Global Precision Medicine Market To Ascend Pervasively By 2023, Registering more than US$ 126.14 Million Revenue; Asserts MRFR
Precision Medicine Market Research Report Published by Market Research Future with their exclusive analysis segmented by Ecosystem Players , Sub-Markets, Therapeutics and Regions and Forecast till 2025
The major market driving factor for precision medicine are patient’s involvement in personal healthcare, integration of wireless technologies with portable healthcare devices, and increase in genetic diseases (due to mutation, UV rays) among others.
Precision medicine refers to medicines developed as per an individual’s genetic profile that helps as a guide for the prevention, diagnosis and treatment of diseases. The global precision medicine market was valued at $38.92 billion in 2015, and is expected to reach $88.64 billion by 2025. Thus the market is expected to perform a growth at a CAGR of 12.48% from 2015 to 2025.
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The market constraints include potential threat to personal data, high diagnostic cost as a barrier, potential risk of hardware or software failure, stringent regulations and standards, lack of awareness about the possible applications of precision medicine, reimbursement policies and regulatory framework, limited knowledge about the application of test and techniques, lack of research and evidences creating hindrances in its application.
Key Players for Global Precision Medicine Market:
Abbott Laboratories, Almac Group, Ltd., Asuragen, Inc., Biomérieux Sa, Cepheid Inc., Cetics Healthcare Technologies Gmbh, Ge Healthcare, Glaxosmithkline Plc, Johnson & Johnson, Laboratory Corporation Of America Holdings, Medtronic, Novartis, Pfizer Inc., Qiagen, Biobase Gmbh, Quest Diagnostics Inc, Randox Laboratories Ltd., Sanofi Pharma, Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Ab-Biotics Sa, Caris Life Sciences, Healthcore, Inc., Ibm, Innventis, Intel Corporation, Molecular Health Gmbh, Precision For Medicine
Key Findings:
- The global precision medicine market is expected to reach USD 88.64 billion by 2025.
- By ecosystem diagnostic tool companies holds the largest market share of precision medicine market and is expected to reach USD 27.56 billion by 2025.
- By sub-market, company diagnostics holds the largest market share of precision medicine market and is expected to reach USD 21.32 billion by 2025.
Segmentation
The global precision medicine market has been segmented into ecosystem players, sub-markets, and therapeutics.
Based on ecosystem players, the global market has been segmented into pharmaceuticals and biotechnology companies, diagnostic companies, healthcare IT specialists/big data companies, and clinical laboratories. The diagnostic tool companies segment accounted for a market value of USD 16.27 million in 2017.
Based on sub-markets, the global market has been segmented into companion diagnostics, biomarker-based test, targeted therapeutics, pharmacogenomics (PGX), molecular diagnostics, and others.
Based on therapeutics, the global market has been segmented cancer/oncology, cardiovascular disease (CVD), central nervous system, infectious diseases, and others.
Regional Analysis
Globally North America is the largest market for global precision medicine. Europe is the second-largest market for global precision medicine. The near future market for precision medicine will be dominated by the developed regions with developing regions providing a supporting role only. However the developing regions market particularly Asia Pacific will be the fastest growing and is likely to be the key to the future.
Globally North America is the largest market for global precision medicine. Europe is the second-largest market for global precision medicine. The near future market for precision medicine will be dominated by the developed regions with developing regions providing a supporting role only. However the developing regions market particularly Asia Pacific will be the fastest growing and is likely to be the key to the future.
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