According to a report, “Precision Medicine Market Size, Share & Trends Analysis Report By Application (Genetic Tests, Esoteric Tests, Pharmaceuticals, Medical Devices), By End Use, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the global precision medicine (diagnostics/therapeutics) market size is expected to reach USD 85.5 billion by 2025 at a 9.9% CAGR during the forecast period. Trends such as introduction of cost-effective genomic and molecular biology testing methods, increasing prevalence of cancer and rare diseases, and rising use of big data in precision medicine are some of the key factors boosting market growth. In addition to this, researchers, healthcare professionals, and big pharma and biotech companies are working together to recognize new focused treatments options for the wellbeing of patients. Currently, there are many therapies and drugs under clinical trials for treatment of different types of cancers. Furthermore, an inclination towards development of precision medicine and diagnostics has been observed among the researchers.
The market has observed genuine and constructive involvement of government and regulatory bodies. For instance, in 2015, the then U.S. government announced the launch of the Precision Medicine Initiative. With the Joe Biden presidency, precision medicine will become a priority and the market will soon see major government support, leading to a major growth rate. In 2016, China launched the China Precision Medicine Initiative, which is a 15-year project that aims to build the country as a leader in development of precision therapies. These initiatives are expected to keep the market buoyant and upbeat with increasing demands and research & development for the coming years.
Precision Medicine Market Report Highlights
• Precision medicines has gained importance in the eyes of several large organizations and this is better for its market growth. For instance, in May 2019, 72nd Annual World Health Assembly (WHA) conducted by the World Economic Forum highlighted the importance of precision medicines in the healthcare scenario and how it could benefit countless lives.
• Merger & Acquisitions form a major part of the market expansion strategy of key players. For example, in November 2018, Precision BioLogic Inc., a leading developer of hemostasis diagnostic products, announced the acquisition of Affinity Biologicals Inc., a primary manufacturer of reagents and kits used in hemostasis and thrombosis research and diagnostics.
• Technologies such as gene sequencing, biomarkers, big data analytics, and companion diagnostics are anticipated to drive this market in the coming years
• By end use, clinical labs held the dominant share in the market in 2017. The home care testing segment, on the other hand, has been witnessing rapid growth due to its speed, efficiency, and convenience
• On the basis of the indication area, therapeutic precision medicines for oncology held the largest market share in 2017. However, there has been a change in focus of researchers toward the development of precision medicines for non-oncologic diseases. This has resulted in greater focus on immunological, genetic, and rare diseases
• On the basis of region, the North America market currently holds the largest share and is expected to grow further during the forecast period. The market is primarily driven by supportive policies and initiatives by the government and strong presence of market players. Asia Pacific is expected to emerge as the fastest growing region in this market
• GE Healthcare; Abbott Laboratories; Precision Biologics; Foundation Medicine; Illumina, Inc.; and IBM Watson are some of the prominent players in the precision medicine diagnostics market and precision medicine therapeutics market
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Precision Medicine Market Segmentation
Grand View Research has segmented the global Precision Medicine (Diagnostics/Therapeutics) market based on application, end use, and region:
Precision Medicine (Diagnostics/Therapeutics) Application Outlook (Revenue, USD Billion, 2014 – 2025)
• Genetic Tests
• Direct to Consumer Tests
• Esoteric Tests
• Respiratory Diseases
• Skin Diseases
• CNS Disorders
• Genetic Diseases
• Medical Devices
Precision Medicine (Diagnostics/Therapeutics) End-use Outlook (Revenue, USD Billion, 2014 – 2025)
• Home care
• Clinical Laboratories
Precision Medicine (Diagnostics/Therapeutics) Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• The U.S.
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
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