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.
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.
Precision medicine evolved from the concept that same medicine cannot function equally for two different individuals with the same disease as they have different gene structure. At the same time, medication depends on how well patients can respond to its dosage. Hence, the need for precision medicine. Market Research Future (MRFR), in their report, has included various drivers and segments that can produce a reliable prediction for the future market. Prevalent diseases such as cancer, diabetes, and others are boosting the precision medicine market as treatment of such diseases gets a better result with personalized medicine structure. Furthermore, its impact can significantly lower the cost of treatment.
However, a personal data breach can be seen as a major precision medicine market growth prohibition. The diagnostic cost can incur a high cost, stringent government policies, the risk with hardware and software failure, and lack of medical framework can hold back the market during the forecast period.
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.
