Global Precision Medicine Market Size is estimated to expand rapidly in coming years, at a CAGR of 9 % from 2018 to 2025. In 2017, the global market valuation was USD 11.6 billion, and it is anticipated to be greater than USD xx.xx billion by 2025. Precision medicine (PM) is a medical model that proposes the customization of healthcare, with medical decisions, treatments, practices, or products being tailored to the individual patient. In this model, diagnostic testing is often employed for selecting appropriate and optimal therapies based on the context of a patient’s genetic content or other molecular or cellular analysis. Tools employed in precision medicine can include molecular diagnostics, imaging, and analytics.
Global Market Growth Opportunities (Revenue, Growth) By 2018-2025
Precision Medicine refers to the tailoring of medical treatment to the individual characteristics of each patient. It does not literally mean the creation of drugs or medical devices that are unique to a patient, but rather the ability to classify individuals into subpopulations that differ in their susceptibility to a particular disease, in the biology or prognosis of those diseases they may develop, or in their response to a specific treatment. Preventive or therapeutic interventions can then be concentrated on those who will benefit, sparing expense and side effects for those who will not.
The worldwide precision medicine market is evaluated to develop at a CAGR of more than 9%. The key components pushing the development of this market are expanding on the web community-oriented gatherings, expanding endeavors to describe qualities and progressions in malignant growth science. The principal idea of precision medicine is to comprehend the hereditary cosmetics and contrast at a populace level, and further at an individual level, so as to modify a medication that objectives a specific quality sort. Consequently, sequencing or portraying qualities is the most significant strategy to pick up data about qualities and their potential changes.
Medicinal services experts and enormous pharma and biotech organizations are cooperating to perceive new centered medications choices for the prosperity of patients. As of now, there are numerous treatments and medications under clinical preliminaries for the treatment of various kinds of malignant growths. In addition, analysts have likewise demonstrated a tendency toward the advancement of accuracy drugs and diagnostics in non-oncologic malady territories. Strong change in bioinformatics and buddy diagnostics will affect exactness medication industry size. Bioinformatics is major for precision medicine. The exploration network has been anticipating helping patients by using bioinformatics. Expanding association of scientists and social insurance specialist co-ops in the progressions of bioinformatics is scheduled to change accuracy medication market inclines throughout the years ahead.
Based on Application the market is categorized into Companion Diagnostics, Targeted Therapeutics, Biomarkers, Big Data Analytics, Pharmacogenomics, Next-Generation Sequencing, Molecular Diagnostics and Other Application. The other Application segment is divided into Consumer Genomics and 3D Printing.
Depending on the Therapeutics the market is segregated by Oncology, Cardiovascular Disease (CVD), Central Nervous System, Infectious Diseases, Hematology, Pulmonary Disease, Ophthalmology, Endocrine Diseases, Renal Disease, Metabolic Disease, Pharmacogenomics and Others. The other therapeutic segment is further divided as Skin and Psychiatric Diseases.
The End User segment market is fragmented into Pharmaceuticals, Biotechnology Companies, Diagnostic Companies, Healthcare IT Specialist and Clinical Laboratories.
Global Precision Medicine Market Size, Share Analysis by Segment 2018
This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global precision medicine market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2025. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global precision medicine market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.
The precision medicine market is divided into regions that are North America - U.S, Canada, Other; Asia-Pacific -India, Japan, China, Australia, Other; Europe - UK, Russia, France, Brazil, Other; Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players.
North America currently dominates the market for precision medicine, and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. Increasing adoption of NGS methods and healthcare IT systems in clinical workflow along with supportive government policies and funding drives the regional market.
Asia Pacific is projected to witness the highest CAGR over the forecast period owing to low cost of clinical trials of newly developed precision medicines and diagnostic products. Moreover, rising disposable income levels and growing economy of emerging countries will boost the market further.
Global Precision Medicine Market Size, Share Analysis by Region 2018
Global Precision Medicine Market Study Objective
1.To forecast the market size of precision medicine market, along with describing and defining the market, in terms of volume and revenue as well as market opportunities for stakeholders, in order to provide a competitive landscape for global market players.
2. Market analysis and forecast of precision medicine market on the basis of region, substrate, and application or end-use industry. To profile major market players, and to analyze their market shares and essential competencies comprehensively.
3. To analyze and elaborate significant factors that will have a major impact on the growth of precision medicine market, such as drivers, restraints, challenges, and opportunities.
4. The regional analysis of precision medicine market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa, and the Asia Pacific.
5. Strategic analysis of micro markets, in terms of individual prospects, opportunities, growth trends and their involvement in the overall market.
6. To provide detailed analysis of competitive and strategic developments in the precision medicine market like a new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.
Key Players Landscape
Some key companies in this market include GE Healthcare, Illumina, Inc., Asuragen, Inc., Abbott Laboratories, Dako A/S, Exact Science Corporation, Danaher Corporation (Cepheid, Inc.), Decode Genetics, Inc. Genelex Corporation, Exagen Diagnostics, Inc., Precision Biologics, Inc., QIAGEN, Celera Diagnostics LLC, and Biogen, Inc. Such manufacturers plan to supply customized goods to increase consumer base and market share. They also focus on increasing geographical reach in order to gain maximum application penetration, especially in developing countries. It is likely to be a key factor in success for companies to set up R&D centers, together with strategic partnerships with investment companies, to introduce innovative technologies.
Global Precision Medicine Market Study Report Offer You!
The global precision medicine market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.
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