Technological Evolution to Transform Precision Medicine Market Scenario
Precision Medicine Market Research Report: Information by Ecosystem Players (Pharmaceuticals and Biotechnology Companies, Diagnostic Companies, Healthcare IT Specialists/Big Data Companies and Clinical Laboratories), Sub-Markets (Companion Diagnostics, Biomarker-Based Test, Targeted Therapeutics, Pharmacogenomics (PGX), Molecular Diagnostics and others), Therapeutics (Cancer/Oncology, Cardiovascular Disease (CVD), Central Nervous System, Infectious Diseases and others) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Global Forecast till 2027
The Global Precision Medicine Market is showing potential to ensure growth by 12.48% CAGR over the forecast period of 2018 to 2025 where the valuation could cross a mark of USD 126.14 Million by 2025.
Precision medicine is fast picking up speed in the healthcare industry. This has been possible researchers have found out that medicine’s efficacy increases if that matches individual details of a person. That is why with the transformation in the genome study, the precision medicine market is gaining leverage. The entire market could be chalked out on the basis of much detailed analysis of the genome structure, exclaims Market Research Future (MRFR). The market could benefit from technological advancement and rapid ingress. Several technologies like next-generation sequencing technologies and ultra-high-throughput sequencing can influence market growth. However, the diagnosis cost is high which can deter market growth. Also, chances of personal data leak can hold back the precision medicine market.
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The global precision medicine market report deserves a close inspection as it could reveal various insights that can improve the market scenario. There are several segments on which the report has been founded; they are ecosystem players, sub-markets, and therapeutics.
By ecosystem players, the market includes diagnostic companies, healthcare IT specialists/big data companies, pharmaceuticals & biotechnology companies, and clinical laboratories. The diagnostic tool companies segment had a market valuation of over USD 16.27 million in 2017.
By sub-markets, the global market for precision medicine can be segmented into the biomarker-based test, molecular diagnostics, companion diagnostics, pharmacogenomics (PGX), targeted therapeutics, and others.
By therapeutics, the global market for precision medicine includes cardiovascular disease (CVD), cancer/oncology, infectious diseases, central nervous system, and others.
The global precision medicine market makes a solid case for itself by segmenting the market on a region-specific scale into the Americas, Europe, and Asia-Pacific (APAC) for their substantial possibilities, and the Middle East & Africa for their endeavors to take the market forward.
The Americas would show high growth due to its technological superiority and better expenditure plans. High disposable income in the region makes sure that the market gets enough chance to avail these medicines. North America is expected to do better than the South due to its healthcare supremacy. The US and Canada are expected to make substantial impact on the regional market. In Europe, the market would get thrust from various investments in research and development sectors. In addition, a lot of companies are making the region their operational base, which facilitates their strategic moves. This can come in handy to promote the market later. Various physicians are also prescribing precise diagnostic tools and drugs that can boost the market.
The APAC region would make a name for itself as the fastest-growing region in the coming days. The market has the potential to clock a growth rate of 14% in the coming days owing to the changes in the infrastructure and hike in disposable income. Such changes can impact the regional market in the coming days.
There are several companies lining up to take the benefit of the global precision medicine market where the growing inclusion of strategies can solidify personal stance and strengthen market progress. MRFR selected a few companies and profiled them in detail to get a hang of what is about to happen in the coming years. The process included a proper measurement of various actions taken recently to improve the market expansion scope. These companies are Almac Group, Ltd., ABBOTT LABORATORIES, bioMérieux SA, ASURAGEN, INc., CETICS Healthcare Technologies GmbH, Cepheid Inc., Intomics A/S, GE Healthcare, GlaxoSmithKline Plc (GSK), LABORATORY CORPORATION OF AMERICA HOLDINGS, Johnson & Johnson, BIOBASE GmbH (Subsidiary), Medtronic, Novartis, Pfizer Inc, Qiagen, Randox Laboratories Ltd, Quest Diagnostics Inc., Sanofi Pharma, Molecular Health GmbH, Roche Holding AG-Br, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Caris Life Sciences, AB-Biotics SA, InnVentis, Intel Corporation, HealthCore, Inc., IBM, and Precision for Medicine.
In September 2019, researchers from the Institute of Cancer Research, London, and the Royal Marsden NHS Foundation Trust announced that a new method like genetic testing can play a crucial role in transforming the treatment of cancer in children. The process would identify which medicine is going to suit whom. Upon this analysis, precision medicines would be devised and can be used for cancer treatment. The process can spur the chances of getting back to a normal life.
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