Precision Medicine Market- Industry Analysis, Size, Share, Growth, Trends and Forecast, 2024

MaketStudyReport.com adds a New Precision Medicine Market Research Report for the period of 2016-2023 that shows the growth of the market is rising at a 10.5% CAGR to 2023.

Precision Medicine Market size is expected to reach USD 87.79 billion by 2023.Increasing demand for personalized medicine specifically in cancer treatments and advancements in new healthcare technologies will drive precision global medicine market size. Favorable government regulations and standards will help sustain revenue growth.

The individualized diagnosis approach has dramatically improved owing to large-scale biologic database development, efficient methods for patient characterization, and computational tools to analyze large data sets. Emphasizing the need for public health database, The White House dedicated USD 55 million for creation of its largest database Precision Medicine Initiative (PMI).

Gene sequencing market size was over USD 8 billion in 2015. Post announcement of the PMI, FDA has recently issued draft guidelines on next generation sequencing-based tests to develop a new kind of healthcare that takes into account individual differences in people's genes, environments and lifestyles.

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Key insights from the report include:

Drug discovery technology contributed over USD 9 billion to the global precision medicine market size in 2015, and is estimated to expand at 8.3% CAGR from 2016 to 2023. NGS and other such technologies will open new opportunities for industry participants. Regulation of NGS based test development will help create regulatory processes for genetic test development and application.

The global companion diagnostics market is predicted to reach USD 17 billion by 2023. It plays a significant role in development of targeted drugs, thus speeding up the move towards more precise and individualized pharmacotherapy.

Oncology application was over 30% of the precision medicine market share in 2015. There have been significant developments taken place across the globe in the area of breast cancer and other related cancers. Predictive biomarkers in lung cancer therapy targets receptors such as c-ros oncogene 1 receptor tyrosine kinase (ROS1), Epidermal Growth Factor Receptor (EGFR), Immune Checkpoints, and Anaplastic Lymphoma Kinase (ALK).

U.S. precision medicine market share accounted for over 65% of the North American revenue in 2015, and is anticipated to continue witnessing growth due to increased government initiatives. For instance, The President’s budget in 2016 has allocated USD 130 million to the NIH for development of a national research cohort of a million voluntary U.S. participants, and the data is linked to EHR for easy access to academic scientists and physicians.

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China contributed 25% to the Asia Pacific precision medicine market size in 2015, mainly due to considerable government initiatives supporting growth in the region. Pfizer, Novartis, Covance, Medtronics, Qiagen, Quest Diagnostics, Roche Holding, Teva Pharmaceuticals, and Biocrates Life Sciences are some notable industry participants.

Global Market Insights has segmented the precision medicine industry based on technology, application, and region:

Precision Medicine Market Technology Analysis (Revenue, USD Million; 2013 - 2023)
Big data analytics, Gene Sequencing, Drug discovery, Bio Informatics, Companion Diagnostics

Precision Medicine Market Application Analysis (Revenue, USD Million; 2013 - 2023)
Oncology, CNS, Immunology, Respiratory

The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Russia, China, India, Japan, Latin America, Brazil, Mexico, MEA

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Related Report:

United States Radiopharmaceutical Market by Manufacturers, States, Type and Application, Forecast to 2022

Radiopharmaceuticals are radioactive compounds administered to the patient, and monitored via specific imaging devices, for diagnosis and therapeutic purposes. It is composed of a radioisotope bond to an organic molecule. The organic molecule conveys the radioisotope to specific organs, tissues or cells. The radioisotope is selected for its properties. Radiopharmaceuticals are used in the field of nuclear medicine as radioactive tracers in medical imaging and in therapy for many diseases (for example, brachytherapy). Many radiopharmaceuticals use technetium-99m (Tc-99m) which has many useful properties as a gamma-emitting tracer nuclide.

https://www.marketstudyreport.com/reports/united-states-radiopharmaceutical-market-by-manufacturers-states-type-and-application-forecast-to-2022/?utm_source=RR-PSR

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