An overview of the “Precision Medicine Market” the current state of the industry, market trends, significant market participants, product type, application, and geography are provided at the beginning of the study. It also covers how COVID-19 has affected market participants, end-user industries, future predictions, growth potential, and worldwide market trends.
The Precision Medicine Market is thus expected to expand at a compound annual growth rate (CAGR) of 11.60% between 2018 and 2023, generating USD 88.25 Bn in revenue by 2023.
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Key Companies Covered in the Precision Medicine Market Research are Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Randox Laboratories, Almac Group, Novartis AG, Teva Pharmaceutical industries, Quest Diagnostics and other key market players.
The global precision medicine market has benefitted greatly from advancements in the life science industry. Although in its nascent stage, targeted therapies hold high chances of becoming a massive success in the coming years because of the potential to treat and cure chronic illnesses.
Ecosystem player segment insights
Diagnostic companies held the largest share of the market in 2018, contributing to approximately 39% of the global revenues. They are expected to continue dominating the market during the assessment period, owing to the dominant role that precision medicine plays in diagnosing potential diseases. Pharmaceutical companies are next in line to dominate the market, accounting for a market share of 29% in 2018 due to the increasing efforts put in research and development for developing drugs.
Therapeutic segment insights
Among the therapeutic areas of precision medicine, cancer held the largest share of the market by generating almost 33% of the global market revenue in 2018. Development of targeted novel therapies and precision medicines for treating cancer, owing to its increasing prevalence worldwide, will drive its growth in the foreseeable future. Central nervous system (CNS) disorders and infectious diseases held market shares of 20% and 16%, respectively. The precision medicine market for respiratory diseases is foreseen to grow at a very high rate, owing to the growth of diseases such as asthma, chronic obstructive pulmonary disease (COPD), idiopathic pulmonary fibrosis, etc.
Technology segment insights
Pharmacogenomics held the largest market share (24%) in 2018, followed by genomics. The technological and analytical developments in genomics have made it easier to identify and interpret the genetic variation underlying a disease, thereby contributing to the rapid growth of genomics. The market for genomics is also projected to expand at the highest CAGR of 13.67% during 20182023. Big data analytics is also expected to show fast growth during the forecast period.
Regional insights
North America leads the global precision medicine market with a share of 43%, followed by Europe with a 26% share. These regions are primarily driven by supportive policies and initiatives by the government, a strong presence of market players, and quick adoption of advanced healthcare technology and practices. Asia-Pacific is expected to emerge as the fastest growing region in this market with the highest CAGR of 13% during the forecast period.
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By Geography
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and the Rest of Asia Pacific)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
- North America (U.S. & Canada)
North America garnered a substantial market share in the Precision Medicine Market, due to growing demand for Precision Medicine Market products, and rising disposable income, followed by Latin America, Europe, and the Middle East & Africa respectively.
Presently, the Asia Pacific region conquers the Precision Medicine Market.
Highlight the Following Key Factors:
► Business Description: a particular description of agency operations and enterprise departments.
► Company Strategy: The analyst’s precis of the company’s commercial enterprise strategy.
► SWOT Analysis: Detailed evaluation of the company’s strengths, weaknesses, opportunities, and threats.
► Company History: The development of predominant occasions associated to the company.
► Main merchandise and services: A listing of the company’s fundamental products, services, and brands.
► Main Competitors: A listing of the company’s fundamental competitors.
► Important places and subsidiaries: The company’s major places and subsidiaries’ listing and contact information.
► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
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