Precision medicine is defined as a medicine developed as per an individual’s genetic profile that helps as a guide for the prevention, diagnosis, and treatment of diseases. Market Research Future (MRFR) has published a research report that foresees expansion of the Precision Medicine Market Dynamics is expected to register 12.48% CAGR and is anticipated to reach USD 126.14 Billion by 2025.
Observing the market structure, this report evaluates the future growth potential of the market and analyzes the strategies of the key players in the market. It also follows the competitive developments such as joint ventures, new product developments, mergers and acquisitions, new product developments (R & D) in the market. According to this report, the key market driving factors include increase in genetic diseases, integration of wireless technologies with portable healthcare devices, and patient’s involvement in personal health care.
The global precision medicine market has been segmented on the basis of the ecosystem, sub-market, therapeutics, and region. On the basis of the ecosystem, the market has been segmented into clinical laboratories, diagnostic tool companies, healthcare IT/ big data companies, and pharma & biotech companies. According to the report, the ecosystem diagnostic tool companies hold the largest market share of precision medicine market. By 2022, it is expected to reach the US $ 27.56 bn in terms of cash.
The sub-market based segmentation segments the market into the biomarker-based test, companion diagnostics, molecular diagnostics, pharmacogenomics, targeted therapeutics, and others. By sub-market, company diagnostics holds the largest market share. It is expected to reach the US $ 21.32 bn by 2022. By therapeutics, the market has been segmented into cancer/oncology, cardiovascular disease, central nervous system, infectious diseases, and others. In cancer/oncology, the report explores different types of cancers, along with the tests to diagnose them. In the central nervous system, neurological and psychiatric disorders have been explored.
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The regional segmentation of the global precision medicine market segments the market into regional markets namely, the Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). Due to technological advancements and better medical facilities, North America is a greater market than South America. In this region, the United States of America has majority key players, maximum investment in the R & D regarding medicines, and most advanced medical facilities. Thus, it generates the maximum revenue. Even in Europe, the market is growing due to technological advancement and R & D related investment due to various government initiatives. Most of the European key players in the market are based in the strong economies like France, Germany and the United Kingdom (UK). Due to rising per capita income, high density of population, improving medical facilities and growing medical tourism, Asia Pacific region is also expected to emerge as the fastest growing market during the forecast period. The MEA region is a small market due to lack of awareness about precision medicine, lack of education, lack of technological development, poor healthcare, and healthcare not considered a priority by most governments.
The key 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), and Teva Pharmaceutical Industries Ltd. (Israel).
Latest Industry News
BC Platforms, a world leader in genomic data management and analytics, has partnered with Proteus Genomics, a clinical reference laboratory specializing in pharmacogenomics. This partnership aims to streamline genomic and healthcare data integration, aiding the implementation of precision medicine. 28 AUG 2018
The University Of Kentucky College Of Pharmacy will host its ninth annual Therapeutics, Outcomes, Discovery & Delivery (TODD) Symposium on Sept. 6, 2018, in room 124 of the Lee T. Todd, Jr. Building. The 2018 TODD Symposium will update the audience about recent advances in precision medicine and genomics to address significant clinical problems. 28 AUG 2018.
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