therapeutics.
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Based on eco-system players, the market includes pharmaceuticals and biotechnology companies, diagnostic companies, healthcare IT specialists/ big data companies and clinical laboratories. Big data companies/ IT companies are expected to drive the market further by creating the database and analyze it for a better solution and help in providing tailored prescriptions.
On the basis of sub-market, the market is segmented into companion diagnostics, biomarker-based test, targeted therapeutics, pharmacogenomics, molecular diagnostics, and others.
Therapeutics-wise segmentation comprises oncology, cardiovascular diseases, central nervous system, infectious diseases, and others. Oncology segment accounted for the largest market share and is expected to do so in the foreseeable future. The cardiovascular segment is also estimated to see considerable growth.
Global Precision Medicine Market – Leading Players
Key players influencing the market are 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, and others.
Global Precision Medicine Market – Competitor
The market has become more competitive owing to interests shown by governments and individual players. Big companies are focusing primarily on mergers and acquisitions to enlarge their market portfolio. For instance, Roche has recently acquired Foundation Med to expand their personalized medicine facility.
Global Precision Medicine Market – Industry Trend
The market is enjoying a conducive atmosphere as the governments are now focusing more on securing personal genome data for effective treatment. Finland is making determined progress by making genetic information a part of routine healthcare check-ups. Denmark’s government is implementing biomarker supported personalized medicines to improve both the public healthcare system and research. Natural Language Processing (NLP) has designed an app with text and speech that would allow augmented clinical workflow and automation in hospitals. Shivom has linked blockchain with precision medicine through their Unique Global Genome ID to help providers and researchers access precise data and give patient ownership of their genomic information.
Global Precision Medicine Market – Drivers and Restraints
Precision medicine is a healthcare division that has picked its momentum only in recent years. This is a result of path-breaking studies that has happened regarding gene structure. Gene therapy has been revolutionized and is now able to target only the tissues that cause disruption and does not harm the normal ones. This has also given a boost to the cancer treatments. The prevalence of cancer in an ever-expanding society can be considered a bane and gene therapy is spearheading a new way of treatment to eliminate this menace.
Government initiatives are also laudable. Fundings have been increased, and the latest technologies in data analytics have revamped the entire structure by enhancing the efficacy of the method. And in developed countries, the awareness regarding precision medicine is on the rise.
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Global Precision Medicine Market – Overview