(PharmaNewsWire.Com, March 16, 2017 ) The Global Precision Medicine market has been estimated at USD 40.5 Billion in 2016 and is projected to reach USD 69.8 Billion by 2021, at a CAGR of 11.5% during the forecast period from 2016 to 2021. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. It will enable a new era of medicine in which researchers, providers, and patients work together to develop individualized care.
The market for Precision Medicine is mainly driven due to increased global incidence of cancer and rise in cancer susceptible aging population, increasing demand for personalized treatment, technological innovation and advancements and increasing efforts to characterize genes. But, the market growth is hampered due to threats associated with sharing of patients’ genetic data and declining trends in FDA pharmacotherapy approval rate.
Global market for Precision Medicine is segmented based on Technology and Application. By Technology, the market is further sub-segmented into Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics and Others. By Application, the market is further sub-segmented into Oncology, CNS, Immunology, Respiratory and Others. By Application, oncology segment holds the largest market share, followed by the CNS and immunology segments. By Technology, drug discovery market holds the largest share, followed by gene sequencing and companion diagnostics. Big data analytics is expected to grow at the highest CAGR.
Geographically, Global market for Precision Medicine is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. The market in North America is highly driven due to higher acceptance rate and patient affordability. The Precision Medicine market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to increasing aging population. Initiatives from the government and contributions from academic laboratories helped augment growth.
Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics, are the major players of Global Precision Medicine market.
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