Global Precision Medicine Market: Focus on Precision Medicine Ecosystem, Applications, 13 Countries Mapping, and Competitive Landscape (2018-2028) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 4, 2019--The “Global Precision Medicine Market: Focus on Precision Medicine Ecosystem, Applications, 13 Countries Mapping, and Competitive Landscape - Analysis and Forecast: 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
The global precision medicine market is anticipated to reach $216.75 billion by 2028, witnessing a CAGR of 10.64% in the forecast period 2018-2028.
Some of the factors such as the emergence of liquid biopsy, increasing demand for multiplex assays to target emerging diseases, reduced adverse drug reactions through pharmacogenomics testing, and increasing focus on target-based therapies are acting as significant factors propelling the growth of the global precision medicine market.
In terms of ecosystem, the global precision medicine market is dominated by applied sciences. This dominance can be attributed to the ongoing advancements in the field of human genomics and innovation of new healthcare technologies such as next-generation sequencing, high throughput screening (HTS), and digital polymerase chain reaction (PCR).
At present, government initiatives are focused on launching a large number of genomic tests and drugs, controlling the increasing level of genetic disorders, and integrating advanced technologies to fulfill the unmet needs of the patients. Most of the developments taking place in the present scenario are mainly related to oncology and cardiovascular diseases, but it is anticipated that it may target almost all therapeutic areas affected by genetic mutations.
In terms of application type, the global precision medicine market is dominated by oncology. In 2017, the market for oncology was valued $38.01 billion. Cancer is classified to be a disease of genetic mutation, as a result of genetic changes. Technological advancement has generated a better understanding of tumor and led to more effective treatment strategies that are personalized to the genetic profile of patients suffering from different types of cancer.
In terms of regional potential, North America is the leading contributor to the global precision medicine market and contributed approximately 47% of the global market values in 2017. This can be attributed to increasing usage of genomics and pharmacogenomics in the development of personalized medicines, and high income of patients to afford costly diagnostic and genetic tests.
Also, in the year 2015, the launch of Precision Medicine Initiative (PMI) by the then U.S. president, Barack Obama, completely revolutionized the process of healthcare delivery in the nation. The initiative was aimed at irradiating the already existing one-size-fits-all approach of treatment and hence improve patient outcomes while minimalizing healthcare costs.
In financial terms, the initiative was worth $215 million and significantly accelerated the discovery of biomedical tools, knowledge, and therapies to assist clinicians to come up with the treatment that best serves the individual need of the patients.
DriversAdvancement of Sequencing Technologies Rising Prevalence of Chronic Diseases Growing Demand for Preventive Care Shifting the Significance in Medicine, from Reaction to Prevention Reducing Adverse Drug Reactions Through Pharmacogenomics Test Potential to Reduce the Overall Healthcare Cost Across the Globe
RestraintsUnified Framework for Data Integration Limited Knowledge About Precision Medicine Application Lack of Robust Reimbursement Landscape Regulatory Hurdles
OpportunitiesTargeted Gene Therapy Expansion into the Emerging Markets Collaboration and Partnerships Across Value Chain Would Accelerate the Market Entry
1 Market Overview
2 Market Dynamics
3 Competitive Insights
4 Industry Insights
5 Global Precision Medicine Market (by Ecosystem)
6 Global Precision Medicine Market (by Application)
7 Global Precision Medicine Market (by Region)
8 Company Profiles
9 Report Scope and Methodology
10 List of Annexures
Companies FeaturedAbbott Laboratories Almac Group Ltd. Amgen Inc. ANGLE PLC Astellas Pharma Inc. Astra Zeneca PLC Bio-Rad Laboratories Inc. bioMerieux SA. Bristol-Myers Squibb Company Canon Inc. Danaher Corporation Eli Lilly and Company Limited Epic Sciences Inc. F. Hoffmann-La Roche AG GE Corporation Gilead Sciences Inc. GlaxoSmithKline PLC IBM Corporation Illumina Inc. Intomics A/S Johnson & Johnson Konica Minolta Inc. Laboratory Corporation of America MDxHealth Inc. Merck & Co. Inc. Myriad Genetics Inc. Novartis AG Oracle Corporation Quest Diagnostics Inc. Randox Laboratories Ltd. Sanofi SA Sysmex Corporation Thermo Fisher Scientific Inc. TrovaGene Inc. and more...
For more information about this report visit https://www.researchandmarkets.com/research/dwv8mz/global_precision?w=4
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SOURCE: Research and Markets
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PUB: 02/04/2019 01:25 PM/DISC: 02/04/2019 01:25 PM