ID: MRFR/Pharma/0420-CR | February 2021 | Region: Global | 313 pages
Precision Medicine Market Overview
The precision medicine market is one of the fastest evolving markets of recent times. The estimated market of precision medicine valuation is supposed to reach around USD 126.14 billion by 2025 . The CAGR or compound annual growth rate of the market is predicted to be 12.50 percent during the forecast period (2017-2025).
The precision medicine industry is the upcoming trend in the healthcare sector which is progressing rapidly over the years. The market for precision medicine trends, also known as personalized medicines, came to existence in 2003, and since then, it has ruled the market of the healthcare industry. These individualized medicines are the primary focus of healthcare departments that works on human genome overall sequencing. The modern and advanced technological developments have produced a path of numerous opportunities to present new medical, scientific, and business models.
The precision medicine market enables the involvement of the patient in taking personal healthcare and provides more targeted therapies to the individuals, which will boost the market growth in the upcoming years. Rapid development in technologies such as ultra-high-throughput technologies and next-generation sequencing technologies decides the future of precision medicine. The increasing prevalence of various genetic diseases is projecting the personalized medicine market potential to extreme limits. The introduction of biotech and pharma industries with big data healthcare companies will result in propelling the market growth of precision medicine.
New and advanced treatment of cancer is closely associated with precision medicines. The genetic mutation of individuals is different, and understanding it will allow clinicians to prescribe correct and specific medicines to patients according to their tumor type. These medicines will help to combat the tumors based on genetic mutations, which is creating a heavy demand for the personalized medicine industry. In the treatment of breast cancer, doctors are now looking at genome analysis which will allow them to determine specific treatments for the patients. Physicians are watching out the DNA testing report of BRCA gene mutation in women along with the family history of ovarian or breast cancer.
The continuous developments in the precision medicine market will fuel the market growth to attain its momentum. The integration of biotech and pharma industries with bigdata health care companies is another factor that will project the market value of the precision medicine industry to higher levels in the near future.
The report describes the inside information of the precision medicine market along with its forecast market valuation and possible growth rate. It covers the analysis of COVID19 impact on the personalized medicine market and discusses the market dynamics, including opportunities and threats in market growth. The report includes the major prominent players of the market and provides details about market segmentation. It also puts light on several regions that can influence the precision medicine industry growth in forecast years.
The outbreak of the COVID19 pandemic created havoc worldwide and impacted adversely the financial as well as the health sector. The growth rate of the global economy started declining towards a lower extent and will require further many years for recovery. Various businesses and industries faced heavy financial losses and witnessed a lower phase in the market growth rate. The lockdown restrictions resulted in the closure of many industrial operations and manufacturing processes. However, according to the precision medicine informatics market analysis,themarket sustained its growth rate even in these difficult times.
The global health crisis resulted in immense demand for medicines in the healthcare sector. The rising rate of diseases required personalized medicines that will help individuals to cure better. The health crisis is increasing the demand for individualized medicines, which upsurges the potential of the precision medicine market. The escalating cases of genome mutation diseases need the help of the precision medicine industry, which will lead to the expansion of blockchain precision medicine size during the forecast period.
The precision medicine market is emerging quickly in the global economy and will attain maximum heights in the upcoming years. The recent development in technologies like ultra-high-throughput sequencing and next-generation sequencing provide a better understanding of patient’s health. The market of precision medicine involves individuals in their personal healthcare, which provides accurate prescriptions on a patient and progresses the precision medicine market potential to a greater extent. In recent times, there is a significant increase in the number of cases of genetic diseases. The changes in genetic mutation are different in every individual, so it requires in-depth testing and personalized medicines.
