The latest market report published by Credence Research, Inc. “Global Precision Medicine Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the precision medicine market was valued at USD 38,878.6 Mn in 2015, and is expected to reach USD 98,250.4 Mn by 2023, expanding at a CAGR of 12.3% from 2016 to 2023.
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This report titled precision medicine market studies various technology type, application type and geographical scenario. In July 2016, The White House announced that it is giving out USD 55.0 million to a collection of hospitals and companies to uncover links between a person’s genome and disease and built a genetic database of initially at least 1 million Americans. Market experts suggest that the proposed initiative has two main components: a near-term focus on cancers and a longer-term aim to generate knowledge applicable to the whole range of health and disease. Both components are now within the reach because of advances in basic research, including molecular biology, genomics, and bioinformatics.
For the purpose of this study, the global precision medicine market on the basis of technology type is segmented into companion diagnostics, gene sequencing, drug discovery, big data analytics, bio informatics & 3D printing. Market size estimates and forecast for these segments for the period 2013 to 2022 are provided in terms of USD Mn along with the respective compounded annual growth rates (CAGRs) for the period 2016 to 2022, considering 2015 as the base year.
For the purpose of this study, the global precision medicine market on the basis of application type is segmented into oncology, cardiovascular diseases, central nervous system, infectious diseases & others. Market size estimates and forecast for these segments for the period 2013 to 2022 are provided in terms of USD Mn along with the respective compounded annual growth rates (CAGRs) for the period 2016 to 2022, considering 2015 as the base year.
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Precision medicine is a new technology applied for treatment and prevention of chronic diseases based on the variability in individual genes and other lifestyle characteristics. In precision medicine, diagnostic testing is frequently employed for selecting suitable and optimal therapies based on the framework of a patient’s genetic content or other molecular or cellular analysis. Tools engaged in precision medicine can include molecular diagnostics, imaging, and analytics/software. According to U.S. Food and Drug Administration (USFDA), advances in precision medicine have already led to powerful new discoveries and several new FDA-approved treatments that are tailored to specific characteristics of individuals, such as a person’s genetic makeup, or the genetic profile of an individual’s tumor. The experts from USFDA also suggests that patients with a variety of cancers routinely undergo molecular testing as part of patient care, enabling physicians to select treatments that improve chances of survival and reduce exposure to adverse effects.
Geography segmentation of precision medicine comprised regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. North America was observed as the largest and most potential regional market for precision medicine market. North America constitutes regional markets of U.S. and Canada, the rising prevalence of cancer and supportive government policies are the major drivers for the growth of precision medicine market in this region. The developed healthcare infrastructure, high public awareness related to novel technologies for cancer management, and rising research and development activities related to precision medicine are the key factors assisting the growth of North America precision medicine market.
The major key players profiled in the precision medicine market are on the basis of various characteristics such as business description, financial health and budget allocation, product portfolio, and news coverage. The key players profiled in this report are Biocrates Life Sciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Ferrer InCode, Abbott Laboratories, Almac Group, Ltd., bioMérieux SA, Covance, Silicon Biosystems (now part of the Menarini Group), Pfizer, Eagle Genomics, Source Precision Medicine, Inc., Laboratory Corporation of America Holdings, Medtronics, Novartis, Qiagen, Quest Diagnostics, Roche Holding, Teva Pharmaceuticals, and others.
Why was the report written?
This report is the result of an extensive survey drawn from Credence Research’s exclusive panel of leading global market industry executives; it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Precision Medicine buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, Credence Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value chain of the global industry.
What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2017.
The report on the market of Precision Medicine contains:
Analysis and forecast of Precision Medicine market dynamics;
Analysis of domestic production, market shares of the main market players;
Analysis of exports and imports;
Analysis of factors, leading the development of the Precision Medicine market;
Assessment and forecast of Precision Medicine market development;
Financial and business profiles of the leading companies in the Precision Medicine industry.
– Up to date working Precision Medicine data by major regions in the world, the forecast of planned capacity additions by 2026
– The annual breakdown of capital expenditure spending on proposed Precision Medicine for the period 2018 to 2026
– Planned Precision Medicine additions and capital expenditure spending by key countries and companies across the world
– Planned capital expenditure spending on new Precision Medicine projects by region, key countries, and companies
– Details of major planned Precision Medicine projects in the world up to 2026
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