A recent report published by
Infinium Global Research on the precision medicine market provides in-depth
analysis of segments and sub-segments in the global as well as regional
precision medicine market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional precision medicine
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecast and dollar values of global precision medicine
market. According to the report, the global precision medicine market is
projected to grow at a CAGR of 34% from approx. USD 30 billion in 2020 to approx. USD 170 billion in 2026 during the forecast period of 2020-2026.
Precision medicine, also referred
to as personalized medicine allows healthcare professionals to prescribe
precise treatment and prevention strategies for a particular disease to a
patient. This medical model considers individual changeability in the genes and
lifestyle of the respective person. This approach permits doctors to select the
precise treatment of a particular disease that helps in understanding patients'
genetic of their disease. Precision medicine contains the use of panoramic and
system biology an individual disease at the molecular level. Precision medicine
proposals several benefits such as effective treatment modified to patients
needs and the category of disease.
The COVID-19 pandemic has had a
fairly positive impact on the precision medicine market. Market players in the
healthcare industry are focused on carrying precision medicine and genomics
studies to understand COVID-19 susceptibility and discover potential therapies.
COVID-19 led to collaborative efforts between governments, medical
institutions, and researchers to develop effective precision medicine. For
instance, the San Antonio Partnership for Precision Therapeutics allocated
funding for three projects to accelerate intervention for COVID-19. Similarly,
Cleveland Clinic undertook the genomic medicine project to identify genetic
factors that supports the virus susceptibility and use these factors to develop
treatment and prevention strategies. Such initiatives by the private and public
organizations to develop precision medicines for COVID-19 augmented the market
growth during the pandemic.
The growing prevalence of cancer
and rare diseases majorly drives the growth of the precision medicine market.
In breast cancer treatment, precision medicine helps in diagnosing, treating,
and preventing cancer cells. In this approach, the tissue is collected for
analysis. After analyzing the information collected, helps in making treatment
decisions. Further, precision medicine helps in testing cancer for defining
whether a specific cancer treatment is effective for a patient or not. Besides
the growth in the aged population and increasing usage of big data in precision
medicine is also boosting the growth of this market. On the other hand, the
high cost associated with precision medicine hampers the adoption of this
treatment method. Nevertheless, rising R&D expenditure to develop effective
treatment is anticipated to boost the growth of the precision medicine market
over the forecast period.
Geographically, North America
dominated the global precision medicine market. Factors such as the high
prevalence of cancer, an increasing number of awareness campaigns organized by
private organizations and the government are expected to boost alertness stages
drive the growth of the precision medicine market. Moreover, increasing
government and private expenditure for the development of effective precision
medicine is anticipated to further augment the market growth in the region. On
the other hand, the precision medicine market in the Asia Pacific is expected
to grow at the fastest rate among other regions. This is mainly attributed to
the improving economic conditions and healthcare infrastructure.
The report on global precision
medicine market covers segments such as technology, application, and end-user.
On the basis of technology, the sub-markets include companion diagnostics, big
data analytics, drug discovery, bioinformatics, gene sequencing, and others. On
the basis of application, the sub-markets include respiratory, oncology,
immunology, CNS, and others. On the basis of end-user, the sub-markets include
laboratories, pharmaceuticals, biotechnology diagnostic companies, and others.
The report provides profiles of
the companies in the market such as Biocrates Life Sciences AG, Intomics A/S,
Eagle Genomics Ltd, Laboratory Corporation Of America Holdings, Novartis AG,
Quest Diagnostics Incorporated, NanoString Technologies, Inc., Pfizer Inc.,
Teva Pharmaceutical Industries Ltd., and Medtronic plc.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the market
using analytical tools such as Porter's five forces analysis and DRO analysis
of precision medicine market. Moreover, the study highlights current market
trends and provides forecast from 2020-2026. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.