Precision medicine refers to medicines developed as per an individual’s genetic profile that helps as a guide for the prevention, diagnosis and treatment of diseases. The global precision medicine market was valued at $38.92 billion in 2015, and is expected to reach $88.64 billion by 2022. Thus the market is expected to perform a growth at a CAGR of 12.48% from 2015 to 2022.
Precision medicine is a medical model that suggests the customization of health care, with medical decisions, practices, or products being personalized for the individual patient. In this model, diagnostic testing is often employed for selecting appropriate and optimal therapies based on the context of a patient’s genetic condition or other molecular or cellular analysis. Tools used in precision medicine includes molecular diagnostics, imaging, and analytics. This precision medical technology allows doctors to analyze the type of medication is needed for the patient. This specifically helps the doctor to get proper knowledge about the patient’s condition.
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Although the term ‘precision medicine’ is comparatively new, the concept has been a part of healthcare for many years. For example, a person who needs a blood transfusion is not given blood from a casually selected donor; instead, the donor’s blood type is matched to the patient to reduce the risk of worries. Though there are examples in several areas of medicine, the vitality of precision medicine in regular healthcare is quite limited. Researchers hope that this approach will be adopted in many areas of health and healthcare in coming years.
Major Drivers Of Precision Medicine Market:
The major market driving factor for precision medicine are patient’s involvement in personal healthcare, integration of wireless technologies with portable healthcare devices, and increase in genetic diseases (due to mutation, UV rays) among others. The global increase of cancer and increase in ageing population is expected to give rise to the growth of precision medicine.
The market precise medicine market include potential threat to personal data, high diagnostic cost as a barrier, potential risk of hardware or software failure, stringent regulations and standards, lack of awareness about the possible applications of precision medicine, reimbursement policies and regulatory framework, limited knowledge about the application of test and techniques, lack of research and evidences creating hindrances in its application. Though it has high potentiality to cover huge part of the market but these factors are acting as strong barriers in the growth.
Global Precision Medicine Market- Key Players:
Some of the companies who are constantly contributing in the enhancement of global precision market are- Abbott Laboratories, Almac Group, Ltd., Asuragen, Inc., Biomérieux Sa, Cepheid Inc., Cetics Healthcare Technologies Gmbh, Ge Healthcare, Glaxosmithkline Plc, Johnson & Johnson, Laboratory Corporation Of America Holdings, Medtronic, Novartis, Pfizer Inc., Qiagen, Biobase Gmbh, Quest Diagnostics Inc, Randox Laboratories Ltd., Sanofi Pharma, Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Ab-Biotics Sa, Caris Life Sciences, Healthcore, Inc., Ibm, Innventis, Intel Corporation, Molecular Health Gmbh.
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- The global precision medicine market is expected to reach USD 88.64 billion by 2022.
- By ecosystem diagnostic tool companies holds the largest market share of precision medicine market and is expected to reach USD 27.56 billion by 2022.
- By sub-market, company diagnostics holds the largest market share of precision medicine market and is expected to reach USD 21.32 billion by 2022.
Global Precision Market- Segmentation:
Global precision medicine market is divided into 4 segments which include:
Segmentation on the basis of eco system
Segmentation on the basis of sub market
Segmentation on the basis of therapeutics
Segmentation on the basis of region
Global Precision Medicine Market- Regional Analysis:
According to the report of MRFR North America is the largest market for global precision medicine. Europe stands in the second-largest position market for global market of precision medicine. The near future market for precision medicine will be dominated by the developed regions with developing regions providing a supporting role only. However the developing regions market particularly Asia Pacific will be the fastest growing and is likely to be the key to the future.
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