Global Precision Medicine Market to Reach $141.7 billion by 2026

LONDON, Jan. 9, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5251943



Various advancements in the life sciences industry have paved the way for development of several precision medicine solutions. It is one of the most modernized trends in the healthcare industry that has projected tremendous level of progress in the last few years.

The completion of the Human Genome project in 2003 and the precision medicine initiative in 2015 provided a path of opportunity to introduce new scientific, medical, and business models in the precision medicine market. The sole idea behind the development of precision medicine solution is to provide targeted therapies to population based on their genomic structure. Therefore, the application of 'omics' (genomics, proteomics, transcriptomics) analysis is widely used in this market.

The precision medicine market is a multibillion market which consists of innumerable companies involved in the research and development, manufacturing and commercialization of several novel drugs and diagnostic kits to boost the Precision Medicine workflow.

Currently, the precision medicine market is gaining preference among the masses due to the growth of personal healthcare devices and integration of smart technologies in the healthcare system. In addition, increasing collaborations and partnerships between various ecosystem players are aiding in the robust growth of the precision medicine market.

The growth in the precision medicine market is propelled by an increasing demand for personalized treatment, technological innovation and advancement (including Biomarker-based tests/kits, next gene sequencing, and precise imaging), government support and regulations, which consequently, have created a demand for the precision medicine solutions. Governmental regulations and standards are sustaining the growth and development of the precision medicine market. The primary aim of these regulations is to make precision medicines more adaptable and focused towards genetic diseases related to oncology, skin, respiratory, central nervous system, cardiovascular, and infectious diseases, among others.

The purpose of this study is to gain a holistic view of the precision medicine market in terms of various influencing factors, such as recent trends, technological advancements, and role of various key stakeholders in the market. The scope of this report constitutes of an in-depth study of the global precision medicine market. The market has been segmented into 'ecosystem players' 'technology', 'therapeutic applications' and 'region'.

The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well informed strategic decisions. The research uncovers some of the crucial parameters that must be taken into consideration before entering into the market.

The research report aims at answering various aspects of the global precision medicine market with the help of the key factors driving the market, restraints and challenges that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The report includes an in-depth examination of the key ecosystem players and key strategies & developments taking place in this market.

The research study considers the market share analysis for a comprehensive understanding of the global precision medicine market and assesses the factors governing the same. The supply chain analysis, Porter's Five Force analysis, patent landscape, detailed product mapping and R&D analysis have been included in the report.
The market by region has been further sub-segmented in countries and in each sub-segments, key market trends, list of key players, and recent developments were listed.

The answers to the following key questions can be derived from this report:
• How did the precision medicine market evolve and what is its scope in the future?
• What is the approach followed in the development of precision medicine solutions?
• What are the key areas of interest for the development of precision medicine?
• What are the major market drivers, challenges and opportunities in the global precision medicine market?
• What are the key initiatives and programs launched in the precision medicine market?
• What are the key developmental strategies which are being implemented by the key players to stand out in this market? Among these strategies, which strategy is currently dominating the market?
• What are the precision medicine solutions provided by the key companies? What are the key products in pipeline?
• Who are the key players holding significant number of patents in the precision medicine market?
• How is the Porter's Five Forces affecting the industry attractiveness in the precision medicine market?
• What is the role of different stakeholders in value chain for the precision medicine market?
• What is the total addressable market (TAM), segmental addressable market (SAM) and the potential market opportunity of the global precision medicine market?
• What is the market share of different leading segments and sub-segments of the market for the years 2017 and 2026?
• How each of the segments of the global precision medicine market will grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2026?
• Who are the key players dominating the global precision medicine market and what are their respective shares in the market?
• Who are the key players dominating the precision medicine market, in different segments namely the ecosystem players, technologies, and therapeutic applications?
• What are the influencing factors that may affect the market share of the key players?
• Who are the leading ecosystem players in the precision medicine market and what is their contribution to the market? What are the key drivers and challenges in each ecosystem player?
• How the market has been segmented on the basis of technology? Which technology is leading and what is its share in the market? What are the key drivers and challenges in each technology?
• How the market has been segmented on the basis of therapeutic application? Which therapeutic application is leading and what is its share in the market? What are the key drivers and challenges in each therapeutic application?
• Which geographical location will contribute to the highest sales of precision medicine solutions and how regions have been further segmented into countries?
• Who are the key players dominating the precision medicine market, in different regions namely North America, Europe, and Asia Pacific? What are the key drivers and challenges in each of the geographical regions?
• How many countries are covered in each geographical region? Which country is currently dominating the precision medicine market?
• What are the key strengths, weaknesses, opportunities, and threat for each of the key players in the precision medicine market?

The key players which have been contributing significantly to the precision medicine market include Abbott Laboratories, Almac Group, Amgen, Inc., Astellas Pharma, Inc., AstraZeneca PLC, ASURAGEN, INC., bioMerieux SA, BRISTOL-MYERS SQUIBB COMPANY, CETICS Healthcare Technologies GmbH, Eli-Lilly and Company, F. Hoffmann-La Roche AG, GE Healthcare, Gilead Sciences, Inc., GlaxoSmithKline, IBM Corporation, Illumina, Inc., Intomics A/S, JOHNSON & JOHNSON, Laboratory Corporation of America, Merck KGaA, Novartis AG, Pfizer, Inc., QIAGEN, Quest Diagnostics, Randox Laboratories, SANOFI, Teva Pharmaceuticals Limited, and Thermo Fisher Scientific, among others.

