Precision medicine is an upcoming approach which involves investigating whether a person has any diseases by evaluating the genetic makeup, and then diagnosing it. According to Netscribes, the global precision medicine market is expected to have a significant compounded annual growth rate (CAGR) of 9.7% and have a market size in excess of USD 96 Bn by 2023. North America dominates the global market due to the high incidence of cancer and increasing government initiatives in the region.
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Precision medicine involves a study of patient specific information to diagnose, and then categorize various diseases. The concept of precision medicine is rapidly growing in the medicine community through tremendous expansion in various advanced technologies, such as next-generation sequencing, molecular biomarker analysis, and much more. With the help of growing technologies, precision medicine plays a vital role in preventing and treating various diseases such as cancer, cardiovascular, neurology and other diseases, which are currently burdening the healthcare system.
The global precision medicine market is classified into three primary segments – based on end use: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on sub-market: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
Key growth factors
The concept of precision medicine has gained momentum in the healthcare community, powered by the tremendous expansion of various advanced technologies such as next-generation sequencing, molecular biomarker analysis and many more. Technological advancements have helped the precision medicine market prevent as well as treat diseases such as cancer, cardiovascular, neurology, diabetes, and others.
Rising pressure to lower healthcare cost globally, growth of personal healthcare devices, the emergence of value-based reimbursement models, and healthcare digitization trends are aiding the transition of treatment model from ‘one-size-fits-all’ to stratified and outcome-based targeted therapies, which are called precision medicine.
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Threat to personal data, high diagnostic costs, and the risk of hardware and software failure are some of the factors that will hinder the growth of the market.
The key players that have been contributing significantly to the precision medicine market include Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings and Danaher Corporation, among others.
What’s covered in the report?
- Overview of the global precision medicine market
2. Market Drivers and challenges in the global precision medicine market.
3. Market Trends in the global precision medicine market
4. Historical, current and forecasted market size data for end use segment in the global precision medicine market (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies)
5. Historical, current and forecasted market size data for the therapeutics segment in the global precision medicine market (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases)
6. Historical, current and forecasted market size data for the sub-market segment in the global precision medicine market (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics)
7. Analysis of the competitive landscape and profiles of major companies operating in the market
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