Global Precision Medicine Market-Industry Analysis and Forecast (2020-2027)
Posted by manisha on May 24th, 2021
Global Precision Medicine Market is estimated to reach US$ 126.14 Bn by 2027, growing at a CAGR of 12.48% during the forecasted period and was valued to have $XX Bn in 2019.
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Precision medicine also term 'personalized medicine' are designed for particular groups of patients and refers to the tailoring of medical treatment to optimize efficiency or therapeutic benefit, that allows physicians to adopt treatments that are more likely to relief patients based on the genetic understanding of their disease. Precision medicine also reduces the cost of treatment by reducing repetitive intake of medicine and diminishing the side-effects allied with them.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The report estimates the growth rate of Precision Medicine Market and offers in-depth insights on market dynamics, drivers, restraints, challenges and threats till 2027. The complete information is based on primary and secondary research carried out in all the regions covered in the report.
The growth of the Global Precision Medicine Market is evolving mainly because of increasing genome sequencing, New technologies like gene therapy and investments in precision medicine research and (R&D) by the major players also propelled the growth of the precision medicine market in the world, growing cancer prevalence and chronic infection and different (ADR), initiate the market growth, application of Nanomedicines can change disease managing for targeted drug delivery. Hence, reducing adverse side effects, growing government funding in precision medicine initiatives and partnerships among software companies and pharmaceutical helps to drive the growth of the market.
However, Developing accurate precision medicine at reasonable values can limit the growth of the market moreover, uneven infrastructure development across the region which becomes a challenging factor for developing countries for the growth of the precision medicine market and the shortage of skilled IT specialists in healthcare are anticipating to restrain market growth to a certain extent in the coming years.
• In May 2018, Foundation Medicine proclaimed approval for Advanced Diagnostic Laboratory Test (ADLT) for Foundation One CDx for escalating its existing product portfolio.
• In October 2018, Qiagen declared its launch of innovative RNA-seq library research solutions for next-generation sequencing.
• Advancements in pharmacogenomics, Pharmacogenomics has the largest market share (24%) followed by genomics. contributes to maintaining the efficacy of a drug with the help of genetic evidence of persons. The genomics market is also predictable to grow at the highest CAGR of 13.67% during 2019–2027.
• Furthermore, growing biopharmaceutical players to treat disease disorder like, cancer will drive the market growth positively.
The report covers the brief analytical segments of the Precision Medicine Market thereby providing a wider view at the macro as well as micro levels. Based on application, Increasing incidence of cancer globally is likely to hold the major share for the treatment of cancers. Presently, several types of research and genetic tests are going on to develop Precision Medicine based on the patients. Precision medicine delivers a procedure to treat the patient based on the type of cancer, age, sex, adverse effect and other factors. Cancer detection is important for the physician to detect best-suited therapy to treat the person.
In terms of end-use, Pharma & Biotech Companies estimated as the largest segment and valued to be around USD 22.2 Bn in 2019. The growth is accelerated by the availability of innovative techniques with next-generation sequencing (NGS) for the recognition of drug-related genetic changes. Moreover, major players are involved in several investment programs for market growth.
Geographically, North America dominated the growth of Precision Medicine Market with the largest share of 43%, followed by Europe with a 26% share and is expected to projected to reach US$ XX Bn by 2027, with a CAGR of XX% during the forecast period. This is attributed to promising government initiatives, the presence of well-developed healthcare infrastructure and the occurrence of cancer combined with the growing researches for the development of biomarkers within the region such as the US and Canada. Also, an increasing number of product approvals, and rising awareness regarding the benefits of precision medicine in the region. Asia-Pacific is estimated to be the fastest-growing region with the highest CAGR of 13% during the forecast period.
The competitive landscape section in the Precision Medicine Market highly fragmented and the offers various strategies such as agreements, new product launches, partnerships expansions, acquisitions, joint ventures, and other crucial aspects to lessen the competitive in the market.
For instance, in October 2018, Microsoft Genomics merge partnered with Eagle Genomics to tackle the challenges of the genomics. The goal of the collaboration was to introduce the power and scale of the cloud to precision medicine, through the creation of fundamental research. Moreover, in January 2018, to accelerate the growth in the cancer segment, F. Hoffmann La Roche Ltd collaborated with Syapse.
The objective of the report is to present a comprehensive analysis of the Global Precision Medicine Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
For more information of visit:https://www.maximizemarketresearch.com/market-report/global-precision-medicine-market/54172/
Global Precision Medicine Market, By Product types
• Ion Semiconductor Sequencing
• Pharma & Biotech Companies
• North America
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About the Authormanisha
Joined: June 26th, 2020
Articles Posted: 99
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