Precision Medicine Market Analysis By Technology Type, By Application, By End-User, By Region, Forecast To 2027

Precision Medicine: Summary

Precision medicine is a rapidly emerging healthcare model that contrasts with the one‐drug‐fits‐all model. It personalizes healthcare solutions by tailoring medical treatments or products as per the needs of a sub-group of patients. Diagnostic testing in precision medicine is done for selecting the optimal therapies for patients based on their genetic content or other cellular or molecular analysis. Molecular diagnostics, analytics, and imaging are some of the most commonly used techniques in precision medicine.

Generally, precision medicine involves panoramic analysis and systems biology for examining the exact cause of disease at the molecular level. Subsequently, it deploys targeted treatments to address further disease progression. It also employs specific customized medical products, including drug cocktails or customized medical devices, to prevent harmful drug interactions, augment the overall treatment efficiency, and reduce healthcare-related costs.

Furthermore, the integration of artificial intelligence and machine learning has transformed the field of precision medicine. For instance, in precision cardiovascular medicine, various AI techniques are implemented to determine the genotypes and phenotypes in diseases. Moreover, the advanced form of precision medicine helps improve patient care quality, offers cost-effectiveness, decreases mortality and readmission rates, predicts susceptibility to disease, reduces the failure rate of clinical trials, improves disease diagnosis, and customizes disease-prevention strategies.

Global Precision Medicine Market Dynamics:

This section of the report summarizes the prominent factors expected to either propel or hamper the growth of the global precision medicine market over the forecast period. The report throws light on the significant market growth parameters, such as key drivers, opportunities, challenges, and threats, and the ongoing trends of the industry. The high prevalence of cancer worldwide has been triggering the demand for personalized cancer therapeutics and diagnostics, which is, in turn, expected to spur the growth of the market in the upcoming years.

For instance, as per a 2018 article, around 1.7 million cancer cases were diagnosed in the U.S. Advancements in precision medicine with the growing accessibility of large-scale human genome databases, such as next-generation sequencing (NGS), is a major growth propeller for this market. Moreover, the rising adoption of advanced computational tools and new genetic technologies are majorly contributing to the global precision medicine market growth.

Recent advancements in gene therapy and drug discovery are also responsible for the potential market growth. Increasing R&D activities for determining the most effective treatment is likely to raise gene therapy adoption, thereby influencing the market growth. Thus, the burgeoning demand for gene therapy to treat chronic diseases like cancer is also a key market growth driver. However, the surging costs of precision medicine, lack of awareness about many potential precision medicine applications, misinterpretation of genetic and health data, and unfavorable reimbursement policies and regulatory framework are the key restraints of the global market development.

COVID-19 Impact on the Global Precision Medicine Market

The latest report on the global precision medicine market provides the reader with an exhaustive analysis of the market, keeping in the current COVID-19 scenario. According to the report, several key segments of the market are still reeling from the adverse effects of the COVID-19 pandemic. The coronavirus outbreak has led to severe disruptions to the global market supply chains and caused major fluctuations in prices and demand. However, analysts claim that the market will soon regain momentum in the post-COVID era. The report further offers a holistic approach to analyzing the pandemic’s present and future effects on this ever-evolving industry.

Geographical Outlook:

The North America region, followed by Europe, accounts for the largest share in the global precision medicine market. The regional market had amassed over 40% of the overall market share in 2019. The rising demand for precision medicine in the region is owing to the growing R&D investments for precision medicine, the development of innovative solutions for effective disease management, increasing prevalence of cancer, favorable government initiatives, and the presence of renowned players in the region.

In Europe, the U.K. precision medicine market held an enormous market valuation of over USD 3 billion in 2019. The market growth is attributed to the rising prevalence of cancer, the emergence of big data analytics in healthcare, and favorable government initiatives. According to Health Europa, the U.K. government had invested USD 272.1 million in precision medicine in 2018 to develop novel diagnostic tools, medical products, and therapies.

The key regions covered in the report are:

· North America

· U.S.

· Canada

· Europe

· U.K.

· Germany

· France

· Italy

· Spain

· Asia Pacific

· Japan

· China

· India

· Singapore

· Latin America

· Mexico

· Brazil

· Middle East & Africa

· South Africa

· Saudi Arabia

· UAE

Competitive Backdrop:

The leading market contenders profiled in the report are as follows:

· Novartis AG

· F. Hoffmann-La Roche Ltd.

· Pfizer Inc.

· Biocrates Life Sciences AG

· Laboratory Corporation of America Holdings

· Menarini Silicon Biosystems

· Teva Pharmaceutical Industries Ltd.

· Eagle Genomics

· Intomics

· ASEBIO

· DxTerity Diagnostics Inc.

· NanoString Technologies, Inc.

· FOUNDATION MEDICINE, Inc.

· QIAGEN

· Quest Diagnostics Incorporated

· NeoGenomics Laboratories, Inc.

· Tepnel Pharma Services (Hologic Inc.)

Report Highlights:

· The report involves a detailed pricing analysis based on geographical segmentation and product and application types.

· The report throws light on the most prominent growth opportunities available in this fast-paced market.

· Regional and country-wise segmentation of the global market performed in the report depicts the growth rate and revenue share of each region.

· It presents an in-depth understanding of the global market’s vendor landscape, listing down the notable companies operating in this industry.

Market Segmentation:

Technology

· Gene Sequencing

· Big Data Analytics

· Drug Discovery

· Bioinformatics

· Companion Diagnostics

· Others

Application

· Oncology

· CNS

· Immunology

· Respiratory

· Others

End-Use

· Healthcare IT companies

· Diagnostic Companies

· Pharmaceutical Companies

· Others