Precision Medicine Market Size, Share, Industry Growth | Valuates Reports

According to the National Institutes of Health (NIH), precision medicine is "an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person." This approach will allow doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. It is in contrast to a "one-size-fits-all" approach, in which disease treatment and prevention strategies are developed for the average person, with less consideration for the differences between individuals.

Although the term "precision medicine" is relatively new, the concept has been a part of healthcare for many years. For example, a person who needs a blood transfusion is not given blood from a randomly selected donor; instead, the donor’s blood type is matched to the recipient to reduce the risk of complications. Although examples can be found in several areas of medicine, the role of precision medicine in day-to-day healthcare is relatively limited. Researchers hope that this approach will expand to many areas of health in coming years.

Johnson & Johnson, IBM, GE Healthcare, Illumina, Roche, and Laboratory Corporation of America Holdings are the leading players in precision medicine in Europe, with the top five accounting for approximately 30% of the European market.

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Germany is the largest consumption place in Europe, with a consumption market share nearly 20%. France is the second largest consumption place with the consumption market share of 18%.

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Segment by Type

• Diagnostics
• Therapies

Segment by Application

• Oncology
• Neurosciences
• Immunology
• Respiratory
• Others

Key Companies

• Johnson & Johnson
• IBM
• GE Healthcare
• Illumina
• Roche
• Laboratory Corporation of America Holdings
• Thermo Fisher Scientific
• Novartis
• Abbott Laboratories
• Almac Group
• Intel Corporation
• Biomrieux Sa
• Cepheid
• Qiagen
• Randox Laboratories
• Healthcore

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