Request Discount

Precision Medicine Market (Technology - Companion Diagnostics, Big Data Analytics, Drug Discovery, Bioinformatics, Gene Sequencing, and Others; Application - Respiratory, Oncology, Immunology, CNS, and Others; End-user - Laboratories, Pharmaceuticals, Biotechnology Diagnostic Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : HC0424

  • Category : Healthcare & Medical Devices

  • Status : Published

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 Market


Market Insight

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.

 

Segment Covered

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.

 

Companies Profiled:

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.

 

Report Highlights:

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.


Other Reports in This Category
24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount