The North America Precision Medicine Market delves into various aspects, enabling readers to gain a deep understanding of the market dynamics, trends, and potential opportunities.
Report Ocean has recently released a survey report focusing on the North America Precision Medicine Market. This research provides essential insights into growth strategies, business opportunities, emerging trends, innovations, and the competitive landscape in 2022. The report also includes a geographical outlook, encompassing North America, Europe, the Asia-Pacific region, Latin America, the Middle East, and Africa.
The North American market is projected to expand at a compound annual growth rate (CAGR) of 11.04%, leading to a revenue of USD 36.25 Bn by 2023.
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Precision medicine is a highly effective, modern process of medical diagnosis and treatment of diseases using relevant data around a patients genetic make-up, supported by environmental and behavioral data. North America is the pioneer in adopting technological innovations and advancements in the healthcare sector, which will aid the growth of the market in this region. North America is the highest revenue generating region for the precision medicine market. The increasing adoption of Internet of Medical Things (IoMT) and the use of technologies like gene sequencing, diagnostics, etc., have fueled the growth of precision medicine in this region and the market is at a mature stage in countries like the U.S. and Canada.
The North America precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
The diagnostic tools companies are expected to grow at the highest CAGR during the forecasted period of 2018-2023, owing to a rise in the demand for precision medicine. Diagnostic tools and treatments play an important role in the development of precision solutions to determine whether a drug is appropriate for a patient or not.
In the therapeutics segments, cancer therapeutics is expected to show a high growth rate through the forecast period 2018-2023.
Key growth factors
Due to technological advancements in the healthcare sector in North America, the precision medicine market is going to emerge in the coming years. In 2015, the then-President of the United States, Barrack Obama, announced the launch of the Precision Medicine Initiative for a bold new research effort to revolutionize methods to improve health and treat diseases. Therefore, the precision medicine market is going to grow during the forecast period due government initiatives and policies that encourage such technologies.
Threats and key players
Threat to personal information like genetic data, DNA and RNA data, etc., is considered to be a barrier to the growth of the precision medicine market. Thus, the adoption of precision medicine can hit roadblocks due to concerns regarding consumer privacy and data protection. Moreover, the approvals required by pharmaceutical companies from the U.S. Food & Drug Administration (FDA) for a particular drug or treatment is a time-consuming factor, which might be challenging and hinder the growth of the market.
The major players operating in the North America precision medicine market are Abbott, GE Healthcare, Johnson & Johnson, etc.
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What’s covered in the report?
1. Overview of the North America precision medicine market.
2. Market drivers and challenges in the North America precision medicine market.
3. Market trends in the North America precision medicine market.
4. Historical, current and forecasted market size data for the North America precision medicine market segmentation by ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies) by revenue (USD Bn).
5. Historical, current and forecasted market size data for the North America precision medicine market segmentation by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases) by revenue (USD Bn).
6. Historical, current and forecasted market size data for the North America precision medicine market segmentation by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics) – by revenue (USD Bn).
7. Historical, current and forecasted country- wise (U.S. and Canada) market size data (USD Bn) for the North America precision medicine market and its segmentations by ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies), by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases), and by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics).
8. Analysis of the competitive landscape and profiles of major companies operating in the market.
Why buy?
1. Understand the demand for precision medicine market to determine the viability of the market.
2. Determine the developed and emerging markets where precision medicine market is provided.
3. Identify the challenge areas and address them.
4. Develop strategies based on the drivers and trends and highlights for each of the segments.
5. Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
6. Recognize the key competitors of the market and respond accordingly.
7. Knowledge of the initiatives and growth strategies taken up by the major companies and decide the direction for further growth.
8. Define the competitive positioning by comparing the products and services with the key players in the market.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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The following are significant aspects of the industry that may be relevant:
Market Size and Growth: The size of the market and its projected growth rate are essential factors that can provide valuable insights into the industry’s potential.
Competition: The level of competition in the market is a significant factor that can impact the pricing and profitability of companies operating in the industry.
Technology: Technology plays a critical role in the industry as search algorithms and consumer behavior continue to evolve rapidly.
Consumer Behavior: Understanding consumer behavior, such as search habits and preferences, can help companies optimize their marketing strategies and drive sales.
Regulatory Environment: The industry is subject to various regulatory requirements, including data protection and privacy laws, which can impact the way companies operate in the market.
Economic Factors: Economic factors, such as GDP, inflation, and consumer spending, can affect the growth and profitability of the industry.
Emerging Trends: Staying updated with emerging trends, such as voice search and artificial intelligence, can help companies stay ahead of the curve in the industry.
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of North America Precision Medicine market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the North America Precision Medicine market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the North America Precision Medicine market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate North America Precision Medicine business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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