Global Precision Medicine Market (2018-2023)
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Global Precision Medicine market
Precision medicine is an upcoming approach which involves investigating whether a person has any diseases by evaluating the genetic makeup, and then diagnosing it. According to , the global precision medicine market is expected to have a significant compounded annual growth rate (CAGR) of 12.71% and have a market size in excess of USD 96.07 Bn by 2023. North America dominates the global market due to the high incidence of cancer and increasing government initiatives in the region.
Precision medicine involves a study of patient-specific information to diagnose, and then categorize various diseases. The concept of precision medicine is rapidly growing in the medicine community through tremendous expansion of various advanced technologies, such as next-generation sequencing, molecular biomarker analysis, and much more. With the help of growing technologies, precision medicine plays a vital role in preventing and treating various diseases such as cancer, cardiovascular, neurology and other diseases, which are currently burdening the healthcare system.
The global precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
Key growth factors
The concept of precision medicine has gained momentum in the healthcare community, powered by the tremendous expansion of various advanced technologies such as next-generation sequencing, molecular biomarker analysis and many more. The precision medicine market is also driven due to the initiatives taken by the government like precision medicine initiative (PMI) which is taken by U.S government.
Rising pressure to lower healthcare cost globally, growth of personal healthcare devices, the emergence of value-based reimbursement models, and healthcare digitization trends are aiding the transition of treatment model from ‘one-size-fits-all’ to stratified and outcome-based targeted therapies, which are called precision medicine.
Threats and key players
Threat to personal data, high diagnostic costs, and the risk of hardware and software failure are some of the factors that will hinder the growth of the market.
The key players that have been contributing significantly to the precision medicine market include Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings and Danaher Corporation, among others.
What’s covered in the report?
1. Overview of the global precision medicine market
2. Drivers and challenges in the global precision medicine market.
3. Trends in the global precision medicine market
4. Historical, current and forecasted market size data for ecosystem players segment in the global precision medicine market (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies)
5. Historical, current and forecasted market size data for the therapeutics segment in the global precision medicine market (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases)
6. Historical, current and forecasted market size data for the technology segment in the global precision medicine market (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics)
7. Analysis of the competitive landscape and profiles of major companies operating in the market
Why buy?
1. Get a broad understanding of the global precision medicine market, end uses, therapeutics, and the other sub-markets
2. Get geography-specific drivers and challenges affecting the global precision medicine market, its end uses, therapeutics, and the sub-markets
3. Devise market-entry strategies by understanding the factors driving the growth of the market
4. Identify the challenges and address them
5. Get insights into the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth
Customizations Available
Precision medicine is an upcoming approach which involves investigating whether a person has any diseases by evaluating the genetic makeup, and then diagnosing it. According to , the global precision medicine market is expected to have a significant compounded annual growth rate (CAGR) of 12.71% and have a market size in excess of USD 96.07 Bn by 2023. North America dominates the global market due to the high incidence of cancer and increasing government initiatives in the region.
Precision medicine involves a study of patient-specific information to diagnose, and then categorize various diseases. The concept of precision medicine is rapidly growing in the medicine community through tremendous expansion of various advanced technologies, such as next-generation sequencing, molecular biomarker analysis, and much more. With the help of growing technologies, precision medicine plays a vital role in preventing and treating various diseases such as cancer, cardiovascular, neurology and other diseases, which are currently burdening the healthcare system.
The global precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
Key growth factors
The concept of precision medicine has gained momentum in the healthcare community, powered by the tremendous expansion of various advanced technologies such as next-generation sequencing, molecular biomarker analysis and many more. The precision medicine market is also driven due to the initiatives taken by the government like precision medicine initiative (PMI) which is taken by U.S government.
Rising pressure to lower healthcare cost globally, growth of personal healthcare devices, the emergence of value-based reimbursement models, and healthcare digitization trends are aiding the transition of treatment model from ‘one-size-fits-all’ to stratified and outcome-based targeted therapies, which are called precision medicine.
Threats and key players
Threat to personal data, high diagnostic costs, and the risk of hardware and software failure are some of the factors that will hinder the growth of the market.
The key players that have been contributing significantly to the precision medicine market include Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings and Danaher Corporation, among others.
What’s covered in the report?
1. Overview of the global precision medicine market
2. Drivers and challenges in the global precision medicine market.
3. Trends in the global precision medicine market
4. Historical, current and forecasted market size data for ecosystem players segment in the global precision medicine market (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies)
5. Historical, current and forecasted market size data for the therapeutics segment in the global precision medicine market (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases)
6. Historical, current and forecasted market size data for the technology segment in the global precision medicine market (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics)
7. Analysis of the competitive landscape and profiles of major companies operating in the market
Why buy?
1. Get a broad understanding of the global precision medicine market, end uses, therapeutics, and the other sub-markets
2. Get geography-specific drivers and challenges affecting the global precision medicine market, its end uses, therapeutics, and the sub-markets
3. Devise market-entry strategies by understanding the factors driving the growth of the market
4. Identify the challenges and address them
5. Get insights into the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth
Customizations Available
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Details
NS-15391264
04-Mar-2020
90
04-Mar-2020
90
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