The latest market report published by Credence Research, Inc. “Global Precision Medicine Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the precision medicine market was valued at USD 38,878.6 MN in 2015, and is expected to reach USD 98,250.4 MN by 2023, expanding at a CAGR of 12.3% from 2016 to 2023.
Precision medicine is a new technology applied for treatment and prevention of chronic diseases based on the variability in individual genes and other lifestyle characteristics. In precision medicine, diagnostic testing is frequently employed for selecting suitable and optimal therapies based on the framework of a patient’s genetic content or other molecular or cellular analysis. Tools engaged in precision medicine can include molecular diagnostics, imaging, and analytics/software. According to U.S. Food and Drug Administration (USFDA), advances in precision medicine have already led to powerful new discoveries and several new FDA-approved treatments that are tailored to specific characteristics of individuals, such as a person’s genetic makeup, or the genetic profile of an individual’s tumor. The experts from USFDA also suggests that patients with a variety of cancers routinely undergo molecular testing as part of patient care, enabling physicians to select treatments that improve chances of survival and reduce exposure to adverse effects.
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Geography segmentation of precision medicine comprised regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. North America was observed as the largest and most potential regional market for precision medicine market. North America constitutes regional markets of U.S. and Canada, the rising prevalence of cancer and supportive government policies are the major drivers for the growth of precision medicine market in this region. The developed healthcare infrastructure, high public awareness related to novel technologies for cancer management, and rising research and development activities related to precision medicine are the key factors assisting the growth of North America precision medicine market.
Market Competition Assessment:
The precision medicine market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Biocrates Life Sciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Ferrer InCode, Abbott Laboratories, Almac Group, Ltd., bioMérieux SA, Covance, Silicon Biosystems (now part of the Menarini Group), Pfizer, Eagle Genomics, Source Precision Medicine, Inc., Laboratory Corporation of America Holdings, Medtronics, Novartis, Qiagen, Quest Diagnostics, Roche Holding, Teva Pharmaceuticals, and others.
Key Market Movements:
- A large number of research and development activities are assisting the development of precise drugs, targeted therapeutics, and laboratory tests for various disease conditions
- For year 2016, President’s Budget included USD 215 million for precision medicine initiative as it will pioneer a new model of patient powered research that will accelerate the research and development activities
- In Asia-Pacific several factors such as rising initiatives from the government and contributions from academic laboratories related to research and development in field of precision medicine are expected to assist the growth of the region throughout the forecast period.
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