Press release
Asia-Pacific Precision Medicine Market Anticipating Significant Expansion in the Coming Years
The Asia-Pacific precision medicine market is projected to grow at a compound annual growth rate (CAGR) of 16.63%, leading to a revenue of USD 20.90 Bn by 2023.
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Asia-Pacific is the fastest growing precision medicine market in the world. Major countries like China, India and Japan are adopting healthcare technologies at a rapid pace, resulting in improvements in the treatments and solutions for uncommon diseases. This is why the demand for precision medicine is also increasing. The market is expected to expand in the region because of advancements in recent research which are helping in the diagnosis of diseases, its appropriate risks and optimal therapy.
China is dominating the precision medicine market due to its ageing population and rise in the rate of chronic diseases. India is experiencing the fastest growth in the Asia- Pacific region. Rising investments in research and development have also triggered the growth of the precision medicine market.
The Asia-Pacific precision medicine market is classified into three primary segments: based on ecosystem players: 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 technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
Diagnostic tool companies are expected to exhibit the highest growth rate in the region due to increased investments in research and technology, and clinical trials in the region. The cancer therapeutics segment is expected to register the highest growth rate during the forecasted period 2018-2023 due to higher incidence of cancer.
Key growth factors
The adoption of gene therapy - which is essential for the development of precision medicine - is responsible for the growth of the market. Further, the increasing rate of chronic diseases and enhancements in big data analytics will also drive the precision medicine market during the forecasted period of 2018-2023.
Asia-Pacific is expected to become one of the most prominent markets by 2023 for precision medicine because of favorable reimbursement policies which will help businesses expand across borders.
Threats and key players
There is limited adoption (less than 50%) of electronic health records in Asia-Pacific countries like India, Indonesia, etc. This is resulting in the absence of proper healthcare information systems, which are important components of precision medicine to capture vital patient data. This limits the deployment of advanced healthcare solutions like precision medicine.
The adoption of high-end genomic technologies and artificial intelligence tools like N-of-One, WuxiNextCode, etc., are expected to face difficulties in the region due to inadequate healthcare facilities.
The major players operating in the Asia-Pacific precision medicine market are Pfizer, Novartis, Teva pharmaceuticals Industries etc.
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What's covered in the report?
1. Overview of the Asia-Pacific precision medicine market.
2. Market drivers and challenges in the Asia-Pacific precision medicine market.
3. Market trends in the Asia-Pacific precision medicine market.
4. Historical, current, and forecasted market size data for the segments of the Asia-Pacific precision medicine market, based on ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies) by revenue (USD Bn).
5. Historical, current and forecasted market size data for the segments of the Asia-Pacific precision medicine market , based on therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases) by revenue (USD Bn).
6. Historical, current and forecasted market size data for the Asia-Pacific precision medicine market segmentation by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics) - by revenue (USD Bn).
7. Historical, current and forecasted country-wise (China, India and Japan) market size data (USD Bn) for the Asia-Pacific precision medicine market and its segmentations by ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies), by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases), and by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics).
8. Analysis of the competitive landscape and profiles of major companies operating in the market.
Why buy?
1. Understand the demand for the precision medicine to determine the viability of the market.
2. Identify the developed and emerging markets where precision medicine market is provided.
3. Identify the challenges and address them.
4. Develop strategies based on the drivers, trends and highlights for each of the segments.
5. Evaluate the value chain to determine the workflow and get an idea of the current position.
6. Recognize the key competitors of this market and respond accordingly.
7. Knowledge of the initiatives and growth strategies of the major companies and decide on the direction for further growth.
8. Define the competitive positioning by comparing the products and services with the key players in the market.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)
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The following are significant aspects of the industry that may be relevant:
Market Size and Growth: The size of the market and its projected growth rate are essential factors that can provide valuable insights into the industry's potential.
Competition: The level of competition in the market is a significant factor that can impact the pricing and profitability of companies operating in the industry.
Technology: Technology plays a critical role in the industry as search algorithms and consumer behavior continue to evolve rapidly.
Consumer Behavior: Understanding consumer behavior, such as search habits and preferences, can help companies optimize their marketing strategies and drive sales.
Regulatory Environment: The industry is subject to various regulatory requirements, including data protection and privacy laws, which can impact the way companies operate in the market.
Economic Factors: Economic factors, such as GDP, inflation, and consumer spending, can affect the growth and profitability of the industry.
Emerging Trends: Staying updated with emerging trends, such as voice search and artificial intelligence, can help companies stay ahead of the curve in the industry.
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Asia-Pacific Precision Medicine market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Asia-Pacific Precision Medicine market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Asia-Pacific Precision Medicine market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Asia-Pacific Precision Medicine business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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