BLOOMINGTON, Minnesota, December 15, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Precision Medicine Market- Analysis and Forecast, 2017-2026", the global precision medicine market accounted for $43.59 billion in 2016 and is estimated to reach $141.70 billion by 2026. The market is expected to grow at a compound annual growth rate (CAGR) of 11.23% between the years 2017 and 2026, aided by the adoption of early diagnosis, increased number of adverse drug reactions cases, high prevalence of chronic diseases, and advancements in genetic science, among others.
Precision medicine 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. According to the Personalized Medicine Coalition, the market value of the targeted therapeutic drugs dependent on companion diagnostics was valued to be $25 billion in 2015. Also, the number of precision medicine or personalized medicine drugs that point to specific biomarker has steadily increased from 5 in 2008 to 132 in 2016. A recent survey conducted by the Tufts Centre for Drug Development showed that 42% of the drugs in the development pipeline include biomarkers in their design. The survey also suggested that several biopharmaceutical companies have doubled their investments over the last five years in precision medicine, and are expected to increase their investments by additional 33% over the next five years. Thus, precision medicine holds an immense potential for improving patient health outcomes and is rapidly becoming an integral component of patient care.
The completion of the first human genome project in the 1990s created the essential platform for the development of precision medicine. Since its introduction in the early 21st century, the precision medicine market has exhibited promising growth. The merits of precision medicine have their roots in the Human Genome Project, a 13-year long, $3 billion dollar 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.
Precision medicine involves a 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. Comprising of these advanced technologies, precision medicine holds a promising potential to prevent, and treat various diseases such as cancer, cardiovascular, neurology, diabetes, and other diseases, which are burdening the present healthcare system.
BIS Research Report:
According to Pushplata, analyst at BIS Research "Next generation sequencing provides an opportunity to transform disease management in various therapeutic areas such as cancer, immunology, cardiology, and neurology, among others, to identify new targeted therapies and the gene sequencing market is estimated to grow at a CAGR of 12.13% from 2017 to 2026. Considerable investments are being made by the key players to develop the best and efficient technologies with the ability to provide targeted therapy with great accuracy to the right patient at the right time. New technologies such as gene therapies, cell therapies, molecular biomarker analysis, and companion diagnostics have the potential to transform medicine, and increase the ability to treat and cure several intractable diseases. The best precision medicine solution would be the one with precise, predictive, and preventive ability to detect, diagnose, and treat a disease. Therefore, developing precise technologies, and making them available to the customers at an affordable price will be a promising and convenient way to cater the needs of the market."
Diagnostic tool companies & clinical laboratories is dominating the ecosystem segment and expected to reach $49.50 billion by 2026
Technologies such as gene sequencing, companion diagnostics, pharmacogenomics, bioinformatics, and big data analytics are foreseen to drive the market growth during the forecast period
Oncology is the dominating therapeutic application segment and is expected to grow with a CAGR of 10.44% from 2017 to 2026; it is currently the prime focus in the research and development of precision medicine
Cardiovascular segment by region is dominated by North America and is anticipated to grow at a CAGR of 9.93% in the forecast period 2017-2026
The North America market is expected to grow over $64.32 billion by 2026 and the market is exceedingly driven by various technological innovations, which has further aided in understanding the biology of various types of cancer. Further, North America majorly comprises of the U.S. and the Canadian market.
In Europe, contribution of pharmaceuticals and biotech companies is expected to witness the highest CAGR of 12.53% in the forecast period of 2017-2026 and is expected to outperform diagnostic tools companies and clinical laboratories
The Asia Pacific (APAC) precision medicine market, by technology, is currently dominated by molecular diagnostics, and is expected to witness a CAGR of 12.04% in the forecast period 2017-2026
This market intelligence report provides a multidimensional view of the global precision medicine market in terms of market size and growth potential. This research report aims at answering various aspects of the global precision medicine market with the help of the key factors driving the market, threats 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 study considers the growth-share matrix model for a comprehensive study of the global precision medicine market and assesses the factors governing the same.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as market share analysis, Porter's Five Force analysis, product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions. 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.
This report is a meticulous compilation of research on more than 150 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants and vendors. The report also profiles more than 40 companies including several key players, such as 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.
Key questions answered in the 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 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 has the market 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 has the market 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? 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?
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
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