The
research report “Precision Medicine Market Size By
Technology (Big Data Analytics, Gene Sequencing, Drug Discovery,
Bioinformatics, Companion Diagnostics), By Application (Oncology, CNS,
Immunology, Respiratory), Industry Analysis Report, Regional Outlook (U.S.,
Canada, Germany, UK, France, Scandinavia, Italy, Japan, China, India,
Singapore, Mexico, Brazil, South Africa, UAE, Qatar, Saudi Arabia), Application
Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024”
by Global Market Insights, Inc. says, Precision Medicine Market size is set to
exceed USD 96 billion by 2024.
Rising
prevalence of cancer across the globe fuels the need to develop target specific
biomarkers based on the individual genetic, environmental and lifestyle factors
augmenting the global precision medicine market size. Advancement in cancer
biology coupled with increased funding for cancer research will fuel industry
expansion. For instance, in 2015 NIH’s National Cancer Institute (NCI) invested
USD 70 million to develop effective therapies for the treatment of cancer based
on the individual genomic data.
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Presence
of favorable government initiatives such as Precision Medicine Initiative (PMI)
with an aim to design tools for analyzing large medical data sets, validation
of innovative targeted drugs, tests and technologies for cancer, improve
decision making for treatment options for specific patients will augment growth
of precision medicine market.
Integration
of big data analytical tools to healthcare for preventing diseases such as
cancer is another growth rendering driver. Moreover, rising adoption of gene
therapy to reduce cost burden for such diseases will favor industry expansion.
Excessive cost associated with precision medicine coupled with
misinterpretation of genomic data will hamper business growth.
Drug
discovery dominated the precision medicine market in 2016 followed by gene
sequencing which is expected to show a considerable growth over the coming
years. Availability of next generation sequencing based genetic tests for rapid
sequencing and identification of large human genome along with favourable
regulatory guidelines by U.S. FDA for validation of such genetic tests is a
major advancement in precision medicine accelerating gene sequencing revenue
growth.
Browse key
industry insights spread across 110 pages with 64 market data tables & 09
figures & charts from this 2017 report Precision
Medicine Market in detail
along with the table of contents at:
Companion
diagnostics is poised to be the fastest growing segment with over 11.5% CAGR
owing to its ability to provide essential information for the safety and
effectiveness of a specific drug or therapeutic product for targeted patient
groups.
CNS
will show considerable growth over the coming years owing to the rising
economic burden of central nervous system disorders which fosters the need to
develop genomic platforms in combination with electronic health record data
based on clinical phenotypes for effective targeted treatment of such diseases.
UK
precision medicine market should witness robust growth over the forecast
period. Favorable government initiatives and increasing funding on research
activities such as the launch of stratified medicine initiative in 2011 with
€60 million budget focused on biomarker, patient cohorts, genomic and
phenotypic analysis will fuel regional growth. Further, the launch of 100,000
Genomes Project in 2012 by Genomics England with €250-300 million funding for
genomics has paved the way for individualized treatment for cancer patients and
escalate regional market size.
India
precision medicine market should grow at significant rate due to increasing
prevalence of cancer which fuels the adoption of gene therapy facilitating
personalized treatment for patients based on their genetic factors. Emergence
of big data in healthcare and government initiatives to improve healthcare
infrastructure of the country are driving factors for industry growth.
Some
of the key industry players operating in global precision medicine market are
NanoString Technologies, Roche, Medtronic, Laboratory Corporation of America
Holdings, Quest Diagnostics, Pfizer, Novartis and Intomics.
The
industry players attempt to develop cost-effective solutions and tools for
efficient decision making and selecting effective treatment options for
treatment of chronic diseases. For instance, in March 2017, NanoString
Technologies launched new products such as nCounter Low RNA Input Kit, nCounter
Myeloid Innate Immunity Panels at the American Association of Cancer Research
(AACR) meet. This strategic move extends the existing product portfolio offered
by the firm and leverages proteomics & genomics to advance the field of
precision oncology.
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