Press release
Precision Medicine Market Size Set to Record USD 88 Billion by 2024: Market Size Forecasters
Precision Medicine Market size is set to exceed USD 88 billion by 2024Rising incidences of cancer and increased efforts by the medical fraternity for better healthcare solutions will drive precision medicine market size over 2016-2024. Growing geriatric population, increase in the number of people susceptible to genetic diseases, technological innovations in healthcare, and a high number of public initiative programs pertaining to cancer research will also propel precision medicine industry in the years to come. Global precision medicine market was worth more than USD 39 billion in 2015 and is estimated to hit USD 88 billion by 2024, increasing at a significant CAGR of more than 10.5% over 2016-2024.
Threat to privacy will be a major hindrance for precision medicine industry growth, since the usage of patients’ confidential genetic data is not strictly limited for the purposes of medical research. This in turn, will lead to an increase in the insurance premiums for patients vulnerable to genetic disorders.
In addition, FDA policies will lead to a reduction in the manufacture of customized drugs, as pharmaceutical companies will solely concentrate on developing FDA-authorized drugs that are sanctioned to increase profits. With the decline in the development of customized drugs for patients, precision medicine market growth is likely to suffer a setback.
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Precision medicine industry in CNS applications was worth more than USD 9 billion in 2015 and is forecast to grow over the coming years, owing to rise in the adoption of highly-developed products for neuroscience therapeutics.
Oncology makes use of a patient’s individual genetic profile to optimize the treatment method. Oncology applications exceeded 30% of the overall precision medicine market share in 2015, and is projected to increase at a CAGR of more than 11% over 2016-2024.
Gene sequencing technology focuses on the differences in patients’ lifestyle, work and home environments, and most importantly, genetic evolution and synthesis, for efficient diagnosis and treatment. Gene sequencing technology registered a revenue of more than USD 8 billion in 2015 and will grow considerably from 2016-2024.
Drug discovery market was valued at a revenue exceeding USD 9 billion in 2015, and is anticipated to grow at a CAGR of more than 8% over 2016-2024, subsequently fueling worldwide precision medicine industry size.
Driven by increased government funding and high drug approval rate, global companion diagnostics market will cross USD 17 billion by 2024.
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Regional highlights of Precision Medicine Market over 2016-2024 are given below:
The global landscape comprises countries such as U.S., Germany, Canada, France, UK, Italy, Scandinavia, Japan, India, China, Brazil, Mexico, Singapore, UAE, South Africa, Qatar, and Saudi Arabia.
China market accounted for 25% of the regional revenue share in 2015 and is anticipated to increase substantially over the years to come, primarily driven by contributions from academic institutions such as the Shanghai Biomedical Laboratory and the Beijing Genomics Institute, in addition to convenient government initiatives.
The U.S. contributed to more than 65% of North America precision medicine industry share in 2015, and is forecast to be a prime revenue generator over 2016-2024. This growth can be attributed to the favorable regulatory framework by the government.
Germany precision medicine market size was worth more than USD 2.4 billion in 2015, and is projected to contribute substantially to regional growth in the coming years, owing to pharmaceutical and diagnostic companies striving to develop innovative solutions. Excellent reimbursement policies are expected to fuel France precision medicine industry size, which in turn will drive regional revenue.
Continuous efforts by top companies to revolutionize cancer care based on an in-depth, biological diagnosis of malignant tumors will augment market growth. Key industry players include Ferrer InCode, Intomics, Teva Pharmaceutical, Pfizer, LabCorp, Quest Diagnostics, Qiagen, Roche, Silicon Biosystems, Covance, Biocrates Life Sciences, Novartis, Tepnel Pharma Services, Medtronic, Nanostring Technologies, and Eagle Genomics.
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