Pune, India, Sept. 04, 2018 (GLOBE NEWSWIRE) -- Market Research Future has released its report on the Global Precision Medicine Market which projects above-average growth and various market expansion opportunities. MRFR has divulged that the global precision medicine market is in a position to grow at an impressive CAGR of 12.48% during the forecast period of 2015 to 2022. The healthcare sector is witnessing a transformation with increasing adoption of highly advanced methods of treatment. Valued at USD 38.92 Bn in 2015, the global precision medicine market is expected to reach an approximate evaluation of USD 88.64 Bn by the end of 2022.
Patients are steadily becoming increasingly involved in their personal healthcare which has led to an increased demand for precision medicine. Increasing awareness and the growing adoption of advanced healthcare technology has created opportunities for the precision medicine market which has resulted in increased demand for the same. Moreover, the potential for targeted therapies combined with the increased demand for the same is expected to assist growth. Many prevalent diseases such as cancer, diabetes and heart conditions can be passed genetically. With an increased focus on treating such conditions and diseases, the demand for precision medicine is expected to soar. Although precision medicine is not widely available, growing integration of big data healthcare companies with pharma and biotech companies are expected to bring the healthcare sector closer to the availability of precision medicine.
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On the other hand, the integration of big data healthcare companies with biotech and pharmaceutical companies has increased concern regarding sensitive patient information. Moreover, precision medicine's diagnostic costs are high and act as a barrier to growth. The market is in its nascent stage, and as such, there are several challenges that need to be addressed. These challenges offer the market opportunities for growth when addressed. For instance, the lack of awareness regarding precision medicine will likely result in R&D which reveals opportunity producing applications. Additionally, precision medicine carries high potential in emerging economies where there is a growing demand and awareness of advanced healthcare facilities.
Key Players
Market leading players who have been recorded for their prominent market strategies in MRFR’s competitive analysis include Laboratory Corporation Of America Holdings, Qiagen, Abbott Laboratories, Innventis, Cepheid Inc., Quest Diagnostics Inc, Intel Corporation, IBM, GE Healthcare, Ab-Biotics Sa, Medtronic, Caris Life Sciences, Molecular Health Gmbh, Almac Group, Ltd., Takeda Pharmaceutical Company Limited, CETICS Healthcare Technologies Gmbh, Johnson & Johnson, Biomérieux Sa, Sanofi Pharma, Pfizer Inc., Healthcore Inc., Precision For Medicine, Asuragen Inc., Biobase Gmbh, Novartis, Randox Laboratories Ltd., GlaxoSmithKline Plc, and Teva Pharmaceutical Industries Ltd.
Latest Industry News
- Genomics Plc has successfully raised USD 32.5 mn in funding in collaboration with Vertex Pharmaceuticals. The partnership is expected to be a 3-year R&D project with an option of an extension toward the applications of precision medicine.
- BC Platforms, a genomic data management company has partnered with Proteus Genomics to integrate genomic and healthcare data.
Market Segmentation
MRFR's segmental analysis of the Global Precision Medicine Market has been performed on the basis of ecosystem, sub-market, therapeutics, and region. By ecosystem players, the market is segmented into diagnostic companies. pharmaceuticals & biotechnology companies, healthcare IT specialists & big data companies and clinical laboratories. Diagnostic companies account for the most significant share of the market due to the extensive use precision medicine can have in diagnosing potential diseases. The segment is expected to value USD 27.56 bn by the end of the assessment period.
By sub-markets, the market is segmented into biomarker-based test, targeted therapeutics, companion diagnostics, pharmacogenomics (pgx), molecular diagnostics and others. The others segment is further divided to include prosthetics market, human tissues market, 3D printing, consumer genomics and next-generation sequencing. Companion diagnostics account for the largest share of the market. The demand for diagnostic tests which are used to determine the applicability of a therapeutic drug to a specific person is a crucial driver of the global precision medicine market.
By therapeutics, the market is segmented into cardiovascular disease (CVD), cancer/oncology, central nervous system, infectious diseases, and others.
The global segmentation of the precision medicine market includes the Americas, Europe, Asia Pacific, and the Rest of the World/Middle East & Africa.
Developed Countries To Lead the Market While Developing Regions Play Supporting Role
The Americas, due to the presence of North America lead the market with the largest share of the global market. Europe accounts for the second largest market in the region. These regions have a high demand and adoption for advanced healthcare technology and practices. North America and Europe are expected to dominate the market over the coming years due to the rapid progress precision medicine is making in these regions. There is a high concentration of leading market players in the region who have played critical roles in the development of precision medicine. Developing countries are expected to witness growth once the market is properly established in developed countries and will play a supporting role while the market grows in developed regions.
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