Executive Summary
The year 2003 marks the completion of the Human Genome Project, a 13-year, $3 billion collaborative effort for the sequencing, and mapping of complete human genome. This project further enabled the scientists to research extensively on the gene variants to specific diseases, and develop targeted therapeutics depending on the genetic profile of an individual.

The completion, consequently, created the platform for the development of precision medicine. Since its introduction in the early 21st century, the precision medicine market has shown promising growth.

Precision medicine involves the detailed study on patient specific information to diagnose, and characterize the diseases.

The concept of precision medicine is rapidly growing in the medical community through tremendous expansion in various advanced technologies such as next generation sequencing, molecular biomarker analysis, bioinformatics, and big data analytics, among others. Owing to such advanced technologies, precision medicine acquired immense potential to prevent, and treat various diseases such as cancer, cardiovascular, neurology, diabetes, and other diseases, which are burdening the present healthcare system.

Precision medicine holds immense potential to restructure the healthcare industry. It is an emerging approach which enables the investigation of various diseases by evaluating the genetic makeup of an individual subject, thereby, providing a tailored therapeutic treatment to each patient.

By applying a deeper understanding of diseases with richer patient data, precise risk assessments, active monitoring, early detection and advanced analytics, precision medicine can help physicians tailor medicines in accordance to the needs of individual patients leading to better outcomes at potentially lower costs.

The multi-faceted approach to patient care involved in the precision medicine allows healthcare providers to avoid adverse drug reactions, improve methods of administration, focus efforts on prevention and earlier intervention, increase treatment options, and most importantly, improve the quality of life. Furthermore, the key achievements in the scientific research and technological advancements have played a major role in enabling a new era of patient care, and treatment.

The understanding of the molecular mechanisms of diseases is increasing significantly, which is allowing the scientists to develop novel drugs, targeted therapies, and various preventive strategies. Thus, a new form of healthcare has emerged as a possibility which is based on the genetic data of an individual, algorithms, gene sequencing, and precision tools.

The growth of the precision medicine market over the last few years have been monumental. The factors propelling the growth of the precision medicine market are increasing focus on targeted therapy by reducing trial and error medicine, growing demand of non-invasive testing procedures, reducing adverse drug reactions through pharmacogenomics testing, advancement of technology in understanding human biology & disease susceptibility, and shift in the significance of medicine from reaction to prevention, among others. However, several clinical, economical, ethical and regulatory conditions continue to challenge the growth of the market.

One of the major restraints to the growth of precision medicine market is the potential threat to personal data. Also, the interaction within genes, genes with various environmental factors, and within various environmental factors, can contribute to large sources of variations that are analytically complex to explain.

The global precision medicine market is expected to be $141.7 billion by 2026. The market growth is attributed to the adoption of early stage treatments, increased number of adverse drug reactions cases, prevalence of chronic diseases, and advancement in genetic science, among others.

Technologies such as gene sequencing, companion diagnostics, pharmacogenomics, bioinformatics, and big data analytics are expected to drive the market growth during the forecast period. The countries such as Spain, Italy, Singapore, India, China, KSA, the U.A.E. and Brazil offer several untapped and unexplored opportunities for the growth of this market.

The global precision medicine market was dominated by the oncology segment in 2016. The oncology market is expected to grow with a CAGR of 10.4% from 2017 to 2026. The rise in the number of cancer cases has significantly increased the global economic burden and is estimated to be approximately $4 trillion in 2025. Several developed countries such as the U.S., the U.K., Germany, France, and Canada, among others, have been making strenuous efforts to develop actionable measures to control the prevalence of cancer. Immunology is expected to be the segment growing at the highest CAGR and the market is expected to be $11.27 billion in 2026. The prime reasons for this high growth are increasing cases of hypersensitivity, allergy, and immunodeficiency.

The market was dominated by the companion diagnostics segment in 2016 and is expected to grow at a CAGR of 11.56% from 2017 to 2026. Currently, significant research is being carried out by the key companies for advancing technologies such as big data analytics, and bioinformatics.

According to a report cited by Oracle Health Sciences, the venture funding for precision medicine software in 2014 accounted for $268 million. Similarly, several biopharmaceutical companies are working extensively on the research and development of the targeted therapeutic drugs, tumor specific molecular biomarkers, companion diagnostics, and pharmacogenomics tests.

The global precision medicine market was dominated by the North America region in 2016. North America market is expected to grow with a CAGR of 9.66% from 2017 to 2026. The U.S. and Canada are the key contributors to the revenue generation in the North American precision medicine market. Moreover, with the announcement of Precision Medicine Initiative (PMI) project by the then U.S. president Barack Obama in 2015, the country has become a lucrative market for the investors. Asia Pacific region is expected to be the segment growing at the highest CAGR of 15.09% from 2017 to 2026.

The emerging companies in the market are receiving substantial amount of investments from the conglomerate companies, venture capitalists, and government organizations, as a support for their ongoing research projects which are expected to disrupt the dynamics of the market when launched.

The adoptability of a particular technology is entirely based on its clinical utility. Additionally, substantial investments are currently being made in bioinformatics, big data analytics start-ups, and service providing companies. The growing demand for genome mapping programs results into the generation of a large pool of genomic data.

The major companies in the market are seeking the help of the bioinformatics, and big data/healthcare IT start-ups for handling such large pool of data which is the current market need. The service providing companies help in expanding the global reach of the major companies, and also play a significant role in increasing the adoptability of the sequencing technologies across the globe.

Countries Covered
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• Rest of Asia Pacific
• RoW

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