Precision Medicine Market Outlook and Overview by Research Cosmos

Posted by michael on June 7th, 2019

Precision Medicine Market Size and Growth Rate:

The global precision medicine market size is anticipated to reach USD 88.25 billion by 2023 at a 11.60% CAGR during the projected period 2018 to 2023.

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Precision Medicine Market Overview:

Trends such as the introduction of cost-effective genomic and molecular biology testing techniques, growing prevalence of cancer and rare diseases, and increasing use of big data in precision medicine are some of the important factors boosting the market.

The Human Genome Project started some marvelous cutting-edge techniques so as whole genome sequencing and targeted sequencing. These technologies are used by researchers for the study of genomes and the creation of personalized therapies for the treatment of various illnesses. Today, the currency of diseases in areas such as immunology, oncology, and neurology has rapidly expanded across the globe.

Precision Medicine Market Growth Drivers and Restraints:

Increasing adoption of big data analytics and gene sequencing utilized in gene therapy will increase precision medicine market growth in the near future. Gene treatments are utilized to treat genetic as well as chronic disorders according to a person’s genetic makeup. Development of Human Genome Project and improvements in cell-biology has further developed the gene therapy treatment patterns propelling business growth. In addition to the aforementioned factors, the rising burden of metabolic disorders including diabetes and hypothyroidism will escalate the market for gene therapy thereby, making precision medicine exchange demand during the forecast timeframe. But, violation of privacy law and misinterpretation of genetic and health data may hamper business growth.

Drug discovery section in precision medicine market was valued at USD 10.50 billion in 2017 and high segmental revenue can be associated with the increasing prevalence of cancer and other chronic diseases. Chief pharmaceutical companies such as Novartis and Lupin are included in the drug discovery process that enables efficient treatment for life-threatening diseases. Pharmaceutical, as well as biopharmaceutical companies, utilize bioinformatics software to produce novel drugs that are customized according to the patient’s genome. Availability of technologically superior platforms for facilitating the method of drug discovery will trigger segmental growth.

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Precision Medicine Market Geographical Segmentation:

North America currently manages the market for precision medicine and is expected to continue its stronghold for some more years. In the North American region, the United States holds the highest market share. Former President Barack Obama, in 2015, revealed the Precision Medicine Initiative (PMI), a bold new plan to revolutionize medicine and generate the scientific data needed to move the concept of precision medicine into every-day clinical practice.

Key Players of the Precision Medicine Market:

Leading industry players operational in the precision medicine market include Ferrer inCode, Intomics, Biocrates Life Sciences AG, Eagle Genomics Ltd, NanoString Technologies, Laboratory Corporation of America Holdings, Novartis, Pfizer, Qiagen, Silicon Biosystems, Tepnel Pharma Services, Quest Diagnostics, F. Hoffmann-La Roche, and Teva Pharmaceuticals.

About Us:

Research Cosmos is a provider of standard and customized market research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending market reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.

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Kevin Stewart

Global Sales Manager

Research Cosmos

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michael

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michael
Joined: April 4th, 2019
Articles Posted: 31

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