Precision Medicine Market - Overview
The global precision medicine market is witnessing unprecedented growth due to people turning their focus more on personal healthcare. It could attain an astonishing CAGR of 12.48% during the forecast period (2015-2022) and reach a market valuation of USD 88.64 billion by 2023.
Precision medicine evolved from the concept that same medicine cannot function equally for two different individuals with the same disease as they have different gene structure. At the same time, medication depends on how well patients can respond to its dosage. Hence, the need for precision medicine.
Market Research Future (MRFR), in their report, has included various drivers and segments that can produce a reliable prediction for the future market. Prevalent diseases such as cancer, diabetes, and others are boosting the precision medicine market as treatment of such diseases gets a better result with personalized medicine structure. Furthermore, its impact can significantly lower the cost of treatment.
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However, a personal data breach can be seen as a major precision medicine market growth prohibition. The diagnostic cost can incur a high cost, stringent government policies, the risk with hardware and software failure, and lack of medical framework can hold back the market during the forecast period.
Precision Medicine Market - Insights
Mergers, acquisitions, collaborations and other strategies dominate the market substantially when it comes to strategic decisions. For instance, Roche purchased Foundation Machine to better their portfolio. On the other hand, New Medicine Partners is trying to increase their market reach by proposing a plan based on personalized medicines to Kazakhstan officials to develop a plant there.
Prominent players in the global precision medicine market include 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), Teva Pharmaceutical Industries Ltd. (Israel), and others.
Precision Medicine Market - Segmentation
The global precision medicine market can be segmented by ecosystem, sub-market, and therapeutics.
Based on the ecosystem, the precision medicine market can be segmented into clinical laboratories, diagnostic tool companies, healthcare IT/ big data companies, and pharma & biotech companies. Diagnostic tools segment has the largest market volume.
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Sub-market segment of the precision medicine can be segmented by biomarker-based test, companion diagnostics, molecular diagnostics, pharmacogenomics, targeted therapeutics, and others. Company diagnostics is leading the segment.
Therapeutics-based segmentation of the precision medicine market includes cancer/oncology, cardiovascular disease, central nervous system, infectious diseases, and others.
Precision Medicine Market - Industry Trends
Precision medicine is showing great promise for the cure of the Alzheimer’s disease. Two new drugs are waiting on the sideline for final approval; one called BAN2401 and the other Anavex 2-73. BAN2401’s use on patients shows a reduction in generation of proteins called amyloid plaques that cause memory loss.
Recently, an article published in SLAS Technology (Society for Laboratory Automation and Screening) revealed that artificial intelligence (AI) is all set to impact precision medicine industry significantly as it can efficiently analyze small datasets and assist in the optimal design of drug combinations.
Precision Medicine Market - Regional Analysis
Region-specific analysis of the precision medicine market encompasses North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is the largest market for global precision medicine. The region has superior infrastructure, both in healthcare and biotechnology. It sets up the zone perfectly for research and developments assisting further in new product development.
Europe is the second-largest market for global precision medicine. Various investors are taking an interest in the sector and is helping in the development of new drugs. However, the developing regions market particularly, the APAC will be the fastest growing and is likely to be the key to the future. But the MEA region may not find much thrust due to but can expect steady growth.
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