Global Precision Medicine Market by Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, and Companion Diagnostics), Applications (Oncology, Immunology, CNS, and Respiratory), End-user (Pharmaceutical Companies, Diagnostic Comp

The global precision medicine market is expected to expand at a substantial CAGR during the forecast period, 2020 – 2026.Precision medicine is based on a unique concept that states, two people infected with same disease don’t need to have same physical response toward the disease. However, it depends on the surrounding environment and influence of genes and symptoms of patient. Moreover, it also depends on patients ability of responding to that particular disease, which enables the doctors and researchers to organize the required treatment. Precision medicine commonly includes use of system biology and panomics to determine the reason for an individual patient's illness at the molecular level. Followed by the use of concentrated medications to address individual patient's illness. Precision medicine offers many advantages such as efficient treatment customized to patients needs and category of disease. Moreover, precision medicine can reduce cost of treatment and help decrease repeated administration of medications. Rising prevalence of cancer is projected to boost the demand for personalized cancer diagnostics and therapeutics that in turn will render positive impact on the market growth. Growing advancement in precision medicine owing to accessibility of large-scale human genome databases including next-generation sequencing (NGS) is propelling the market growth positively. Advancement of computational tools and development of innovative genetic technologies examines the functional effects of genetic changes that cause cancer development. Growing significant advancements in the field of gene therapy coupled with various clinical benefits is expected to drive the personalized medicine market demand in the upcoming years. Rising demand for gene therapy in order to cure major chronic diseases and cancer will further propel the market growth. Upsurge in the use of novel treatment based on understanding of individual gene, environment and lifestyle are some other factors that are contributing in the industry growth. Furthermore, rising R&D for selection of most effective treatment based on preclinical studies and molecular analysis of tumours will increase adoption of gene therapy influencing the precision medicine industry growth positively. The global precision medicine market is segmented into technology, applications, end-user and regions.

Market Trends, Drivers, Restraints, and Opportunities:

• Rise in online collaborative forums in developing and developed economies, increase in adoption of gene therapy across the globe, rise in usage of big data analytics in precision medicine in developing and developed economies and advancement in cancer biology are considered to drive the global precision medicine market during the forecast period.
• Misinterpretation of health and genetic data, increase in cost of precision medicine, reimbursement challenges and violation of the privacy rule are the restraints and this will hamper the growth of the market during the forecast period.
• Adoption and introduction of advance technology in this field is an opportunity and it is expected to boost the growth of the market during the forecast period.

Scope of the Report

The report on the global precision medicine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2018–2019Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, the Middle East & Africa, and Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Global Precision Medicine Market Segment Insights:

On the basis of technology, the global precision medicine market is divided into big data analytics, bioinformatics, gene sequencing, drug discovery, and companion diagnostics. All the segments are expected to contribute to the growth of the market during the forecast period. Based on applications, the global precision medicine market is split into oncology, immunology, CNS, and respiratory. Oncology help the largest share in recent times and it is expected to dominate the market during the forecast period. Growing incidence and prevalence rate of cancer across the globe will boost the demand for precision medicine as an effective therapeutic approach. The remaining segments are projected to contribute to the growth of the market during the forecast period. On the basis of end-user, the global precision medicine market is segmented into pharmaceutical companies, diagnostic companies, and healthcare IT companies. Pharmaceutical companies is projected to grow at a considerable CAGR and this is due to availability of advanced techniques including next generation sequencing for the identification of drug related genetic alterations. The other segments will contribute for the growth of the market during the forecast period. On the basis of regions, the global precision medicine market is segmented into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. North America is one of the highest growing markets and it is expected to dominate the precision medicine market during the forecast period due to rise in prevalence of cancer in this region. Asia Pacific is projected to expand during the forecast period due to increase in awareness about multiple diseases and rise in geriatric population.

Competitive Landscape:

The world leading players in the global precision medicine market include Tepnel Pharma Services, Biocrates Life Sciences, Qiagen, Novartis, NanoString Technologies, Menarini Silicon Biosystems, Pfizer, Eagle Genomics, Roche, Intomics, Quest Diagnostics, and Teva Pharmaceutical. The growing investments by these companies for the development of personalized products for better treatment are a few competitive strategies adopted by market players.

The Global Precision Medicine Market has been segmented on the basis of

Technology

• Big Data Analytics
• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Companion Diagnostics

Applications

• Oncology
• Immunology
• CNS
• Respiratory

End-user

• Pharmaceutical Companies
• Diagnostic Companies
• Healthcare IT companies

Regions

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• Latin America