Precision Medicine Market to Witness Robust Growth until 2025
Increasing advancements in
cancer biology and myriad benefits offered by precision medicines to drive
global precision medicine market
According to TechSci Research report, “Global Precision Medicine Market By
Technology (Artificial Intelligence, Whole Genome Sequencing, Companion
Diagnostics, Genome Sequencing, Big Data Analytics, Molecular Imaging, Digital
PCR, Microarray, CRISPR and Others), By Applications (Cardiology, Oncology,
Respiratory, Immunology and Others), By End User (Pharmaceutical and Biotechnology
Companies, Clinical research organization, Research institutes, Diagnostic
Companies, Healthcare IT), By Region, Forecast & Opportunities, 2025”, global precision medicine market is expected to
experience robust CAGR during the forecast period due to shift towards personal
medicines or precision medicine, increase in genetic diseases and development
of technologies such as next generation sequencing. Unlike general medicines
that are disease-specific and fit for all, the precision medicines focus on the
individual diseases. They are patient-based medicines which help the doctors to
give optimized treatment to the patients, thereby driving the precision
medicine market across the globe. Additionally, international projects such as
the Human Genome Project (HGP), which was launched in 2001 funded by the US
government via National Institutes of Health (NIH) are based on
precision medicines and provide a deeper understanding of the same. Even though
the precision medicines come with an ample number of advantages, they are cost
expensive, which might hinder the growth of the market across the globe.
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The global precision medicine market is segmented
based on technology, application, end user, and region. The application segment
is further divided into cardiology, oncology, respiratory, immunology and other.
Out of these, oncology held the largest market share in 2019 due to the
increasing cases of cancer all over the world.
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Some of the leading players in global precision medicine market include
Orion Health, 2b Precise, Fabric Genomics, Pfizer, Gene 42, IBM Watson Health, Phillips
Healthcare, Medtronic, Nanthealth, Navican, N-of-One, PierianDx, Sunquest
Information System, Tempus, Novartis, Translational Software, Biocrates Life
Sciences AG, Nanostring Technologies, Thermo Fisher Scientific, Quest
Diagnostics Incorporate and many others. In order to sustain the strong
competition, companies adopt various strategies like new product launches,
collaborations and many more to provide the best precision medicines to the
patients. Recently, Novartis bought CellforCure, especially focusing on the
data and digital technologies as it plays a major role in the aspect of
precision medicines in the storage of big data.
“In terms of regional
analysis, North America dominated the global precision medicine market until
2019, due to favourable government initiatives, heavy investments by the United
States in medical research like Human Genome Project (HGP) and growing cases of
respiratory and oncology diseases. However, Asia-Pacific region is expected to
grow at the highest CAGR in through 2025 because of the increasing prevalence
of genetic and cancer diseases in countries like China and India. ” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Precision Medicine Market By Technology
(Artificial Intelligence, Whole Genome Sequencing, Companion Diagnostics,
Genome Sequencing, Big Data Analytics, Molecular Imaging, Digital PCR,
Microarray, CRISPR and Others), By Applications (Cardiology, Oncology,
Respiratory, Immunology and Others), By End User (Pharmaceutical and
Biotechnology Companies, Clinical research organization, Research institutes,
Diagnostic Companies, Healthcare IT), By Region, Forecast & Opportunities,
2025” has evaluated the future growth potential of global precision
medicine market and provided statistics & information on market size, shares,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global precision medicine market.
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