OCEAN VIEW, Delware, November 1, 2016 /PRNewswire/ --
"Global Precision medicine market size worth USD 39 billion in 2015, is forecast to grow at a CAGR of 10.5% over the period of 2016-2023, hitting USD 87.7 billion by 2023," according to a recent study on Global Precision Medicine Market - Estimations & forecast (2016-2023) by Global Market Insights Inc.
Technological advancements like next generation sequencing, demand for customized medical solutions, growth in healthcare technologies, and favorable government norms are the vital factors to drive the industry growth over the coming seven years, says the report. Moreover, increasing geriatric population and prevailing cancer rates are also boosting the precision medicines market share.
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The approach has gained high significance due to its customized treatment methods which has enabled better assessment of disease risks and optimal therapies considering the variability in genes, environment, and lifestyle of each individual. The government backing for the precision medicine market is also a vital industry revenue driver. The need to build a public health database is well met with the precision medicine approach. In 2015, President Barack Obama announced the concept of PMI (Precision medicine initiative) which enables providers, researchers, and patients to work together towards developing individualized care.
However, lack of data confidentiality (the risks associated with sharing of patients' genetic data) and lesser investments on customized and innovative drugs by pharmaceutical companies are factors likely to hinder the market growth over the coming timeframe.
Browse key industry insights spread across 94 pages with 85 market data tables & 62 figures & charts from the report, "Precision Medicine Market Size By Technology (Big Data Analytics, Gene Sequencing, Drug Discovery, Bioinformatics, Companion Diagnostics), By Application (Oncology, CNS, Immunology, Respiratory), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Scandinavia, Italy, Japan, China, India, Singapore, Mexico, Brazil, South Africa, UAE, Qatar, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023" in detail along with the table of contents:
The report analyses the industry in terms of technologies, application, regions, and competition.
Key industry insights from the report include:
- The technology segment comprises Big Data analytics, Gene sequencing, Drug discovery, Bioinformatics, Companion diagnostics, and Others
- Drug discovery technology having had a market value of USD 9 billion in 2015, is estimated to grow at a CAGR of 8.3% over the period of 2016-2023
- Global Companion diagnostics market is predicted to witness significant gains over the forecast period, primarily due to the government funding support. This technology segment is likely to hit a revenue of USD 17 billion by 2023
- The application segment includes Oncology, CNS, Immunology, Respiratory, and Others
- Oncology application segment, which accounted for 30% of the overall precision medicine market share in 2015, is estimated to register a CAGR of 10.9% over the timeframe of 2016-2023. The growth can be attributed to its huge demand in cancer treatment
- CNS application segment having had a worth of USD 9 billion in 2015, is estimated to witness significant growth over the coming years
- The regional segment comprises North America, Europe, Asia Pacific, Latin America, and MEA
- The U.S. precision medicine market contributed towards 65% of the overall North America revenue in 2015, and is estimated to experience significant gain over the coming timeframe. Favorable government regulations will primarily drive the regional growth.
- The Europe market will witness substantial gain over the estimated timeframe, mainly driven by Germany precision medicine market share which accounted for USD 2.4 billion in 2015
- China, having contributed towards 25% of the overall APAC market share in 2015, is forecast to remain the major revenue pocket for the Asia Pacific region
- Key precision medicine market players are Novartis, Covance, Roche Holding AG, Pfizer, Qiagen, NanoString Technologies, Teva Pharmaceutical Industries, Biocrates Life Sciences, Intomics, Tepnel Pharma Services, Ferrer inCode, Eagle Genomics, LabCorp, Medtronic, Silicon Biosystems, and Quest Diagnostics.
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Scope of the report:
Precision Medicine Market Technology Analysis: Big Data analytics, Gene sequencing, Drug discovery, Bioinformatics, Companion diagnostics, Others
Precision Medicine Market Application Analysis: Oncology, CNS, Immunology, Respiratory, Others
Precision Medicine Market Regional Analysis:
- South Africa
- Saudi Arabia
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
SOURCE Global Market Insights Inc.