Press release
Precision Medicine Market To See Major Growth By 2026: Abbott Laboratories, GE Healthcare, GlaxoSmithKline
Precision Medicine Market
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Summary
Precision medicine is an upcoming approach which involves investigating whether a person has any diseases by evaluating the genetic makeup, and then diagnosing it. According to Netscribes, the global precision medicine market is expected to have a significant compounded annual growth rate (CAGR) of 9.7% and have a market size in excess of USD 96 Bn by 2023. North America dominates the global market due to the high incidence of cancer and increasing government initiatives in the region.
Precision medicine involves a study of patient specific information to diagnose, and then categorize various diseases. The concept of precision medicine is rapidly growing in the medicine community through tremendous expansion in various advanced technologies, such as next-generation sequencing, molecular biomarker analysis, and much more. With the help of growing technologies, precision medicine plays a vital role in preventing and treating various diseases such as cancer, cardiovascular, neurology and other diseases, which are currently burdening the healthcare system.
The global precision medicine market is classified into three primary segments - based on end use: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on sub-market: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
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Key growth factors
The concept of precision medicine has gained momentum in the healthcare community, powered by the tremendous expansion of various advanced technologies such as next-generation sequencing, molecular biomarker analysis and many more. Technological advancements have helped the precision medicine market prevent as well as treat diseases such as cancer, cardiovascular, neurology, diabetes, and others.
Rising pressure to lower healthcare cost globally, growth of personal healthcare devices, the emergence of value-based reimbursement models, and healthcare digitization trends are aiding the transition of treatment model from ‘one-size-fits-all’ to stratified and outcome-based targeted therapies, which are called precision medicine.
Threats and key players
Threat to personal data, high diagnostic costs, and the risk of hardware and software failure are some of the factors that will hinder the growth of the market.
The key players that have been contributing significantly to the precision medicine market include Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings and Danaher Corporation, among others.
What’s covered in the report?
1. Overview of the global precision medicine market
2. Market Drivers and challenges in the global precision medicine market.
3. Market Trends in the global precision medicine market
4. Historical, current and forecasted market size data for end use segment in the global precision medicine market (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies)
5. Historical, current and forecasted market size data for the therapeutics segment in the global precision medicine market (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases)
6. Historical, current and forecasted market size data for the sub-market segment in the global precision medicine market (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics)
7. Analysis of the competitive landscape and profiles of major companies operating in the market
Why buy?
1. Get a broad understanding of the global precision medicine market, end uses, therapeutics, and the other sub-markets
2. Get geography-specific drivers and challenges affecting the global precision medicine market, its end uses, therapeutics, and the sub-markets
3. Devise market-entry strategies by understanding the factors driving the growth of the market
4. Identify the challenges and address them
5. Get insights into the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth
Customizations Available
With the given market data, Netscribes offers customizations according to specific needs. Write to us at info@netscribes.com.
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Chapter 1: Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered in this study
1.3. Executive Summary
Chapter 2: Global precision medicine market - market overview
2.1. Global market overview - market trends, market attractiveness analysis, geography-wise market revenue (USD)
2.2. Global market drivers and challenges
2.3. Value chain analysis – precision medicine market
2.4. Porter’s Five Forces Analysis
2.5. Market segmentation based on end use (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies, healthcare IT specialists/big data companies)
2.5. a. Revenue from pharmaceuticals and biotech companies - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.5. b. Revenue from clinical laboratories - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.5. c. Revenue from diagnostic companies - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.5. d. Revenue from healthcare IT specialists/big data companies - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.6. Market segmentation for therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases)
2.6. a. Revenue from cancer therapeutics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.6. b. Revenue from cardiovascular therapeutics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.6. c. Revenue from central nervous system therapeutics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.6. d. Revenue from psychiatric disorder therapeutics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.6. e. Revenue from infectious diseases therapeutics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.7. Market segmentation based on sub-market (big data analytics, bioinformatics, gene sequencing, pharmacogenomics, companion diagnostics)
2.7. a. Revenue from big data analytics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.7. b. Revenue from bioinformatics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.7. c. Revenue from gene sequencing - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.7. d. Revenue from pharmacogenomics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
2.7. e. Revenue from companion diagnostics - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
Chapter 3: North America precision medicine market - market overview
3.1. Market overview - market trends, market attractiveness analysis, geography wise market revenue (USD)
3.2. North America - market drivers and challenges
3.3. Market segmentation based on end use (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies, healthcare IT specialists/big data companies)
3.3. a. Revenue from pharmaceuticals and biotech companies - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
3.3. b. Revenue from clinical laboratories - Historical (2015-2017) and forecasted 2021-2026 market size (USD Bn), key observations
3.3. c. Revenue from diagnostic companies - Historical (2015-2017) and forecasted 2021-2026 market size
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HTF Market Intelligence Consulting Pvt. Ltd.
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About Author:
HTF Market Report is a wholly owned brand of HTF market Intelligence Consulting Private Limited. HTF Market Report global research and market intelligence consulting organization is uniquely positioned to not only identify growth opportunities but to also empower and inspire you to create visionary growth strategies for futures, enabled by our extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist you for making goals into a reality. Our understanding of the interplay between industry convergence, Mega Trends, technologies and market trends provides our clients with new business models and expansion opportunities. We are focused on identifying the “Accurate Forecast” in every industry we cover so our clients can reap the benefits of being early market entrants and can accomplish their “Goals & Objectives”.
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