Precision Medicine Market 2017-2024 | United States Industry Report By Product and Region

Precision Medicine Market size is set to exceed USD 96 billion by 2024; according to a new research report by Global Market Insights.

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.

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.

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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.

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.

Precision medicine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:

Precision Medicine Market by Technology
o Big data analytics
o Bioinformatics
o Gene sequencing
o Drug discovery
o Companion diagnostics
o Others

Precision Medicine Market by Application
o Oncology
o Respiratory
o CNS
o Immunology
o Others

The above information is provided for the following regions and countries:

• North America
o U.S.
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Scandinavia
• Asia Pacific
o Japan
o China
o India
o Singapore
• Latin America
o Mexico
o Brazil
• Middle East and Africa
o Saudi Arabia
o Qatar
o UAE
o South Africa

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.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

This release was published on openPR.