The latest report on “Precision Medicine Market (Technology – Companion Diagnostics, Big Data Analytics, Drug Discovery, Bioinformatics, Gene Sequencing, and Others; Application – Respiratory, Oncology, Immunology, CNS, and Others; End User – Laboratories, Pharmaceuticals, Biotechnology Diagnostic Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024.” The global precision medicine market is projected to grow at a CAGR of 8.86% over the forecast period of 2018-2024.
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Precision medicine allows doctors to analyze a person’s genetic makeup and target treatments based on their specific needs. This medical approach takes into account a person’s genes, behaviors, and environment before treating the disease. This enables health care providers to tailor treatment and prevention strategies to people’s unique characteristics, including their genome sequence, health history, microbiome composition, lifestyle, and diet.
Growing Adoption of Genomic Therapy for the Treatment of Cancer Drives the Growth of the Precision Medicine Industry
The growing adoption of genome sequencing and targeted sequencing techniques for the treatment of several types of genetic diseases and cancer primarily drives the growth of the precision medicine market. The Center for Disease Control and Prevention estimated that 22.9 million adults were diagnosed with cancer in 2016 in the U.S. Precision medicines are used in cancer diagnosis, treatment and to study the suitability of medicines on the patients, thus avoiding the adverse reactions of certain prescription drugs.
In addition, precision medicines help in diagnosing and preventing genetic disease. Furthermore, favorable reimbursement policies and several government initiatives boost the precision medicine market. Moreover, the growing demand for higher-value care and personalized treatment models for cancer & other genetic conditions creates growth opportunities for the precision medicine market.
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Oncology Application Segment to Dominate the Precision Medicine Market
The precision medicine market is bifurcated into the application, technology, and end-user. The application segment is further bifurcated into respiratory, oncology, immunology, CNS and other segments. Among the application segment, the oncology segment accounts for a significant share in the precision medicine market. The growth in oncology application is due to the increasing demand from patients with breast, lung, and colorectal cancers, as well as melanomas and leukemias, for instance for better patient care and personalized treatments that improve chances of survival.
Additionally, the ongoing advancements in precision medicine have already led to powerful new discoveries and several new treatments that favor the growth of the market during the forecast period.
North America To Dominate the Precision Medicine Market
Geographically, North America is the dominant region in the precision medicine market. The high rate of adoption of advanced medical technologies primarily drives the precision medicine market in the North America region. The deteriorating lifestyle increases the risk of cancer in the North America region, thus promoting the growth of the precision medicine market in this region.
The evolution in the US reimbursement landscape drives the profitability of most diagnostics players. In addition, several government initiatives such as the Precision Medicine Initiative that empower patients, researchers, and providers to work together toward the development of individualized care boost the precision medicine market. Europe is the second-largest region in the portable medical devices market as the countries in this region such as New Zealand, Ireland, and France have the highest cases of cancer. Asia Pacific regions are set to grow at an incredible pace in the precision medicine market over the forecast period owing to the increasing aging population and the increasing occurrences of cancer and other genetic conditions in this region.
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Precision Medicine Market: Competitive Landscape
Biocrates Life Sciences AG, Intomics, Eagle Genomics Ltd, Laboratory Corporation of America Holdings, Novartis AG, Quest Diagnostics Incorporated, NanostringTechnologies, Pfizer Inc., Teva Pharmaceuticals and Medtronic are the major players in the precision medicine market.
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=> Comprehensive analysis of global as well as regional markets of the precision medicine.
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=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.