Industry Insights on Precision Medicine Market 2018| Key Players are QIAGEN, Novartis, Biocrates Life Sciences AG, Teva Pharmaceuticals, Pfizer, Quest Diagnostics, Eagle Genomics Ltd.

Gene sequencing segment will experience 11.7% CAGR during the forecast timeframe. Gene sequencing techniques offer relevant information about patient’s genome that enables faster drug discovery process. Gene sequencing techniques also initiate the process of pharmacogenomics that determines the amount of medication required by a particular person. Increasing prevalence of genetic diseases will spur the business growth in forthcoming years.

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Oncology segment in precision medicine market was valued at USD 15.4 billion in 2017. The segment will grow enormously owing to rising cases of cancer. According to American Cancer Society, currently as of 2018, 1.7 billion new cases of cancer are diagnosed in the U.S. Furthermore, availability of genome sequencing techniques will promote the drug discovery process for cancer treatment that will boost the segment growth in the foreseeable future.

Prominent Players are:
• Novartis
• Pfizer
• NanoString Technologies, Inc.
• QIAGEN
• Quest Diagnostics
• Teva Pharmaceuticals
• Biocrates Life Sciences AG
• Menarini Silicon Biosystems
• Tepnel Pharma Services
• Eagle Genomics Ltd.
• Ferrer inCode

Healthcare IT companies’ segment was valued at USD 13.0 billion in 2017 and is expected to have substantial revenue size in precision medicine market during the forecast timeframe. These companies rely on revenue specifically driven by the sales of data management systems utilized in storing the genetic information. For instance, Sophia Genetics in Europe develops systems and software that facilitate the process of discovering precision medicines escalating segmental growth.

U.S. precision medicine market will experience 9.7% CAGR and is expected to grow substantially during the forecast timeframe. Increasing geriatric population suffering from chronic diseases such as cancer will positively influence the business growth. According to Fact Sheet, the geriatric population in America is estimated to increase to 98 million by 2060. Majority of the geriatric population suffers from chronic diseases that should augment the U.S. precision medicine industry growth in forthcoming years.

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

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

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