NOIDA, India, Dec. 1, 2020 /PRNewswire/ -- A comprehensive overview of the precision medicine market is recently added by UnivDatos Market Insights to its humongous database. The precision medicine market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. Furthermore, the precision medicine market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the precision medicine market at the global and regional levels. Global Precision Medicine Market is expected to grow at a CAGR of 9.9% from 2021-2026 to reach US$ 105.6 billion by 2026.
Precision medicine is known to be one of the most promising approaches for tackling the diseases that have thus far eluded effective treatments or cures. Several indications such as cancer, neurodegenerative diseases, and rare genetic conditions take an immense toll on individuals, families, and societies. Cancer is amongst the leading cause of mortality worldwide with an estimation of 9.6 million deaths in 2018. The most common cancers include lung (2.09 million cases), breast (2.09 million cases), colorectal (1.80 million cases), prostate (1.28 million cases), non-melanoma skin (1.04 million cases), stomach (1.03 million cases).
The rising demand for preventive care and advances in next-generation sequencing (NGS) technologies have resulted in an unprecedented proliferation and deluge of genomic sequence data, thereby driving the market growth of the precision medicine sector. In the last 15 years, the cost of mapping a human genome has fallen from US$ 100 million to below US$ 1,000, allowing the use of data from patient DNA to become a significant viable method to provide precise, actionable recommendations before symptoms occur. The growth of the industry is also fueled by scientific discovery, alignment of incentives, regulatory decisions, consumer interest and demand, and advances in technology. The growth of the market for precision medicine is also supported by the increasing patient adherence to treatment and rising prevalence of oncology indications.
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Impact of COVID-19:
As the pandemic is spreading rapidly, clinicians treating COVID-19 are in desperate need of effective therapy, as the development of an effective vaccine remains a remote possibility. Given the urgent nature of the pandemic and the number of companies and researchers developing COVID-19 related therapies, there are more than 560 drug development programs in the pipeline with over 370 trials been reviewed by FDA. For instance, Boehringer Ingelheim initiated a Phase II study of BI 764198, a TRPC6 inhibitor to alleviate the damage to the lung and decrease the risk or severity of acute respiratory complications in patients hospitalized for COVID-19.
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Global Precision Medicine Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily bifurcated into
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
Drug Discovery Devices dominated the technology segment of the global precision medicine market and will grow at a 9.6% CAGR to reach US$ 24.1 billion by the year 2026.
By Disease Area, the market is primarily segmented into
- Respiratory Diseases
- Central Nervous System Disorders
- Genetic Diseases
Amongst disease areas, Oncology accounted for the maximum share and is anticipated to grow at a 9.1% CAGR during the forecast period 2021-2026. However, the Central Nervous System Disorders segment is expected to witness the highest CAGR during the forecast period to reach US$ 10.2 billion in 2026.
By End-User, the market is primarily studied into
- Hospitals & Clinics
- Diagnostic Companies
- Healthcare IT Firms
In 2019, Pharmaceuticals segment dominated the precision medicine market and is anticipated to garner US$ 47.3 billion of the market in 2026. However, hospitals & clinics segment is expected to witness the highest CAGR of 10.8% during the analyzed period.
Precision Medicine Market Geographical Segmentation Includes:
- North America (the United States, Canada, Mexico, and Rest of North America)
- Europe (Germany, Spain, Italy, France, United Kingdom and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, North America dominated the precision medicine market with almost 36.8% of the market revenue in 2019 owing to its wide-range applications and advancements in technologies in the region. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 11.3% over the forecast period.
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The major players targeting the market includes
- Abbott Laboratories
- Eli Lilly and Company
- Hoffmann La Roche
- NanoString Technologies
- NeoGenomics Laboratories
- Novartis AG
- Quest Diagnostics
- Teva Pharmaceutical Industries Limited
- Thermo Fisher Scientific
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the precision medicine market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the precision medicine market?
- Which factors are influencing the precision medicine market over the forecast period?
- What are the global challenges, threats, and risks in the precision medicine market?
- Which factors are propelling and restraining the precision medicine market?
- What are the demanding global regions of the precision medicine market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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SOURCE UnivDatos Market Insights