Precision Medicine Market size to exceed $119 Bn by 2026
Published Date: February 28, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Precision Medicine Market size is set to exceed USD 119 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rising prevalence of cancer across the globe will significantly boost the market growth in the forthcoming years. Growing usage of biomarkers for personalized medicine cancer therapy and advancements in the next generation sequencing further propels the precision medicine market growth positively.
Rising adoption of bioinformatics in the healthcare system across the globe is expected to propel market growth
Increasing prevalence of chronic and rare diseases propel the need to develop technologically advanced tools for rapid integration and analysis of patient data. The bioinformatic system assist in translation of data to make effective clinical solutions. Hence, the growing amount of data in the healthcare system will boost the demand for bioinformatics, enhancing the precision medicine market demand.
The development of bioinformatics solutions and software will propel immunotherapy development and enhance microbiome analysis thereby, advancing the field of precision medicine. Furthermore, the development of high throughput technologies such as next generation sequencing and microarray will pave the way for bioinformatics market growth that will further drive the market demand in the upcoming years.
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Growing demand for gene sequencing in prognosis of cancer will drive the precision medicine market revenue
Based on technology, the market is segmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics and others. Gene sequencing held the second largest revenue in 2019 that was valued at USD 12.6 billion and is expected to witness a fastest growth over the forecast period. The high growth is attributed to the growing advancements in cancer genomics that offers effective ways for disease diagnosis based on genetic characteristics. In addition, gene sequencing especially next generation sequencing technology is evolving at a very rapid pace making it faster and provides effective results.
Furthermore, whole genome sequencing of tumor cells assists in predicting the prognosis of cancer patient and offers solutions to identify the most effective treatment. Availability of next generation sequencing based genetic tests for identification and rapid sequencing of large human genome is a major advancement in precision medicine Thus, owing to these factors the segmental market is anticipated to witness a substantial precision medicine market demand.
Browse key industry insights spread across 173 pages with 190 market data tables & 8 figures & charts from the report, Precision Medicine Market Size By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), By Application (Oncology, Immunology, CNS, Respiratory) By End-use (Pharmaceutical Companies, Diagnostic Companies, Healthcare IT companies), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
Technological advancements in immunotherapy will boost the demand for market
The application of precision medicine in immunology is estimated to grow at around 9.9% over the estimation period. Recent technological advancements in targeted therapy leads to development of new strategies for effective treatment of cancer that in turn is rendering a positive impact on the precision medicine market growth. The ability of precision immunology to identify defects in the immunity process for cancer patients will enable to make informed decisions for effective treatment of diseases.
For instance, tumor immunotherapy is a significant approach based on the ability of the immune system to fight against infectious diseases. This approach includes various features including mediating tumor regression, generating clinical responses, inducing autoimmune toxicities, blocking immunosuppressive effects and thus, offering advance care for cancer patients. Hence, owing to this the segmental market is expected to witness a substantial market growth in the upcoming years.
Technologically advanced tools will boost the precision medicine market share
The use of precision medicine in healthcare IT was valued at around USD 16 billion in 2019. Growing demand for technologically advanced tools for rapid integration, storage and analysis of patient data are boosting the precision medicine in healthcare IT. Computational biology, artificial intelligence, machine learning algorithms and digital biomedical markers is expected to offer an opportunity to translate new data into end result thereby, allowing earlier diagnosis and specific treatment options. The development of bioinformatics solutions and software by Healthcare IT Companies will boost the precision medicine industry growth in the upcoming years. Hence, technological advancements will further foster the market growth across the forecast period.
Growing government initiatives to make Asia Pacific a lucrative market for precision medicine
Asia Pacific was valued at more than USD 12 billion in 2019 and will witness lucrative growth over the forecast period. The high growth can be attributed to the growing precision medicine utilization of big data analytics in the medical field. Furthermore, several government initiatives coupled with growing prevalence of chronic diseases in the countries such as China and India are expected to foster the market growth positively.
The Canada precision medicine market value is predicted to showcase substantial growth over the forecast period and expand at 10.2% CAGR. The high growth rate is attributed to ongoing research and development activities resulting in augmenting the market growth across the region. For instance, the research team in Canada is vigorously working on developing personalized medicine for molecular diagnostics and targeted therapeutics of cardiovascular diseases. In Canada, presently, 1.3 million people suffer from cardiovascular disease.
The cost of the disease is estimated to be USD 22.2 billion on the government that constitutes the highest direct healthcare cost. Hence, owing to this the researchers are working on how genes influence the drug efficacy and toxicity in order to assist doctors in recommending a specific drug for the disease.
Companies focusing on innovative products to expand customer base and operations
Some of the leading players in the precision medicine market share include Tepnel Pharma Services, Biocrates Life Sciences, Qiagen, Novartis, NanoString Technologies, Menarini Silicon Biosystems, Pfizer, Eagle Genomics, Roche, Intomics, Quest Diagnostics, and Teva Pharmaceutical. These companies are focusing on various strategies such as new product launches, strategic partnerships, and acquisitions to consolidate their market presence.
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