According to a new market research report by BIS Research titled Global Precision Medicine Market – Analysis and Forecast (2017-2026), the global precision medicine market is expected to reach a value of $141.7 billion by the year 2026, wherein the oncology market segment is expected to grow at a compound annual growth rate (CAGR) of 10.4% from 2017 to 2026.
Learn other fundamentals — including a precision medicine definition, precision medicine market size, and key insights, trends, and forecasts — in the overview below.
1. What Is Precision Medicine
With an immense potential to transform the healthcare industry, precision medicine is an emerging approach that evaluates the genetic makeup of a patient to investigate the presence of various diseases in the body, which consequently helps in providing tailored therapeutic treatment to each patient.
The concept of precision medicine has gained momentum in the healthcare community, powered by the tremendous expansion in various advanced technologies such as:
- Next-generation sequencing
- Molecular biomarker analysis
- Big data analytics, and others
Since its introduction in the early 21st century, the precision medicine market has grown promisingly over the years. Technological advances have helped the precision medicine market to prevent and treat diseases such as cancer, cardiovascular, neurology, diabetes, and others.
2. Therapeutic Applications for Precision Medicine
This market research report divides the precision medicine market on the basis of therapeutic applications, namely oncology, cardiovascular, central nervous system, infectious diseases, immunology, and others.
The market was dominated by the oncology segment in 2016 since the rise in the number of cancer cases, which has significantly increased the global economic burden, and this burden is estimated to be approximately $4 trillion in 2025.
Several developed countries such as the U.S., the U.K., Germany, France, and Canada, among others, are taking vigorous steps to develop actionable measures in order to control the prevalence of cancer. The immunology segment is expected to grow at the highest CAGR, and its market is expected to reach $11.27 billion in 2026. The factors responsible for this high growth are primarily increasing cases of hypersensitivity, allergy, and immunodeficiency.
3. The Technology Powering Precision Medicine
On the basis of technology, the report has divided the precision medicine market into companion diagnostics, bioinformatics, big data analysis, gene sequencing, pharmacogenomics, molecular diagnostics, and others.
In 2016, the market was dominated by companion diagnostics, which is expected to grow at a CAGR of 11.56% from 2017 to 2026. At present, there are a number of research projects being carried out by key market players especially in technologies such as big data and bioinformatics. Several biopharmaceutical companies are also working extensively on the research and development of targeted therapeutic drugs, tumor-specific molecular biomarkers, companion diagnostics, and pharmacogenomics tests.
4. Key Market Regions and Other Dynamics
Among the different market regions, the North America region was dominating the market in 2016 and is expected to grow at a CAGR of 9.66% from 2017 to 2026. The market has witnessed strong growth owing to the Precision Medicine Initiative (PMI) of 2015 which has helped to make the U.S. a lucrative market for investors. The Asia Pacific region is expected to grow at the highest CAGR of 15.09% from 2017 to 2026.
This report provides an in-depth analysis of the key development strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the global precision medicine market. The research study considers the market share analysis for a comprehensive understanding of the global precision medicine market and assesses the factors governing the same.
The supply chain analysis, Porter's Five Force analysis, patent landscape, detailed product mapping, and R&D analysis have been included in the report.
5. Top Precision Medicine Companies
The report includes an in-depth examination of the key ecosystem players and key strategies & developments taking place in this market. Some of the key players mentioned in the report include:
- Abbott Laboratories
- Almac Group
- Amgen, Inc.
- Astellas Pharma, Inc.
- AstraZeneca PLC
- ASURAGEN, INC.
- bioMerieux SA
- BRISTOL-MYERS SQUIBB COMPANY
- CETICS Healthcare Technologies GmbH
- Eli-Lilly and Company
- F. Hoffmann-La Roche AG
- GE Healthcare
- Gilead Sciences, Inc.
- IBM Corporation
- Illumina, Inc.
- Intomics A/S
- JOHNSON & JOHNSON
- Laboratory Corporation of America
- Merck KGaA
- Novartis AG
- Pfizer, Inc.
Access the Full Report
Need more information? Read the precision medicine market report by BIS Research to gain a holistic view of the market. The report includes detailed information:
- Key factors driving the market
- Restraints and challenges
- Current growth opportunities
- Market share analysis
- Supply chain analysis
- Patent landscape, product mapping, and R&D analysis
Click to the report page on MarketResearch.com to read the abstract and learn more.
About the Publisher: BIS Research is a global market research company that provides comprehensive reports covering 12 technology verticals. Its team includes industry veterans, experts and analysts with diverse backgrounds in consulting, investment banking, government and academia.