Global Market Insights, Inc.: Precision Medicine Market Report

Showing posts with label Precision Medicine Market Report. Show all posts

Wednesday, 27 December 2017

Precision Medicine Market share to see growth of 10.5% from 2017 to 2024

One of the pivotal factors influencing precision medicine market size in recent times is the emerging approach for disease diagnosis & prevention that is calculated based on the genes and lifestyle of a person. Research claims that the precision medicine approach will help researchers and doctors to forecast the type of treatment that a patient would require and the kind of preventive measures that would be required for selective diseases. Considering the significant mark that this approach has made in the healthcare sector, precision medicine industry giants have been striving to exploit the potential of this technology to improve the accuracy of day-to-day healthcare.

Recently for instance, The Michael J. Fox Foundation has collaborated with 23andMe and invested USD 4 million to construct a research facility for Parkinson’s disease treatment using precision medicine. This collaboration will reportedly open up potential opportunities for researchers to improvise on genetic biology with excellent drug designing related to precision medicine. The prevalence of scientific partnerships such as these among the biotechnology companies and research organizations will impel precision medicine market share.

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As of today, next generation sequencing (NSG) technologies have been making their mark in precision medicine industry, driven by reduced expenditure, understanding of the genetic know-how of diseases, and high throughput sequencing. The prevalence of NSG technologies may specifically have an impact on U.S. precision medicine market, given the vast expanse of the healthcare and medical research verticals across the region.

Driven by the substantial adoption of NGS panels in precision medicine, U.S. accounted for the largest regional share of precision medicine market in 2016. The U.S. government has also been enforcing regulatory norms and undertaking favorable initiatives to generate awareness among the populace regarding the benefits of the precision medicine approach which would further help augment U.S. precision medicine market.

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:

https://www.gminsights.com/industry-analysis/precision-medicine-market

Regional governments have been going the whole hog to promote the usage of precision medicine systems via funding and private-public partnerships. In Australia for example, the government has been providing substantial funding to numerous companies and upcoming entrepreneurs to invest in precision medicine industry and the 3D printing technology.

Initiatives of a similar kind undertaken by governmental bodies across numerous geographies are likely to augment the overall precision medicine market. Speaking of which, NanoString Technologies, Novartis, Intomics, Biocrates Life Sciences, Tepnel Pharma Services, Roche, Silicon Biosystems, Ferrer InCode, Novartis, LabCorp, Quest Diagnostics, and Medtronic are some of the names that have been accumulating a commendable share of precision medicine industry.

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Research institutes have been giving substantial preference for precision medicine given that the technology helps diagnose children with cancer. The computational approach of precision medicine to share the patient’s database across the globe will transform the healthcare sector over the coming years. In addition, precision medicine has the capability to enhance personalized healthcare through disease detection at an earlier stage and supplying sufficient information regarding the progression of disease.

Speaking along the same lines, it is prudent to mention that the quality, affordability, and accessibility of healthcare systems has improved substantially due to the emergence of precision medicine. The surging adoption of this technology for care delivery, clinical outcomes, operational performance, and clinical workflows will thus propel precision medicine industry share in the forthcoming years. According to a precision medicine market research report put together by Global Market Insights, Inc., this business vertical is slated surpass a revenue collection of USD 96 billion by the end of 2024.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Tuesday, 19 December 2017

Precision Medicine Market to witness more than 10.5% CAGR from 2017 to 2024

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:

https://www.gminsights.com/industry-analysis/precision-medicine-market

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.

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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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Monday, 28 August 2017

U.S. Precision Medicine Market contributed 65% of the North American revenue in 2015

Global Precision Medicine Market size is driven by growing occurrence of cancer and increase in cancer prone geriatric population all across the globe. Global Precision Medicine Market size was more than $39.1 billion for 2015 and is predicted to register 10.51% of CAGR during forecast timeframe. It is innovative procedure for treating and preventing chronic ailments depending upon changes in individual genes and other lifestyle features. New approach helps doctors properly assess ailment risk and predict optimal treatment.

Threats related with sharing of patients genetic information can hinder industry growth. Insurance firms can use patient data and raise their premium for people who are at a risk of acquiring inherited diseases. Further, decline in rate of FDA (U.S. Food and Drug Administration) drug approval has minimized the rate of production of new medicines in spite of heavy investments. This aspect can hinder global precision medicine market expansion.

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Technology Trends

The industry is segmented into different technologies like gene sequencing, companion diagnostics, big data analytics, bioinformatics and drug discovery.

Gene sequencing segment size was more than $8.1 billion for 2015. Current FDA guidelines on next -generation sequencing dependent tests takes into consideration individual differences in genes of various persons, environments and life patterns while creating new type of healthcare.

Companion diagnostics segment has acquired importance owing to rising concerns about rates of drug failures. Further, the segment is expanding at rapid pace owing to rise in financial support and approvals by government.

Heavy throughput omics techniques applied in biological and basic research are predicted to propel bioinformatics segment growth. Out of all omics techniques next-generation technique is predicted to create key impact on the segment growth.

Drug discovery technique contributed more than $9 billion for 2015 and is predicted to register CAGR of 8.31% during forecast timeframe. Further, biomarker directed treatments with medicine targeting epidermal growth factor receptor (EGFR), c-ros oncogene 1 receptor tyrosine kinase (ROS1) and anaplastic lymphoma kinase (ALK) have speeded up the production of new medicines.

Browse key industry insights spread across 94 pages with 85 market data tables & 62 figures & charts from this 2017 report Precision Medicine Market in detail along with the table of contents at:

https://www.gminsights.com/industry-analysis/precision-medicine-market

Application Trends

Global industry is segmented into various applications like respiratory application, oncology application, Immunology application and central nervous system (CNS) application.

Oncology application contributed more than 30.1% of precision medicine market share for 2015 and is predicted to record CAGR of 10.91% during forecast timeframe.

CNS application contributed more than $9.1 billion for 2015. Neuroscience therapeutics has been utilizing the approach for long duration.

Regional Trends

Global industry was segmented into key geographical regions like North America, MEA, Europe, APAC and Latin America.

U.S. precision medicine market share was about 65.1% of revenue of North America. Factors like large allocation of budget by U.S. president to agencies like FDA( U.S. food and drug administration) , NIH (National Institute of Health) and NCI (National Cancer Institute) along with favorable government rules have contributed to the regional industry growth.

Germany precision medicine market share was more than $2.5 billion for 2015 and is predicted to contribute significantly to the growth of European industry. Reason for industry growth in the region can be credited to the fact that many institutions have acquired biomarker analysis certification required for colorectal cancer detection tests.

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Further, medicine producing and diagnostic firms are making tremendous efforts for enhancing industry growth in Europe. Favorable compensation policies are predicted to promote industry growth in France.

China contributed more than 25.1% to APAC precision medicine market share for 2015 and is predicted to remain key region in future. Favorable government initiatives and high contributions from academic labs has assisted in the regional industry growth.

Competitive Trends

Key industry players profiled in the report include Roche Holdings AG, Qiagen, Pfizer, Medtronic, Source Precision Medicine Incorporation, Silicon Biosystems, Tepnel Pharma Services, Covance, Biocrates Life Sciences AG, Novartis, Nanostring Technologies, Laboratory Corporation of America Holdings, Quest Diagnostics, Teva Pharmaceuticals, Intomics, Ferrer InCode, Eagle Genomics Limited and Quest Diagnostics.