Precision medicine is an emerging approach to preventive health and for the treatment of disease. The approach allows doctors and physicians to study the individual response to a therapy. The approach studies the individual profile at a genetic level along with their lifestyle and environment. In January 2015, Precision Medicine Initiative (PMI) was announced to extend precision medicine to all diseases with more than one million volunteers. All of The Unified Shared Services Management, a data-driven enterprise supported research at the intersection of environment, lifestyle and genetics to treat disease and prolong health. Targeted cancer therapy, use of combination therapies and knowledge of drug resistance were some of the short term goals. While the long-term goal was to create a cohort of 1 million American volunteers to share genetic data, lifestyle information, biological samples which would be linked to the electronic health record. This would advance pharmacogenomics and lay a scientific foundation for precision medicine for many diseases.
Global Precision Medicine Market Value and Forecast
The global precision medicine market, estimated to be worth around US$ 56 Bn by 2016 end, is expected to expand at an approximate CAGR of 14% over the forecast period of 2016–2024. North America accounted for largest market share and the net average net worth of the market was close to US$ 19 Bn in 2015 and is expected to expand at a CAGR of more than 13.5 % over the forecast period.
Global Precision Medicine Market Dynamics
Factors such as the increasing approval of drug along with its companion diagnostic assay, cost- effective profiling of DNA, increasing incidence rate of cancer and rise of data-driven healthcare are some of the reasons leading to the growth of the precision medicine market. Moreover, the increasing use of “multi-omics” in research along with the penetration of high-throughput sequencing platforms is also shaping up the precision medicine scenario. The number of targeted molecules in pipeline for a specific application has been exponentially growing specifically in oncology.
The current escalating price of drug discovery along with increasing regulatory requirements has increased the demand for an individualized product. The development of companion diagnostics appears to offer a set of tools as well as relevant clinical and biological information to address various pharmaceutical companies. Industry players are now patenting a molecule along with its companion diagnostics to achieve a competitive edge, profit margin and more usage. With the available companion diagnostics, both patient and physicians are assured of the therapy effectiveness.
Global Precision Medicine Market Segmentation Forecast
Based on application, the market has been segmented into multiple layers. Oncology, Immunology, Neurology, Cardiology, Infectious disease and others are some of the crucial streams of application segment. Oncology segment accounts for a significant share in terms of revenue of the total precision medicine market; however, immunology segment is anticipated to witness an impressive CAGR over the forecast period.
Global Precision Medicine Market Forecast by Region
Geographically, North America is leading the precision medicine market. The massive investment in the field of precision medicine in US will trigger the growth of the market within the assessment period. Though the funding is for oncology targeted therapy, the research would gradually expand to other applications. North America is at the forefront as far as the acceptance and utilization of precision medicine is concerned. As economically developing regions such as Asia-Pacific are still behind the developed countries, this region has huge potential for market growth, and this region will showcase significant hike by the end of the forecast period.
Key Players Operating in the Global Precision Medicine Market
Some of the players in the global precision medicine market are, F Hoffmann-La Roche AG, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Quest Diagnostics, Laboratory Corporation of America Holdings, Novartis AG, AstraZeneca, Bristol-Myers Squibb and Eli Lilly And Company. The companies are trying to increase their product pipeline by filing new molecule application or by extending the application of the existing molecule.
Other strategies such as merger and acquisitions, industry academia collaboration to bring in more commercialized molecule or sequencing techniques will also impact the present market trends. The report also identifies company-specific strategies related to product development, market consolidation initiatives and analysis of their specific strengths, weaknesses, opportunities and threats.
This Persistence Market Research (PMR) report examines the global precision medicine market for the period 2016–2024. The primary objective of the report is to offer updates and information related to market opportunities in the global precision medicine market.
The report offers an in-depth insight of the global precision medicine market. The report study covers most prominent factors that are impacting the organic growth of the market. The report also gauges the changing trends and talks about new developments that will change the face of the global precision medicine market. The report is a detailed study of the market strategy adopted the key shareholders of the market. The market insight discusses about some of the major inclusion of smart IT enabled technologies and prominent mergers that will expand the periphery of the market and will enhance the customer outreach of the product. The report gives a forecast of the global precision medicine market. The global precision medicine market is segmented as follows: Precision Medicine market by technology, Precision Medicine market by application and Precision Medicine market by region.
This report covers the global precision medicine market performance in terms of revenue contribution from various segments. This section also includes PMR analysis of key trends, drivers, restraints and opportunities, which are influencing the growth of the global precision medicine market. Impact analysis of key growth drivers and restraints are included in this report to better equip clients with crystal clear decision-making insights. The next few sections of the report analyse the global precision medicine market based on technology, application, and region and present a comprehensive forecast in terms of value for the next eight years.
We have taken into consideration the year-on-year growth to understand the predictability of the market and to identify the right growth opportunities in the global precision medicine market. Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective.
In order to provide an accurate forecast, we have started by sizing up the current market, which forms the basis of how the global precision medicine market is expected to develop in the future. Critical market data, including the base number and segment splits, has been devised through in-depth secondary research. This data is then triangulated on the basis of different verticals, considering both supply side and demand side drivers and other dynamics of the various regional markets, along with primary interviews of key stakeholders and industry experts operating in the global precision medicine market. We have also analyzed the different segments of the global precision medicine market in terms of basis point share (BPS) to understand the individual segments’ relative contribution to market growth. This detailed level of information is important for identifying the key trends governing the global precision medicine market.
In the final section of the report on precision medicine market, the global precision medicine market competitive landscape is included to provide report audiences with a dashboard view, to access the key differentiators among the competitor firms. This gives the client a comparative landscape of the various industry participants. Detailed company profiles include company-specific long-term and short-term strategies, key offerings and recent developments in the global precision medicine market.