The Global Precision Medicine Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Global Precision Medicine Market is estimated to be $ 40.50 USD billion and predicted to rise to $ 69.80 USD billion with a CAGR of 11.5%. The market is segmented by Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others), by Application (Oncology, CNS, Immunology, Respiratory, Others). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The market for Precision Medicine is mainly driven due to demand for customized medical solutions, growth in healthcare technologies, and favorable government norms. Also, technological advancements like next generation sequencing are driving the market demand and growth. But, the market growth can be hampered due to insurance companies using the information patientsâ€™ genetic data.
By Application, oncology segment holds the largest market share, followed by the CNS and immunology segments. By Technology, drug discovery market holds the largest share, followed by gene sequencing and companion diagnostics. Big data analytics is expected to grow at the highest CAGR. Companion diagnostics segment has acquired importance owing to rising concerns about rates of drug failures. Further, the segment is expanding at rapid pace owing to rise in financial support and approvals by government.
Geographically, Global market for Precision Medicine is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. The market in North America is highly driven due to higher acceptance rate and patient affordability. The Precision Medicine market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to increasing aging population and rising sports injuries. Initiatives from the government and contributions from academic laboratories helped augment growth.
Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics, are the major players of Global Precision Medicine market.
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