New York, NY, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Precision Medicine Market By Technology (Bioinformatics, Genomic Sequencing, Drug Discovery, Companion Diagnostics, Big Data Analytics Software, and Others), By Application (Oncology, Immunology, Respiratory, CNS, and Others), and By End-User (Pharmaceutical Companies, Biotechnology Companies, Diagnostic Laboratories, Healthcare-IT/Big Data Firms, Clinical Laboratories, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global precision medicine market was USD 43.98 billion in 2018 and is anticipated to reach around USD 86.25 billion by 2025, growing at a CAGR of around 10.1% between 2019 and 2025.
Precision medication (PM) is a form of medication that uses data about a person’s genes, proteins, lifestyle, and environment to forestall, diagnose, and treat diseases. This approach enables researchers and doctors to predict more accurately the treatment and prevention methods for a selected disease that can work for particular individuals.
Browse through 54 Tables & 35 Figures spread over 110 Pages and in-depth TOC on “Global Precision Medicine Market Size 2018 Report: By Type, Applications, Industry Trends, Growth, Analysis and Forecast to 2025”.
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The increasing acceptance rate of gene therapies in developed economies with a comparatively high-revenue can enhance the precision medicine market growth in the years ahead. Ascending incidences of genetic disorders and cost-efficiency of sequencing has is also contributing to the precision medicine market commercially. Moreover, growing analysis and development activities that reinforce the assembly and producing of precision medication is further driving this market globally. However, deviation from treatment-based to preventive healthcare, abstaining trends in food and drug administration pharmacotherapy approval rate, the encroachment of privacy rules, and misconception of genetic and health data may limit the precision medicine market growth.
By technology, the market is divided into drug discovery, big data analytics, bioinformatics, companion diagnostics, genomic sequencing, and others. The drug discovery segment holds the largest market share, of about 25%. Human genome information obtained for immunologic processes is complicated. Big data analytics helps in segregating the obtained information and alter it to develop immunologic therapies. These software systems permit the convenience of vaccines and precision medicines altered in line with a person’s genome.
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Based on application, the market includes respiratory, oncology, CNS, immunology, and others. Oncology is likely to witness the highest CAGR in the market over the forecast timeframe. Immunology accounted for the second-largest market share in 2018 and is anticipated to indicate similar growth trends over the forthcoming years. Utilization of information obtained from advanced platforms like large data analytics and bioinformatics large can accelerate the treatment process.
By end-user, the market includes pharmacy and biotechnology firms, diagnostic companies, healthcare-IT/big data firms, clinical laboratories, and others. Healthcare-IT/big data firms are predicted to hold a substantial share in the precision medicine market over the estimated timeframe. This can be attributed to the growing convenience of precision medicine software systems and rising stress on providing customized drugs in hospitals. Diagnostic laboratories contributed the second-largest revenue share in 2018, due to the growing technology enactment rate by diagnostic laboratories that guarantees top-quality medical diagnostic devices by utilizing the software package for information repository.
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North America is likely to account for the most important share of the precision medicine market over the forecast timeframe, owing to the increasing geriatric population suffering from chronic diseases like cancer, cardiovascular diseases, diabetes, etc. Most of the geriatric Americans suffer from asthma, cancer, chronic obstructive pulmonary disease, and diabetes that ought to augment the precision medication market in the U.S. in the years ahead. High cancer incidences, increasing adoption of monoclonal antibodies, and various technological advancements are also driving the precision medicine market in the U.S. Additionally, the developed health care infrastructure, high public awareness associated with novel technologies for cancer management, and rising analysis and development activities associated with precision medicine are the important factors aiding the expansion of North America precision medicine market.
Europe held the second-largest share in the precision medicine market in 2018, due to the growing prevalence of cancer, presence of developed healthcare infrastructure, favorable reimbursement policies, increasing research and development investments, and rising awareness among healthcare professionals. Germany, France, and the U.K. are major countries in the European precision medicine market. The U.K. is estimated to grow rapidly over the forecast period. Germany dominated the European market with a revenue share of about 30% in 2018, due to the increasing demand for targeted therapy.
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The Asia Pacific precision medicine market is projected to grow notably in the future, owing to the rising burden of genetic diseases in China that will drive the demand for gene therapies. Government of China has taken initiatives to fund the Chinese precision medicine market growth, which will advance the Asia Pacific precision medicine market growth in the future. Additionally, growing cancer prevalence, large geriatric population base, and increasing health awareness are also contributing to the region’s precision medicine market. China and Japan are dominant countries in the Asia Pacific precision medicine market, whereas India is estimated to grow rapidly in the future.
The Latin American precision medicine market is estimated to witness moderate growth over the forecast time period. Brazil contributed the largest revenue share, of about 65%, in 2018 to the regional market. The Middle East and Africa precision medicine market will register slow growth in the upcoming years, owing to the underdeveloped healthcare infrastructure and lack of advanced technologies in the region.
Some major players of the precision medicine market are Eagle Genomics, Biocrates Life Sciences, Teva Pharmaceuticals, Novartis, Quest Diagnostics, Qiagen, Silicon Biosystems, NanoString Technologies, Ferrer inCode, Laboratory Corporation of America Holdings, Pfizer, Hoffmann-La Roche, and Tepnel Pharma Services.
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This report segments the global precision medicine market into:
Precision Medicine Market: By Technology
- Bioinformatics
- Genomic Sequencing
- Drug Discovery
- Companion Diagnostics
- Big Data Analytics Software
- Others
Precision Medicine Market: By Application
- Oncology
- Immunology
- Respiratory
- CNS
- Others
Precision Medicine Market: By End-User
- Pharmaceuticals Companies
- Biotechnology Companies
- Diagnostic Laboratories
- Healthcare-IT/Big Data firms
- Clinical Laboratories
- Others
Precision Medicine Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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