The precision medicine market is accounted for more than US$ 58 bn in the year 2019
Meridian Market Consultants (MMC) has published a new report titled, “2020-2025 Global and Regional Precision Medicine Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report (Enhanced Version)”
Global Precision Medicine Market, By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others), By Application (Oncology, Immunology, CNS, Respiratory, Others), By End-Use (Pharmaceutical Companies, Diagnostic Companies, Healthcare IT companies, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
In 2019, the global precision medicine market is accounted for more than US$ 58.0 Bn and expected to grow at a significant CAGR of 9.9% during the forecast period and expected to reach to the value of more than US$ XX Bn in 2025.
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As per the report, the stimulating demand of personalized medicines based on the framework of a patient’s genetic content or other molecular or cellular evaluation across the world is majorly driving the growth of the global precision medicine market.
One of the most rejuvenated trends in the preventive medicine industry, which has reflected a humongous level of breakthrough in the recent past years is precision medicine. Since 2003, the preventive medicine industry has shifted their attention towards personalized medicine or precision medicine along with the overall sequencing of the human genome.
Owing to the required technological advancements, there are numerous paths of opportunities to present novel medical, scientific, and business models. Attributable to such factors, the global precision medicine market is expected to grow rapidly in the near future.
Also, the rising R&D activities and advancements by medical specialists and researchers in the genomics industry is also immensely contributing to the growth of the global precision medicine market.
For instance, the increasing substantial improvements in the area of gene therapy doubled with several medical advantages is projected to shoot the growth of the global precision medicine market in the forthcoming years.
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In addition, with the knowledge of the working of patients' clinical and molecular profiles, the doctors and medical practitioners are able to detect more precisely which treatment and prevention strategies for a specific disease will work in which groups of people, thus stimulating the demand for precision medicine, hence expected to propel the growth of the global precision medicine market.
Moreover, the substantial progress with some of the crucial discoveries such as biochips/microarrays and single nucleotide polymorphism in the field of precision medicine is also giving a positive push to the growth of the global precision medicine market.
More essentially, the rise in incidence of cancer is also projected to boost the demand for precision cancer diagnostics and therapeutics that in turn will render a positive impact on the growth of the global precision medicine market.
However, threat to personal data, high diagnostic price, and strict standards and regulations obstruct the growth of the precision medicine market.
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MMC Study identifies some of the key participating players in the Precision Medicine Market globally are Tepnel Pharma Services, Biocrates Life Sciences, Qiagen, Novartis, NanoString Technologies, Menarini Silicon Biosystems, Pfizer, Eagle Genomics, Roche, Intomics, Quest Diagnostics, Teva Pharmaceutical, and others.
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