Roche, Teva, Eagle Genomics, Pfizer and Quest Diagnostics Look to Capitalize in the Global Precision Medicine Market

Sep 30, 2016, 01:00 ET from Mordor Intelligence

HYDERABAD, India, September 30, 2016 /PRNewswire/ --

Mordor Intelligence announces the publication of their research report on the precision medicine market. The report titled, "Global Precision Medicine Market - Growth, Trends & Forecasts (2016-2021)" discusses the current landscape and outlook of the said market.

The global precision medicine market is estimated to be USD 40 billion in 2016 and is expected to reach USD 65.3 billion by 2021, growing at a CAGR of 10.3% during the forecast period. The report is an amalgamation of the current market scenario, its prospects and forces driving and restraining the market growth. The report highlights the North American, European, Asia-Pacific, Latin American and Middle East & African markets.

Oncology is at the frontline of precision medicine, moving beyond the previous model of giving cancer therapeutics based on trials of largely unselected patients beyond a simple phenotypic marker, to leading the way in utilizing the molecular profile of an individual's cancer genome to optimize their disease management

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The market for precision medicine can be segmented based on technology (big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics and others), by application (Oncology, CNS, Immunology, Respiratory and Others), and by geography (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa).

Precision medicine, a combination of molecular biology techniques and systems biology, is an emerging approach for disease treatment and prevention. The market growth for this approach is gaining momentum, as it takes into account individual variability in genes, environment, and lifestyle for each person while developing drugs and vaccines. Precision Medicine finds its majority of applications in Oncology diagnosis and therapeutics. Patients diagnosed with cancer in 2004 would have had only a 10.0% chance of obtaining the right treatment for the disease as compared to a 70.0-80.0% chance of getting the right treatment today.

The leading companies that dominate the precision medicine market are Biocrates Life Sciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Ferrer InCode, Covance, Silicon Biosystems (now part of the Menarini Group), Pfizer, Eagle Genomics, Source Precision Medicine, Laboratory Corporation of America Holdings, Medtronic Novartis, Qiagen, Quest Diagnostics, Roche Holding, Teva Pharmaceuticals, and others.

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