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 2022. Thus the market is expected to perform a growth at a CAGR of 12.48% from 2015 to 2022.
It involves sequencing the individual genetic makeup and then using that information for the treatment, prevention and mitigation of diseases. The sequencing of the human genome forms the basis of precision medicine. Personal healthcare, integration of wireless technologies with portable healthcare devices, and increase in genetic diseases (due to mutation, UV rays) among others are the major market driving factor for precision medicine.
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Global Precision Medicine Market:
The global precision medicine market is a new avenue and has immense potential and is expected to grow with an impressive CAGR of 12.48 % during the forecasted period.
- 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 and others.
However there remains some constraints such as 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.
Test the market data and market information presented through more than 60 market data tables and figures spread over 80 numbers of pages of the project report. Avail the in-depth table of content (TOC) & market synopsis on “Global Precision Medicine Market Research Report – Forecast to 2022”.
Depending on geographic region, precision medicine market is segmented into four key regions: Americas, Europe, Asia Pacific, and Middle East & Africa. Globally developed countries led by North America are the largest market for Precision medicines. Europe is the second-largest market for Precision medicines. The developed region will lose the lead to the developing in the nearest future.
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Global precision medicines market has been segmented on the basis of ecosystem (pharma & biotech companies, diagnostic tool companies, healthcare it/ big data companies, clinical laboratories), by sub-markets (companion diagnostics, biomarker-based test, targeted therapeutics, pharmacogenomics, molecular diagnostics, others), and by therapeutics (cancer/oncology, cardiovascular disease, central nervous system, infectious diseases, others)
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