PUBLISHER: The Business Research Company | PRODUCT CODE: 1091454
PUBLISHER: The Business Research Company | PRODUCT CODE: 1091454
“Precision Medicine Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change” from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global precision medicine market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for the precision medicine? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? “The precision medicine market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider precision medicine market; and compares it with other markets.
This report describes and explains the precision medicine market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The precision medicine market reached a value of nearly $53,572.3 million in 2020, having increased at a compound annual growth rate (CAGR) of 11.2% since 2015. The market is expected to grow from $53,572.3 million in 2020 to $90,035.6 million in 2025 at a rate of 10.9%. The market is then expected to grow at a CAGR of 8.7% from 2025 and reach $136,374.4 million in 2030.
Growth in the historic period resulted from increase in cancer prevalence, increasing prevalence of mental health disorders, increased prevalence of respiratory diseases, increasing funding, increased geriatric population, increase in pharmaceutical R&D expenditure and increased healthcare expenditure.
Going forward, the increasing geriatric population, increasing prevalence of cancer, high potential of emerging economies, emergence of novel pathogenic infestations, increasing research and development spending and rise in healthcare expenditure will drive the growth. Factors that could hinder the growth of the precision medicine market in the future include privacy concerns, ethical concerns related to genomic study, lack of skilled/trained molecular biologists and lack of healthcare infrastructure
The precision medicine market is segmented by technology into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics and other technology. The big data analytics market was the largest segment of the precision medicine market segmented by technology, accounting for 29.6% of the total in 2020. Going forward, the gene sequencing market is expected to be the fastest growing segment in the precision medicine market segmented by technology, at a CAGR of 11.1% during 2020-2025.
The precision medicine market is also segmented by application into oncology, respiratory diseases, central nervous system disorders, immunology, genetic diseases and other applications. The oncology market was the largest segment of the precision medicine market segmented by application, accounting for 32.8% of the total in 2020. Going forward, the other applications segment is expected to be the fastest growing segment in the precision medicine market segmented by application, at a CAGR of 11.9% during 2020-2025.
The precision medicine market is also segmented by end-use into pharmaceutical companies, diagnostic companies, healthcare and IT firms, and others. The pharmaceutical companies' market was the largest segment of the precision medicine market segmented by end-use, accounting for 42.6% of the total in 2020. Going forward, the others segment is expected to be the fastest growing segment in the precision medicine market segmented by end-use, at a CAGR of 11.6% during 2020-2025.
North America was the largest region in the precision medicine market, accounting for 34.9% of the total in 2020. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the precision medicine market will be Eastern Europe, and, North America where growth will be at CAGRs of 12.1% and 11.3% respectively. These will be followed by Asia Pacific, and Middle East, where the markets are expected to grow at CAGRs of 11.1% and 10.4% respectively.
The pandemic has positively impacted the demand and application of precision medicine, along with extensive research in COVID-19 vaccine development and the launch of new research programs. The pandemic has accelerated the demand for personalized care among COVID-19 patients, as there is a belief that better treatment can be provided by studying the genetics in the human body. Precision medicine strategies promote a fair and efficient patient selection, from effective vaccines. Co-existing chronic conditions such hypertension and diabetes, as well as older age in COVID-19 patients have been related to a higher risk of severe illness and mortality. Among the enormous patient population and the limited resources, these and other specific patient characteristics could effectively indicate patient subgroups that are in high need for vaccination. The demand for precision medicine products and services is also anticipated to increase further even if the pandemic weakens.
The global precision medicine market is fairly fragmented, with a large number of players. The top ten competitors in the market made up to 10.26% of the total market in 2020. This can be due the rising approval authorities and the cost reimbursement system, are some of the aspects that are consideration when products and services are introduced in precision medicine on a large scale. This is going to change in future, as the pharmaceutical industries and diagnostics enterprises' are focusing on new cooperation and coordination, changing diagnostic and therapeutic processes in the field. Quest Diagnostics was the largest competitor with 2.64% share of the market, followed by Thermo Fisher Scientific Inc. with 2.04%, Roche Holding AG with 1.77%, Medtronic plc with 1.60%, Novartis AG with 0.80%, Pfizer Inc. with 0.48%, Qiagen with 0.43%, AstraZeneca plc. with 0.26%, Abbott Laboratories with 0.12%, and Nordic Bioscience A/S with 0.11%.
The top opportunities in the precision medicine market segmented by technology will arise in the big data analytics segment, which will gain $10,978.0 million of global annual sales by 2025. The top opportunities in segment by end-use will arise in the hospitals and pharmaceuticals segment, which will gain $ 15,742.7 million of global annual sales by 2025. The top opportunities in segment by application will arise in the oncology segment, which will gain $11,542.3 million of global annual sales by 2025. The precision medicine market size will gain the most in the USA at $11,845.2 million.
Market-trend-based strategies for the precision medicine market include adopting artificial intelligence technologies for improving competitiveness, offering diagnosis and personalized treatment for immune-mediated diseases, investing in increased research and development activities and forming collaborations and partnerships with technology and healthcare entities to improve their product portfolios.
Player-adopted strategies in the precision medicine market include new research and development for precision medicines, bringing more advancements in precision medicine, forming partnerships with companies having same business and products and strengthening product portfolio.
To take advantage of these opportunities, The Business Research Company the precision medicine manufacturers should consider adopting artificial intelligence technologies for improving competitiveness and increase their customer base, focus on expanding precision medicine to immune-mediated diseases, invest in new research and development activities, expand in emerging markets, scale up through collaborations, provide competitively priced offerings, establish relationships with physicians and clinics, leverage social media to maximize reach, participate in precision medicine seminars and conferences and should look to build strategic relationships with large-scale end-users such as pharmaceutical companies, healthcare IT firms, and others.