Precision Medicine Market Estimated to Exhibit 14% CAGR through 2024
Posted by Vikas Bahurupi on July 5th, 2018
According to the latest study conducted by Research Report Insights (RRI) the global market for precision medicine is anticipate grow manifold, reflecting a robust CAGR of over 14% during 2016 to 2024.
Rapid augmentation of the medicine industry across the globe will certainly benefit the global market for precision medicine. In addition, factors such as growing infrastructural development, higher investments, streamlined drug approval systems along with companion diagnostics are expected to favor the overall market growth during the assessment period. Cost-effective DNA profiling and increasing prevalence of carcinogenic diseases worldwide are additional factors that are projected to propel the market growth. Moreover, apt storage of genome data is of great significance to the global market for precision medicine as demand for data medicare is on the rise. However, acute data storage capacity, data privacy breach and discrepancies in funding systems and hefty price tag of personalized drugs may deter the market growth in the near future.
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The global market for precision medicine has been categorized into various parent segments that are further segmented into smaller sub-divisions.
On the basis of technology, next-gen sequencing, bioinformatics and drug discovery technology are expected to be the technologies highlighting the expanding the market width in forthcoming years. Based on applications, the oncology segment is expected to witness an overwhelming growth and is estimated to reach US$ 69 Billion over 2024, reflecting a staggering 13.5% CAGR. This is primarily owing to increasing prevalence of tumor-related disease amongst the global geriatric population. On the other hand, increasing cases of arthritis will favor the growth of immunology segment, which is expected to surpass US$ 34 Million in revenues by 2024 end.
The popularity of precision medicine has grown significantly across various parts of the world, hence on the basis of region, the markets for precision medicine in Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa (MEA) is set to achieve new figures of growth over the next eight years. Precisely, the market in North America is expected to present new lucrative opportunities, occupying over 35% share of the market during the forecast period. In addition, the region is estimated to surpass a market valuation of over US$ 60 Million by the end of 2024.
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About the AuthorVikas Bahurupi
Joined: March 7th, 2018
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