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Precision Medicine Market Size, Report, Growth, Analysis, Research, Trends, Forecast and Industry Analysis 2026

(PharmaNewsWire.Com, October 16, 2019 ) Rise in online collaborative firms for precision medicines, rising demand for personalized medicine in cancer treatments, advancement in healthcare technologies are some of the fundamental factors that are driving the precision medicine market growth across the globe.



The oncology segment is valued at USD 13,964.3 Mn in 2018 and is estimated to grow at a CAGR of 12.5% over the forecast period. Rising incidence of cancers is one of the dominating factors, propelling the global precision medicine market. According to the World Health Organization, cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer.



Approximately 70% of deaths from cancer occur in low and middle-income countries. North America is anticipated to witness the highest growth rate over the forecast period. The North America precision medicine market is valued at USD 18,447.4 Mn in 2018 and is estimated to grow at a CAGR of 12.1% over the forecast period. This is owing to the increasing number of cancer patients, and the increasing government initiatives for the development of precision medicine in US.



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Rise in online collaborative firms for precision medicine is one of the factors positively helping the global market growth and also expected to boost the demand for precision medicine in coming years. On May 03, 2019, Amgen has partnered with Syapse to create observational research analytics for the assessment of cancer therapy outcomes. There is a rising demand for personalized medicine in cancer treatments. This factor is anticipated to spur the industry growth during the forecast period. The increasing prevalence of cancer worldwide is fuelling the need to develop target specific biomarkers based on the individual genetic, environmental and lifestyle factors, boosting the growth of the precision medicine market. Moreover, advancement in healthcare technologies will further positively impact the growth of global precision medicine market. For instance, in 2019, Nanostring technologies Inc. has launched the GeoMx Digital Spatial Profiler that enables highly-multiplexed spatial profiling of RNA and protein targets in a variety of sample types, including FFPE tissue sections. Also, in June 2019, researchers at the Johns Hopkins Applied Physics Laboratory (APL) and Johns Hopkins Medicine launched a new data analytics tool called the Precision Medicine Analytics Platform (PMAP), which will facilitate big data research across the JHU enterprise and enable the providers to make discoveries that will improve the efficiency of patient care.



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North America to Grow at Highest Rate in Precision Medicine Market

Geographically, the global precision medicine market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is forecasted to witness high growth and grow at highest CAGR during the forecast period owing to the increasing government initiatives for the development of precision medicine in US, and the rising number of cancer cases. For instance, in 2019, the American Diabetes Association announced the establishment of precision medicine in Diabetes Taskforce that will, over the coming 5 years, formulate a consensus statement on precision diabetes medicine as well as initiate complementary activities. The overall objective of the initiative is to improve diabetes care by realizing the promise of precision medicine for diabetes. Europe is also expected to show substantial growth over the forecast period owing to the presence of government initiatives for the development of precision medicine in the region, advancements in drug discovery technology, companion diagnostics, next-gene sequencing (NGS), and the rising incidence of cancer.



Market Players

The precision medicine market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Pfizer, Inc, Novartis AG, Intomics A/S, Nanostring Technologies, Inc, Illumina, Inc, Thermo Fisher Scientific Inc, Quest Diagnostics, SeqOne, Bristol-Myers Squibb Co., Qiagen. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the precision medicine market globally. For instance, on April 12, 2019, Pfizer partnered with Boston-based Concerto Health AI for a collaboration that will use Concerto's Eureka Health artificial intelligence technology to precision oncology research.



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DataM Intelligence

Sai Kiran

+1 877 441 4866

pr@datamintelligence.com

Source: EmailWire.Com

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