Precision Medicine Market to Witness 10.65% CAGR until 2026
Increasing advancements
in cancer biology and myriad benefits offered by precision medicines to drive
the global precision medicine market.
According
to TechSci Research report, “Global Precision Medicine Market By Products and
Services (Precision Medicine Platforms, Precision Medicine Tools, Precision
Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence,
Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation
Sequencing (NGS), Others), By Application (Oncology, Immunology, Cardiology,
Neurology, Respiratory, Others), By End User (Pharmaceutical and Biotechnology
Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization,
Research Institutes), By Region, Competition Forecast & Opportunities, 2026”, the global precision medicine market was valued at
USD66.85 billion in 2020 and is expected to reach USD125.67 billion by registering
a CAGR of 10.65% during the forecast period due to shift towards 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), funded by the United
States 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 costly, which might hinder the growth of
the market across the globe.
Browse 138 Figures spread through 110 Pages and an in-depth TOC on "Global
Precision Medicine Market"
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The
global precision medicine market is segmented based on products and services, technology,
application, end user, and region. The application segment is further divided
into oncology, immunology, cardiology, neurology, respiratory and others. Out
of these, oncology held the largest market share in 2020 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 IBM Watson Group, Roche Holding AG, Thermo Fischer Scientific
Inc., Philips Healthcare Ltd., Illumina Inc., Quest Diagnostics Inc., Qiagen
NV, AstraZeneca Plc, Agilent Technologies Inc., Novartis AG, NanoString
Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX, Inc.,
and 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. For instance, Novartis has acquired
CellforCure, which has expanded its manufacturing capacity for innovative cell
and gene therapies.
In June
2020, Thermo Fisher Scientific Inc., the world leader in serving science
announced new collaborations of the Thermo Fisher Precision Medicine Science
Center (PMSC) with AstraZeneca and the University of Nebraska Medical Center as
part of its ongoing development of innovative solutions for unmet needs in
clinical biomarker discovery. The new alliances strengthen the PMSC's mission
of creating standardized workflows with pharma and academic partners to
streamline the transition from biomarker research to clinical implementation
and create new opportunities for precision medicine.
“In terms of regional analysis, North America dominated the global
precision medicine market until 2020, due to favorable 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 through 2026
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 Products and Services (Precision Medicine
Platforms, Precision Medicine Tools, Precision Medicine Services), By
Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole
Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS),
Others), By Application (Oncology, Immunology, Cardiology, Neurology,
Respiratory, Others), By End User (Pharmaceutical and Biotechnology Companies,
Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research
Institutes), By Region, Competition, Forecast & Opportunities, 2026” 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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