Market Research Report
Precision Medicine Market Size By Technology, By Application, By End-use Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||593131|
|Published||Content info||160 Pages
Delivery time: 2-3 business days
|Precision Medicine Market Size By Technology, By Application, By End-use Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025|
|Published: July 23, 2019||Content info: 160 Pages||
Precision medicine market will exceed USD 100 billion by 2025; as per a new research report.
Rise in the online collaborative forums for supreme networking that facilitates innovative information and ideas regarding patient specific medicines is one of the primary factors driving the boosting the mandate for precision medication. Continuous usage of online collaborative forums by physicians, biologists, patient groups and government coupled with learning and networking environment will propel the business growth. Usage of online marketing opportunities that enables reaching global audience should further offer lucrative growth opportunities. Moreover, FDA has created precision FDA, a cloud-based community R&D portal that engrosses users across the globe to share tools and data to test, pilot, and validate new and existing bioinformatics approaches to NGS processing. Such factors will thus augment precision medicine business growth during the forecast period.
Increasing awareness regarding modified medication along with lifestyle changes will augment the demand for personalized treatment. Personalized medicine is considered as a multi-faceted approach to patient care. Several benefits associated with precision medicine including risk assessment, diagnosis, prevention, treatment and detection to ensure improved patient health will surge its demand during the forthcoming years. Furthermore, it securely formulates the treatment for patients suffering from cardiovascular diseases, breast cancer and melanoma among others for faster recovery, thus, proving beneficial for the industry growth. However, high cost associated with precision medication may hamper the business growth over the coming years.
Drug discovery segment accounted for over 20% revenue share in 2018 and will show similar trend during the forecast timeframe. Segment growth is attributed to rapid advancements in drug discovery such as instant drug identification, screening, drug development for introducing patient specific drug therapy.
Oncology segment was valued around 16.5 billion in 2018 owing to increasing prevalence of cancer in developed as well as developing economies. Innovation and development of patient specific cancer therapies based on their genetic factors should upsurge the demand for precision medicine. Additionally, it helps in providing accurate health information for detailed diagnosis thereby augmenting segmental growth.
Healthcare IT companies' segment is projected to exceed USD 30 billion by 2025. Rising adoption of whole-genome sequencing techniques along with progressive next generation sequencing techniques for identification of genetic alterations will spur segment size over the analysis period.
Europe precision medicine industry held significant revenue share in 2018 and is estimated to show around 10% CAGR by 2025. Favorable government scenario along with growing support and funding for research in precision medicine will foster the regional industry growth. Strong foothold of notable business players and increasing healthcare spending should further accelerate the Europe precision medicine business growth.
Few prominent players operating in precision medicine market include Roche, Biocrates Life Sciences, Eagle Genomics, Novartis, NanoString Technologies, Pfizer, Menarini Silicon Biosystems, Qiagen, Quest Diagnostics, Tepnel Pharma Services, Teva Pharmaceutical and Intomics. Market players are focusing their efforts on new product development and approval to maintain their financial stability as well as sustain market competition. For instance, in January 2018, GE and Roche collaborated strategically with an aim to enhance integrated digital diagnostics platform and to improve critical care treatment.