Gnome medicine is immensely helpful for treating cancer; therefore, many cancer care clinics are utilizing it for curing the disease. The advanced technologies aid physicians to understand the patient’s genetic mutations regarding different tumor types and allow them to prescribe accurate and specific medicines to individuals according to their tumor type. Certain forms of breast cancer require analysis of genetic mutations to determine the specific treatment for the patient. Doctors look for the BRCA gene mutation in women through DNA testing along with the family history of ovarian or breast cancer and give personalized medicines for the same. All these treatments thrust the personalized medicine industry to greater heights. The integration of biotech and pharma industries with bigdata health care companies will provide extensive support for the precision medicine growth.
The precision medicine market is exhilarating at a rapid pace over the years, and the size of market opportunity will fuel the market growth in upcoming times. Modern and advanced technology development has resulted in increasing demand for the precision medicine industry. Technology development such as ultra-high-throughput sequencing and next-generation sequencing has enabled more specific and targeted therapies for patients. The increasing prevalence of genetic diseases also creates an extreme surge of demand for personalized medicines in the market. Through precision medicine diagnostic insights, doctors can understand the genetic mutations of the patients and help doctors to prescribe specific medicines to cure the patient’s disease. The introduction of pharma and biotech industries with bigdata health care industries will propel the precision medicine growth in the forecast period.
The precision medicine market is surely progressing to greater heights, but the increased costs of diagnosis can hinder the market potential. The diagnosis and treatment process includes a large amount of personal data, and there is a potential threat related to it that can constrain the growth of the market. Strict regulations and standards hamper the expansion of personalized medicine market size. However, the increasing prevalence of genetic diseases and the demand for effective solutions will maintain the growth rate of the market.
The lack of awareness about genetic diseases and applications of personalized medicines among people restrict the market growth. The regulatory framework and reimbursement policies can hinder the potential of the market. However, the rising demand for personalized medicines in the healthcare sector will expand the precision medicine market size during the forecast period.
Value Chain analysis
The precision medicine market report reflects that the revenue generation of the market by the end of 2025 will surpass its historical market value. The market valuation, according to the precision medicine report, will touch optimum limits in the upcoming years due to the increasing demand for individualized medicines. The revenue of the market will continue to grow rapidly in the near future.
The precision medicine market is segregated into different parts on the basis of submarkets, therapeutics, and ecosystem players. The market segmentation on the basis of sub-markets includes biomarker-based tests, companion diagnostics, pharmacogenomics or PGX, targeted therapeutics, molecular diagnostics, and many more.
On the basis of therapeutics, the precision medicine market segment comprises cardiovascular disease or CVD, central nervous system, cancer or oncology, infectious disease, and others. Among all the diseases, the oncology market is going to progress a lot during the forecast period. The ecosystem players segment involves diagnostics companies, pharmaceuticals and biotechnology companies, clinical laboratories, healthcare IT specialists or big data companies, and many more.
The precision medicine market analysis is studied in various geographical are as like the Americas, Asia Pacific, Europe, Middle East, and Africa. The Americas will hold the majority share in the global market. The US personalized medicine market share will be the most progressing one in the global market growth, and the advanced gene mapping technologies will help to expand the US personalized medicine market size.
The European region has better diagnostics tools, drugs, and electronic health care records, which will make it the second-largest shareholder of the market. In the Asia Pacific region, the Singapore precision medicine will outgrow the other market share as increased disposable income and better healthcare infrastructure are available there, which will propel the market growth in the forecast years.
Competitive Landscape of the market
The precision medicine top companies and major market players are:
|CAGR||12.50 % (2017-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Ecosystem Players, Sub-Markets and Therapeutics|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||global health crisis resulted in immense demand for medicines in the healthcare sector|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Precision Medicine Market is projected to grow at an 12.48% CAGR between 2020-2027.
Precision Medicine Market is predicted to touch USD 126.14 billion by 2027.
Americas are predicted to have the highest share in the Precision Medicine Market.
Increasing prevalence of genetic diseases and integration of big data with biotech and pharma companies are driving market growth.
Strict regulations and standards, threat to personal data, and high diagnostic cost may limit market growth.