Market Research Report
Precision Medicine Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390725|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Precision Medicine Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: December 1, 2019||Content info: 112 Pages||
The global precision medicine market was valued at USD 48,554.1 million in 2018, and is estimated to be valued at USD 84,590.21 million in 2024, witnessing a CAGR of 9.7%. The key factors propelling the growth of this market are increasing online collaborative forums, increasing efforts to characterize genes, and advancements in cancer biology. The fundamental concept of precision medicine is to understand the genetic makeup and difference at a population level, and further at an individual level, in order to customize a drug that targets a particular gene type. Hence, sequencing or characterizing genes is the most important method to gain information about genes and their possible mutations.
The functional characterization of identified genomic mutations, coupled with comprehensive clinical data available in electronic health records, has the potential to provide compelling evidence to implicate novel disease and/or drug-associated mutations in phenotypically well-characterized patients. There have been increasing efforts made by both the government and private players to establish databases that contain information of characterized genes of a large population. Some countries are establishing a national repository of genetic information to accelerate the research in precision medicine. Methods, such as meta-analysis, transcriptome data analysis, and RNA-seq data analysis, are employed to characterize genes, generally.
Precision medicine, a combination of molecular biology techniques and systems biology, is an emerging approach for disease treatment and prevention. The market growth for this approach is gaining momentum, as it takes into account individual variability in genes, environment, and lifestyle, for each person, while developing drugs and vaccines.
In the application segment of the precision medicine market, oncology is believed to have the largest market size and is expected to witness a CAGR of 10.3%, during the forecast period.
Precision medicine applications are primarily directed toward better treatment against oncological diseases, with an estimated more than 30% market dominance over other segments. As per the data reported in clinicaltrials.gov, the United States and some European countries are the major hubs for conducting and recruiting patient pool for precision medicine applications in oncology, globally. The high support from the government through funding and rapid growth of genomic analysis are expected to augment the growth of the precision medicine market at a fast rate, over the forecast period.
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. Former President Barack Obama, in 2015, unveiled the Precision Medicine Initiative (PMI), a bold new enterprise to revolutionize medicine and generate the scientific evidence needed to move the concept of precision medicine into every-day clinical practice.
The Precision Medicine Initiative also includes ongoing efforts through the Department of Veteran's Affairs (VA), which has enrolled over 450,000 veterans in the Million Veteran Program (MVP), a participant-driven research cohort. The Food and Drug Administration (FDA), the Office of the National Coordinator for Health IT, and the Office for Civil Rights announced in February 2016 that they will build research and data capacity, technical tools, and policies to accelerate precision medicine, thereby, boosting the precision medicine market in the country.
The precision medicine market is highly competitive and consists of several major players, along with a number of smaller companies. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies with affordable prices. Companies, like Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals, hold substantial shares in the market.