Market Scope
Market Research Future (MRFR) assessed the global Precision Medicine Market 2021 in the review period till 2025. As per MRFR assessment, the global precision medicine market is expected to surge at 12.48% CAGR in the study period (between 2017 and 2025). By 2025, the precision medicine market value can touch USD 126.14 Bn.
Market Drivers and Restrains
The growing demand for preventive health solutions for disease is likely to explain the inclination towards precision medicine market. It allows physicians to study response of an individual to a therapy on a genetic level, also considering their environment and lifestyle to prolong health. The surge in demand for oncology care with targeted cancer therapy can prompt the market growth in the years to come. However, issues with escalation in price of drug discovery and enforcement of regulatory requirements can impede the precision medicine market rise. The surge in the demand for individualized treatment solution is likely to counter the market rise by 2025.
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Segment Overview
The segment analysis of the global precision medicine market is based on therapeutics, submarkets, and ecosystem players.
The sub-market-based segments of the precision medicine market are biomarker-based tests, pharmacogenomics or PGX, companion diagnostics, molecular diagnostics, and targeted therapeutics, among others. The other segment comprises next-generation sequencing, consumer genomics, prosthetics market, human tissues market, and 3d printing. The 3D printing segment is expected to surge with the highest CAGR by 2025.
The ecosystem-based segments of the precision medicine market are diagnostic tool companies, clinical laboratories, pharma & biotech companies, and healthcare IT/ big data companies. The diagnostic tool companies segment can hold considerable share of the worldwide precision medicine market. By 2022, the diagnostic tool company value can reach USD 27.56 Bn.
The therapeutics-based segments of the worldwide precision medicine market are cardiovascular disease, cancer/oncology, central nervous system, and infectious diseases among others. The cancer or oncology segment studies different types of cancers and their diagnose them. The central nervous system segment studied psychiatric and neurological disorders. The outbreak of COVID 19 and the rise in number of patients suffering from infectious diseases are causes that are pining the need for precision medicine and can prompt the market growth in the years to come.
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Regional Analysis
The regional evaluation of the precision medicine market is done for the Americas that include North America and South America, Europe (EU), Asia Pacific, and the Middle East & Africa (MEA).
North America is reputed for its robust technological base that aid in offering better medical facilities. The revenue generated by North America is higher than the revenue generated by South America for the precision medicine market in the Americas. The United States of America is expected to spearhead the regional market owing to presence of several key players that are increasing their investment in R & D undertakings dedicated to provide better treatment and diagnostics solution.
In Europe, the precision medicine market is expected to thrive due to ingression of advanced technologies in the healthcare domain. The surge in investment by private organizations and the regional government to offer advancement therapeutic solutions can promote the market rise in the near future. Europe precision medicine market is likely to gain decent contribution from Germany, the United Kingdom (UK), and France.
In the APAC region, the as population become dense the patient population is observed to expand creating the need for medical facilities. The expansion of medical tourism can prompt the precision medicine market in the Asia Pacific region during the study period. In the Middle East Africa region (MEA), the precision medicine market is likely to rise at moderate pace owing to lack of technical base and medical setup, along with drop in awareness about precision medicine, along with growing socio-economical issues.
Key Players
Ab-Biotics Sa (USA), Takeda Pharmaceutical Company Limited (Japan), Abbott Laboratories (USA), Molecular Health Gmbh (Germany), Asuragen Inc (USA), Almac Group Ltd. (UK), Biobase Gmbh (Germany), Caris Life Sciences (USA), Biomérieux Sa (France), Ge Healthcare (USA), Cepheid Inc. (USA), Cetics Healthcare Technologies Gmbh (Germany), Intel Corporation (USA), GlaxoSmithKline PLC (UK), Healthcore Inc. (USA), IBM (USA), Innventis (Israel), Laboratory Corporation Of America Holdings (USA), Johnson & Johnson (USA), Medtronic (USA), Novartis (Switzerland), Pfizer Inc. (USA), Qiagen (Germany), Randox Laboratories Ltd. (UK), Sanofi Pharma (France), Quest Diagnostics Inc (USA), and Teva Pharmaceutical Industries Ltd. (Israel) are some renowned companies in the global precision medicine market that are listed by MRFR.
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