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Precision Medicine Market Foreseen 2023: Worldwide Players Roche Holding, Illumina, Thermo Fisher Scientific, Quest Diagnostics, AstraZeneca

04-05-2019 11:11 AM CET | Health & Medicine

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Precision Medicine Market

Precision Medicine Market

According to Allied Market Research the global precision medicine market accounted for $3,516 million in 2016, and is estimated to reach at $7,746 million by 2023, registering a CAGR of 11.9% from 2017 to 2023. North America was the highest contributor in the precision medicine market in 2016; however, Asia-Pacific is anticipated to witness a highest growth rate throughout the forecast period.

Precision medicine is novel approach toward disease treatment in healthcare, medications are customized based on patients personalized healthcare needs such as, influence of genes & surrounding environment on patients health and result of various tests carried out on various levels. Follow-up on tests and treatment can be planned based on response of the patients toward treatment, which reduces side effects of drug and multiple administration of medications.

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The precision medicine market is expected to grow at a productive rate the during forecast period. Surge in global incidence of cancer and increase in aging population susceptible to diseases are expected to boost the demand of precision medicines. Government initiatives & grants and private companies investing in R&D of precision medicines boost the market growth. However, strict regulation set by governments and risk associated with sharing genetic data of patients impedes the growth of precision medicine market.

Drug discovery generated the highest revenue in 2016, and is anticipated to continue this trend in the future. The requirement of quality drugs and versatile therapies for treatment is expected to boost the growth of this segment. Gene sequencing grows at a surprising rate and is expected to continue to grow during the forecast period.

North America holds the highest market share in 2016 owing to high prevalence rate of cancer and modern healthcare facilities. Moreover, adoption of experimental medicines and growth in awareness about precision medicines is expected to boost the North America market. However, Asia-pacific region is expected to grow at the highest CAGR during the forecast period considering, swift industrialization in the area, increase in disposable income, and upsurge in government initiatives to modernize healthcare infrastructure.

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Key Market Players:
• Roche Holding AG
• Illumina Inc.
• Thermo Fisher Scientific Inc.
• QIAGEN
• Quest Diagnostics
• Laboratory Corporation of America Holdings
• Novartis AG
• AstraZeneca
• Bristol-Myers Squibb
• Eli Lilly & Company.

Key Findings of the Precision Medicine Market:
• The sequencing by synthesis segment is projected to grow at the highest CAGR during the analysis period.
• Consumables segment generated the highest revenue and is expected to continue its dominance in future.
• North America dominated the market and is projected to grow at a CAGR of 11.0%.
• China is expected to grow at the highest CAGR of 16.8% in Asia-Pacific.
• The epigenomics segment is anticipated to grow at the highest CAGR of 14.1% during the forecast period.

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About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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