Precision Medicine Market- Industry Assessment, Analysis and Forecast (2014 - 2020)

Nov 02, 2015, 15:55 ET from ReportBuyer

LONDON, Nov. 2, 2015 /PRNewswire/ -- Precision medicine the combination of molecular biology techniques and systems biology to form an approach for developing drugs and vaccines that deliver superior outcomes to patients by using integrative analysis for better biological understanding of diseases and their outcomes. Though this field has been in discussion in the medical community for years, it is only now that one can put a name to it and associate it with the global expansion in genetic technologies and big data analytics.

The famed one size fits all theory has been challenged in the medical field for years now. The expansion in the precision testing market knocks this saying out of the medical ballpark using the biomarker bat. The advancements in Biomarker technology and the subsequent advancement in decoding of this data has advanced medical technology to the space were individual specific treatment is possible today.

Most of the advancements in this market are being driven by advancements in precision oncology techniques. As a result a patient diagnosed with cancer in 2004 would have had only a 10% chance of obtaining the right treatment for the disease as compared to a 70-80% chance of getting the right treatment today.

The global biomarker market is set to hit close to $47 billion by the year 2016. Running pace with this market the global big data market in healthcare in USA alone crossed 150 exabytes in 2011 and at this pace is set to run into yottabyte (1024 gigabytes) very soon. With these crucial segments setting pace the global precision market is set to be valued at close to $40 billion globally by the year 2016, with North America and Europe setting pace for the Rest of the World.  

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