Precision Medicine Market Size By Technology (Big Data Analytics, Gene Sequencing, Drug Discovery, Bioinformatics, Companion Diagnostics), By Application (Oncology, CNS, Immunology, Respiratory), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Scandinavia, Italy, Japan, China, India, Singapore, Mexico, Brazil, South Africa, UAE, Qatar, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: October 2017 | 108 Pages | Report ID: GMI671 Report Format: PDF
Precision Medicine Market size was valued over USD 43.6 billion in 2016 and is expected to witness more than 10.5% CAGR from 2017 to 2024.
India Precision Medicine Market, By Technology, 2013 - 2024
Growing prevalence of cancer across the globe coupled with advancement in cancer biology should drive the precision medicine market size. Accessibility of large-scale human genome databases coupled with advent of next-generation sequencing (NGS) and computational tools will provide future growth opportunity and advance the field of precision medicine.
Significant advancement in gene therapy to treat cancer and other disorders triggered by mutations will augment precision medicine industry size. The ability of gene therapy to target anticancer agents without damaging the normal tissues along with substitution of the non-functional gene with the functional one will favour future market growth.
Favourable government initiatives, increased funding coupled with advancement in big data analytics should escalate industry growth. For instance, the development of community platform by U.S. FDA entitled precisionFDA, for evaluation of next generation sequencing assays will spur market size. Excessive cost associated with precision medicine will hamper industry growth over the coming few years.
Precision Medicine Market, By Technology
Drug discovery accounted for largest market share in 2016 and is anticipated to grow at approximately 8.3% CAGR over the forecast period. Advancements in pharmacogenomics which allows to predict the efficacy of a drug using genetic information of individuals will pave the way for drug development. Furthermore, development of drug focused on specific targets such as Kalydeco used in the treatment of cystic fibrosis which targets causal G551D gene mutations will favour segment growth.
Big data analytics market size will witness robust growth over the forecast timeframe. Rising usage of electronic health records, development of various big data platforms utilising genetic information of patients along with increasing efforts of collaborative forums launching events and initiatives will boost the global precision medicine market growth in the future.
Precision Medicine Market, By Application
Oncology segment held the largest revenue share in 2016 and should show a similar trend in the future. Rising prevalence of cancer globally along with the development of targeted therapies for cancer patients based on their genetic factors over conventional chemotherapy will spur market size. Increasing focus on precision oncology with investment of USD 70 million by NIH will further accelerate market growth.
Respiratory segment will also witness significant growth in the future. Lifestyle factors such as smoking leads to elevated risk of developing chronic obstructive pulmonary disease (COPD) which further escalates the need to develop novel biomarkers, increase the efficiency of indicators, phenotypes and select effective treatment options facilitating precision medicine.
Precision Medicine Market, By Region
U.S. precision medicine market accounted for largest regional share in 2016 owing to high prevalence of cancer coupled with favourable regulatory scenario in the country. Numerous awareness campaigns and initiatives organized by government & private associations and societies to increase awareness levels will propel industry expansion. For instance, the launch of Precision Medicine Initiative (PMI) by President Barack Obama in 2015 for developing innovative solutions for chronic diseases such as cancer based on genomic, environment and lifestyle characteristics of patients will spur regional growth.
Germany precision medicine market accounted for over 2.6 billion in 2016, and is expected to witness considerable growth over the forecast period. Favourable government initiatives such as launch of Individualized Medicine action plan by the German Federal Ministry along with rising usage of electronic health records for better healthcare outcomes should strongly drive regional business growth.
China held largest share in 2016 and will drive the Asia Pacific regional growth owing to increased efforts by the government through initiatives and investment in research and development for novel biomarkers used to treat cancer. Rapidly growing healthcare expenditure coupled with rising adoption of gene sequencing and big data analytics in the emerging economies will augment industry size.
Competitive Market Share
Some of the major players of global precision medicine market are Intomics, F. Hoffmann-La Roche, NanoString Technologies, Laboratory Corporation of America Holdings, Biocrates Life Sciences, Teva Pharmaceutical, Tepnel Pharma Services, Novartis, Silicon Biosystems, Quest Diagnostics and Ferrer InCode. Increased focus on R&D investment for developing innovative software tools to integrate health data for treatment of chronic ailments is the major strategy adopted by these players to maintain market foothold.
Precision Medicine Industry Background
Rising government focus on reducing disease burden costs owing to increasing prevalence of cancer across the world will drive global precision medicine industry. Increased investment on cancer research along with launch of various government initiatives will further accelerate industry growth during the forecast period. The industry is expected to witness tremendous growth in the future due to rising adoption of omics technologies, next generation sequencing in the developed countries such as U.S. Presence of extensive product portfolio and strong focus on research to develop novel computational tools enables the dominant industry players to maintain their market foothold.
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