A recent report published by Infinium Global Research on 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 8.86% over the forecast period of 2018-2024.
Precision medicine is a developing medical approach among healthcare professionals for the treatment and prevention of diseases. This medical model considers individual changeability in genes and lifestyle of the respective person. This approach permits doctors to select 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 growing prevalence of cancer and rare diseases drives the growth for the precision medicine market. In breast cancer treatment, precision medicine helps in diagnosing, treating, and preventing the cancer cells. In this approach, the tissue is collected for analysis. After analyzing the information collected, helps in taking treatment decision. 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 connected with precision medicine hampers the adoption of this treatment method.
Geographically, North America dominated the growth of precision medicine market. In North America region factors such as the high occurrence of cancer, various attentiveness campaigns organized by private associations, government, and societies to upsurge alertness stages drive the growth of precision medicine market.
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 the 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, Eagle Genomics Ltd, Laboratory Corporation Of America Holdings, Novartis AG, Quest Diagnostics Incorporated, Nanostring Technologies, Pfizer Inc., Teva Pharmaceuticals, and Medtronic.
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 2018-2024. 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.
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