The new report by Expert Market Research titled, ‘Global Precision Medicine Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global precision medicine market, assessing the market based on its segments like technology, product, application, end-use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 10%
- Forecast Market Size (2026): USD 141 billion
In the past few years, increased research into healthcare sciences has caused a rise in the field of precision medicine. It has been observed that precision medicine has been effective, to some extent, against cancer as opposed to conventional medicine forms, and with rates of cancer expected to rise, precision medicine is expected to get greater attention. Since the approach in precision medicine is to understand the patient’s profile and genetic history to pinpoint a cure unique to that person, rather than a fit-for-all cure, this is expected to show greater efficacy in treatments, which will, in turn, cause a rise in popularity of precision medicine.
Industry Definition and Major Segments
Unlike conventional medicine, precision medicine is a branch of medicine which involves analysing particular individuals for their ailments, genetic history and medical history, instead of using a cure-all drug. This approach can be a more targeted approach towards diseases.
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The precision medicine industry can be divided on the basis of technology used:
- Drug Discovery Technologies
The market can also be segmented on the basis of product type:
On the basis of application, it can be segmented into:
- Infectious Diseases
The market may be classified by end-use into:
- Home care
- Clinical Labs
The regional markets for precision medicine can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Since fields complementary to this field, like genomics and data analytics pertaining to medicine, have been advancing considerably, there will be development in precision medicine too. It is expected that in Asia Pacific, the vast populations and their genetic diversity can help genomics with large databases in understanding a greater sample space. Moreover, with larger populations, the cost effectivity of testing also improves along with a vast untapped market. Furthermore, with integration of different researchers across newer networks, due to the internet, there is expected to be greater cooperation, ultimately advancing research into this field. Currently, North America has been the centre of such research because of an existing healthcare system as well as a solid foundation in research. However, it is expected that the field will grow in size as well as in reach, since Asia Pacific still remains a considerably untapped region.
Key Market Players
The major players in the market are Siemens Healthcare GmbH, Janssen Pharmaceutica N.V., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd., and Myriad Genetics Inc., amongst others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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