FREMONT, Calif., Sept. 17, 2020 /PRNewswire/ -- The global precision medicine market is projected to reach $278.61 billion by 2030, reveals a premium market intelligence report by BIS Research. The study also highlights that the market is set to witness a CAGR of 11.13% during the period between 2020 and 2030.
The comprehensive study of the global precision medicine market by BIS Research extensively covers the following:
Market numbers on micro-segments that are influencing the market
More than 1500 products present in the market
Pricing data for more than 500 products
Over 350 brands were evaluated
Market share analysis for more than 20 product categories
End-user preference data for over 50 end users
Detailed global and regional market share analysis including the scrutiny of more than 15 countries
Besides these parameters, the report also encompasses the market growth drivers, opportunities, market restraining factors, competition mapping, segmental analysis, and a visual dashboard of 1400+ products.
The BIS Research report indicates that the increasing number of genetic tests taken, the growing demand for reliable next-generation sequencing (NGS) results, the rising prevalence of infectious diseases, and the improving funding scenario in the field of precision medicine, among others, are fueling the growth of the market.
It also highlights the various emerging opportunities, such as growth in emerging nations, capitalization on the high prevalence of cancer, and the evolution of technology in healthcare, that can be leveraged by players operating in the market.
Additionally, the market intelligence report by BIS Research throws a spotlight on the key industry trends that have a humungous influence in shaping the industry going forward. Some of these trends include the emergence of advanced stabilization products, regulated vs. multimodal analysis, collaborations and partnerships, and several other key trends.
Data from different segments of the market has been analyzed minutely to gain a holistic view of the market. These segments include types of products offered, technologies used, sources used, applications, and regions. Each of these segments is further categorized into sub-segments and micro-segments to compile an in-depth study.
The technology and ecosystem analysis of the global market includes data analysis on the satisfaction level of different pricing analysis of preferred instruments, accessories and components, and consumables. The study is majorly centered on the sub-segments and micro-segments of the different product markets, such as consumables and instruments. The consumables are further categorized into kits and reagents.
Emphasizing the dominance of North America in global precision medicine market in 2019 and 2020, Nitish Kumar Singh, Lead Analyst – BIS Research, states, "In North America, several established diagnostics manufacturers are focusing on expanding their portfolio in NGS-based molecular diagnostics and are collaborating with service providers and pharmaceutical giants to co-market molecular diagnostics solutions with its complementary precision medicine solutions. Moreover, the U.S. government is undertaking a number of initiatives to develop of precision drugs and tests for oncology and non-oncology diseases and provide funds to new startups in the molecular diagnostics and precision medicine field."
Key insights are drawn from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The key players profiled in the report include Abbott Laboratories, Almac Group Ltd, Amgen Inc., ANGLE plc, Astellas Pharma Inc., Astra Zeneca PLC, ASURAGEN INC., Bio-Rad Laboratories, Inc., bioMérieux SA., Bristol-Myers Squibb Company, Cardiff Oncology, CETICS Healthcare Technologies GmbH, Danaher Corporation, Eli Lilly and Company Limited, Epic Sciences, Inc., F. Hoffmann-La Roche Ltd, GE Corporation, Gilead Sciences, Inc., GlaxoSmithKline Plc, Illumina, Inc., Intomics A/S, Johnson & Johnson Company, Konica Minolta, Inc., Laboratory Corporation of America, MDx Health, Inc., Menarini Silicon Biosystems, Inc., Merck & Co., Inc., Myriad Genetics, Inc., Novartis AG, Oracle Corporation, Partek, Inc., Pfizer, Inc., QIAGEN N.V., Quest Diagnostics Inc, Randox Laboratories Ltd., Sanofi SA, Sysmex Corporation, Teva Pharmaceuticals Industries Ltd., and Thermo Fisher Scientific, Inc.
The report also offers strategic recommendations that can help organizations in tracking various products, trends, and technologies that are changing the dynamics of the market. The recommendations by BIS Research also offer bespoke research services to help organizations meet their objectives.
Who should buy this report?
Manufacturers of instruments, kits, assays, software, platforms, and consumables
Companies in the services market of the precision medicine market
How can this market intelligence report on precision medicine add value to an organization's decision-making process?
Aid in product development
Help in targeting a segment for launching a new product
Offers go to market strategies for different source type
Support in diversifying the product portfolio basis risk and progression of technology
Help in analyzing technological substitutes and compare the specification
Offer tailor-made solutions based on the throughput of different labs
Aid in understanding the end-user requirement
Assist in exploring the newer application
Support in analyzing the competitors' funding scenario
Insightful Questions Covered to Enable Companies take Strategic Decisions
What are the estimated and projected numbers for the global precision medicine market for 2020 and 2030?
What are the drivers, challenges, and opportunities that are influencing the dynamics of the market?
What is the competition layout of the market?
What are the parameters on which competition mapping is carried out in the study?
Which key development strategies are being followed and implemented by major players to help them sustain in the market?
How are different segments of the market expected to perform during the forecast period from 2020 to 2030? The segments included in the comprehensive market study are:
Which leading players are currently dominating the market, and what is the expected future scenario?
Which companies are anticipated to be highly disruptive in the future, and why?
How can the changing dynamics of the market impact the market share of different players operating in the market?
What are the strategic recommendations offered in the study?
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as, custom studies, and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
BIS Healthcare vertical offers intelligence in the healthcare technology market for Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, Precision Medicine, and other emerging healthcare technologies, covering the entire industry spectrum. In the past 5 years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating Top 25 Voices in Precision Medicine on its Insight Monk platform for the past two years successfully.