Precision Medicine Market to register over 11% CAGR through 2026: Global Market Insights, Inc.
Growing adoption of gene therapy will propel the precision medicine market expansion.
SELBYVILLE, Del., March 3, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on precision medicine market which estimates the global market valuation for precision medicine will cross US$ 119 billion by 2026. Rising usage of big data analytics in healthcare to manage huge amount of complex data spurs the market growth.
As the health data is growing, big data analytics have emerged as a promising tool for the healthcare sector. The tool holds the potential to transform healthcare industry and big data allows combination of electronic health records, financial records and analytical databases. It enables physicians to improve their practices and predict epidemics, cure diseases and improve the patient's quality of life.
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Growing adoption of gene therapy will propel the precision medicine market expansion. Gene therapy treats or prevents diseases by acting on a genetic level. For instance, gene therapy can replace or inactive a mutated gene or introduce a new gene that will assist in treatment. In precision medicine, gene therapy can be used to prevent a disease, predict the susceptibility of a disease or prescribe effective medication based on the genetic makeup.
Companion diagnostics was valued at USD 10.6 billion in 2019 and will witness significant growth over the forecast period. Companion diagnostics is widely used in the field of oncology, however, due to unmet medical needs in other therapeutic areas such as autoimmunity, respiratory, and cardiovascular. Furthermore, the growing focus on biomarkers and companion diagnostics platforms by major biopharma companies such as Pfizer and Intomics will pave the way for drug development in precision medicine.
The respiratory application is anticipated to witness a significant growth over 2020 to 2026 from valued over USD 5 billion in 2019. Diseases such as chronic obstructive pulmonary disease (COPD) and asthma involve clinically complex and heterogenous disease process. The growing lifestyle changes boost the risk of developing COPD. The rising risk factor provides an opportunity to develop novel biomarkers that will further increase the efficiency of phenotypes for the treatment of airway diseases. Also, the development of specific pharmacotherapies for cystic fibrosis based on genetics of patient is another major example of use of precision medicine in respiratory diseases.
Browse key industry insights spread across 173 pages with 190 market data tables and 8 figures & charts from the report, "Precision Medicine Market Share & Forecast, 2020– 2026" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/precision-medicine-market
Some major findings of the precision medicine market report include:
- Growing adoption of gene therapy globally will boost the market expansion.
- Increasing usage of big data analytics in precision medicine in developing economies will drive the market growth.
- Asia Pacific market will exhibit robust growth due to increasing patient pool and rising disposable income.
- Competitors focus on a combination of organic and inorganic growth strategies such as innovative product offerings, acquisitions, and partnerships to capture market share.
By end-use, the value of diagnostic companies was around USD 11 billion in 2019 and is expected to witness the fastest growth during 2020 to 2026. The major key players conducting R&D activities in cancer research diagnostic techniques are further contributing in the segmental growth. In addition, increasing preference of innovative precision molecular diagnostics developed by leading industry players is a major factor for segmental growth. For instance, the major biopharma companies including Roche focusing on developing companion diagnostics platform, will propel the precision medicine market growth in upcoming years.
Latin American market is driven by growing adoption of precision medicine and use of big data analytics. A growing number of cancer cases among the elderly population along with technological advancement and innovation with growing demand for personalized treatment will further fuel the precision medicine market growth.
The Brazilian Initiative on Precision Medicine (BIPMed) is a software platform that ensures the principles and rules of the Global Alliance for Genomics and Health. The BIPMed platform is the first of its kind in Latin America and offers public access to phenotypic and genomic data. Thus, owing to these developments in the region, the precision medicine market will witness significant market growth in the upcoming years.
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Some of the notable players in the precision Medicine market are Tepnel Pharma Services, Biocrates Life Sciences, Qiagen, Novartis, NanoString Technologies, Menarini Silicon Biosystems, Pfizer, Eagle Genomics, Roche, Intomics, Quest Diagnostics, and Teva Pharmaceutical. The market players are adopting strategies such as innovative product launches and acquisitions to expand their customer base and market share.
Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Precision medicine industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Application trends
2.1.4. End-use trends
Chapter 3. Precision Medicine Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Advancements in cancer biology
3.3.1.2. Rise in the online collaborative forums in developed economies
3.3.1.3. Increased adoption of gene therapies globally
3.3.1.4. Increasing usage of big data analytics in precision medicine in developing economies
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of precision medicine
3.3.2.2. Violation of the privacy rule and misinterpretation of genetic and health data
3.3.2.3. Reimbursement challenges
3.4. Growth potential analysis
3.4.1. By technology
3.4.2. By application
3.4.3. By end-use
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. Europe
3.6. Porter's analysis
3.7. Competitive landscape, 2018
3.7.1. Company matrix analysis, 2018
3.8. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Precision Medicine Market size worth USD 119 Bn by 2026
Precision Medicine Market size is set to exceed USD 119 billion by 2026, according to a new research report by Global Market Insights, Inc.
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