Global Precision Medicine Market Is Expected To Reach USD 98,250.4 Mn By 2023

Credence Research has recently published a market research study that includes elaborative analysis which was result of an extensive research methodology for Precision Medicine market with estimations from 2018 to 2026. The highlights of this report are drivers, restraints and opportunities of Precision Medicine market, offered across the recent and estimated timeline till 2026.

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Major report takeaways are competitive landscape assessment, attractive investment proposition, and brief profiles of companies operating in Precision Medicine market which will give 3600 view for the market dynamics. Companies are profiled on the basis of vital data points such as business overview, financial synopsis, product/service portfolio, and news coverage accompanied with recent updates specific to Precision Medicine market. The cross-sectional geographical analysis covers regions such as North America (U.S & Canada), Europe (U.K., Germany & Rest of Europe), Asia Pacific (China, Japan, & Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa (GCC & Rest of Middle East & Africa).

Leading Players:

Key research study highlights comprise:

Exhaustive research and analysis of the global Precision Medicine industry
The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
Major elements of market dynamics such as drivers, challenges and opportunities and their effect on Precision Medicine market is also covered in the report
Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering & business strength
Cross sectional analysis of each region covering individual segments for the forecast period 2016 - 2018 in terms of value (US$Mn)
Research methodology applied for this study:

Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global Precision Medicine market specific to key segments, and regional segmentation.

Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global Precision Medicine market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in Precision Medicine market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of Precision Medicine market study.

Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.

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The participants tracked for primary interviews include:

Marketing/product managers
Vice President/ CEOs
National sales managers
Market intelligence managers
Distributors
Purchasing managers
Other stakeholders
Based on the type of technology, the global precision medicine market is segmented as follows:

Companion Diagnostic
Gene Sequencing
Drug Discovery
Big Data Analytics
Bio Informatics
3D Printing
In base year 2015, gene squencing was observed as the largest market segment due to its high potential to improve patient care by providing vital information to physicians such as disease risk prediction, diagnoses and medical treatment plans. Gene sequencing is expected to develop and contribute towards an era of precision medicine where we will require an accurate account of each patient’s genetic code. The overall market growth of precision medicine is gaining pace due to large number of government initiatives and research & development programs have been launched in the recent years accompanied by increasing awareness and demand related to personalized treatment. Genomic information has initiated its journey to shape the development and use of some of the novel oncology treatments. For example, the drug imatinib (Gleevec) has been designed to inhibit an altered enzyme produced by a fused version of two genes found in chronic myelogenous leukemia. Another example is the breast cancer drug trastuzumab (Herceptin), which works only for women whose tumors have a particular genetic profile called HER-2 positive. Thus, apart from other sub-segments gene sequencing and drug discovery technologies were observed as the largest technology segments in precision medicine market.

For the purpose of this study, the global precision medicine market is categorized into:

North America
Europe
Asia Pacific
Latin America (LATAM)
Middle East and Africa (MEA)

In base year 2015, North America was observed as the largest and most potential regional market for precision medicine. North America constitutes regional markets of U.S. and Canada, the rising prevalence of cancer and support of White House are the major drivers for the growth of North America precision medicine market. The developed healthcare infrastructure, high public awareness related to cancer diagnosis and treatment, and rising research and development activities related to precision medicine are the key factors assisting the growth of North America precision medicine market. For year 2016 President’s Budget included USD 215 million for precision medicine initiative as it will pioneer a new model of patient powered research that will accelerate the research and development activities. Asia Pacific & Europe are the expected to be the fastest growing regional markets for precision medicine market by 2023. Over the next six years, the growth of the market in the Asia-Pacific region is likely to be centered in China and Japan. Several factors such as initiatives from the government and contributions from academic laboratories are expected to assist the growth of Asia Pacific market. In June 2016, BGI and Clearbridge BioMedics partner to develop China CTC liquid biopsy market towards precision medicine. The market experts suggest that BGI is setting up a dedicated team to ensure this trans-omics science and technology is effectively translated into precision medicine. This team will provide an innovative end-to-end solution for omics analysis or genetic profiling at the single cell level from extremely rare cells in clinical samples.

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