(MENAFN – GlobeNewsWire – Nasdaq) OTTAWA, Nov. 30, 2020 (GLOBE NEWSWIRE) — The global [To enable links contact MENAFN] precision medicine market value surpassed USD 59.16 billion in 2019 and expected to reach USD 141.33 billion by 2027.
Precision medicine is an emerging approach of treatment and prevention of disease that takes into account the individual variability in environment, genes, and lifestyle for each person. This approach allows researchers and doctors to predict more precisely that which treatment and prevention strategies for a particular disease will work on the specified groups of people.
Although the term “precision medicine” is currently new to the consumers, the concept has been a part of healthcare industry for many years. For instance, a person who requires a blood transfusion is not given blood from any random donor; instead, the blood type of donor is matched with the recipient prior transfusion to reduce the risk of complications. Although examples can be found in various areas of medicine, the role of precision medicine in everyday healthcare is relatively limited. Researchers are significantly working to expand this approach in many areas of healthcare and health in the coming years.
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The advent of precision medicine has significantly brought a paradigm shift in the drug delivery and diagnosis of the disease. The proliferation of sequencing methodologies, particularly Next Generation Sequencing (NGS), due to the increasing cost of sequencing and development of the Human Genome Project in the field of genomics is predicted to drive the market. NGS technology provides the data related to the patient’s genetic makeup along with response of drugs on the patient, thereby raising the development of precision medicine for the treatment of diseases. Moreover, NGS combined with Companion Diagnostics (CDx) is analyzed to play a significant role in the advancement of personalized therapeutics and diagnostics over the forecast period. Apart from the benefits offered by the precision medicine, they are highly expensive due to the application of high-end computational methods to examine individual genes projected to hinder the market growth.
North America dominated the global precision medicine market with revenue share of nearly 40% in 2019 and expected to grow at an escalating pace during the forecast period. Technological advancement along with the presence of major players in the region contributes significantly towards the growth of the region. However, the Asia Pacific seeks to be the most opportunistic region in the precision medicine market owing to increasing cases of cancer and other diseases along with the health awareness among people.
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- In 2019, North America captured more than 40% of the overall market value share in 2019 and projected to maintain its position in the coming years. Increasing prevalence of cancer along with the presence of key market players in the region expected to be the key factors contributing for the market growth in the region. Furthermore, demand for precision medicine is mainly driven by favorable government initiatives and rising investment for developing novel solutions for effective disease management.
- The Asia Pacific seeks lucrative growth over the forecast period due to low cost clinical trials of newly developed diagnostic products and precision medicine. Furthermore, rising disposable income and rising economy in the developing nations such as India expected to boost the demand of precision medicines in the region.
- By technology, drug discovery registered considerable growth in the recent past and expect to lead the overall market revenue in 2019. Advancement in pharmacogenomics expected to pave the way for significant growth of the drug discovery in the precision medicine.
- Oncology application led the global precision medicine market with significant revenue share in 2019 and analyzed to grow at a prominent rate during the forecast period. Increasing prevalence of cancer across the globe expected to flourish the demand for precision medicine for effective therapeutic approach.
- Based on end-use, pharmaceutical companies dominated the global precision medicine market with prominent revenue share contribution in the year 2019. The growth is mainly attributed to the availability of advanced and innovative techniques including next generation sequencing for identifying the drug related genetic alterations. In addition, major market participants in the precision medicine industry are involved in various investment programs that further escalate the market growth.
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Key Players & Strategies
The global precision medicine market is highly competitive owing to the presence of major market participants. These market players are highly focused towards development and innovation of personalized products to upscale their position in the market. For instance, in October 2018, Qiagen announced to launch a novel RNA-seq library preparation solution for next-generation sequencing thereby expanding its user base and portfolio significantly. Similarly, other industry participants are also working prominently for advancement and innovation in the field of precision medicine.
Some of the key players operating in the market are Biocrates Life Sciences, TepnelPharma Services, Novartis, Qiagen, Quest Diagnostics, Menarini Silicon Biosystems, NanoString Technologies, Eagle Genomics, Pfizer, Intomics, Roche, and Teva Pharmaceutical among others.
- Big Data Analytics
- Drug Discovery
- Gene Sequencing
- Companion Diagnostics
- Diagnostic Companies
- Pharmaceutical Companies
- Healthcare IT companies
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
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