Precision Medicine Market to Witness 10.65% CAGR until 2026
Increasing advancements in cancer biology and myriad benefits offered by precision medicines to drive the global precision medicine market.
According to TechSci Research report, “Global Precision Medicine Market By Products and Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Immunology, Cardiology, Neurology, Respiratory, Others), By End User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes), By Region, Competition Forecast & Opportunities, 2026”, the global precision medicine market was valued at USD66.85 billion in 2020 and is expected to reach USD125.67 billion by registering a CAGR of 10.65% during the forecast period due to shift towards precision medicine, increase in genetic diseases and development of technologies such as next generation sequencing. Unlike general medicines that are disease-specific and fit for all, the precision medicines focus on the individual diseases. They are patient-based medicines which help the doctors to give optimized treatment to the patients, thereby driving the precision medicine market across the globe. Additionally, international projects such as the Human Genome Project (HGP), funded by the United States government via National Institutes of Health (NIH) are based on precision medicines and provide a deeper understanding of the same. Even though the precision medicines come with an ample number of advantages, they are costly, which might hinder the growth of the market across the globe.
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The global precision medicine market is segmented based on products and services, technology, application, end user, and region. The application segment is further divided into oncology, immunology, cardiology, neurology, respiratory and others. Out of these, oncology held the largest market share in 2020 due to the increasing cases of cancer all over the world.
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Some of the leading players in global precision medicine industry include IBM Watson Group, Roche Holding AG, Thermo Fischer Scientific Inc., Philips Healthcare Ltd., Illumina Inc., Quest Diagnostics Inc., Qiagen NV, AstraZeneca Plc, Agilent Technologies Inc., Novartis AG, NanoString Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX, Inc., and others. In order to sustain the strong competition, companies adopt various strategies like new product launches, collaborations and many more to provide the best precision medicines to the patients. For instance, Novartis has acquired CellforCure, which has expanded its manufacturing capacity for innovative cell and gene therapies.
In June 2020, Thermo Fisher Scientific Inc., the world leader in serving science announced new collaborations of the Thermo Fisher Precision Medicine Science Center (PMSC) with AstraZeneca and the University of Nebraska Medical Center as part of its ongoing development of innovative solutions for unmet needs in clinical biomarker discovery. The new alliances strengthen the PMSC’s mission of creating standardized workflows with pharma and academic partners to streamline the transition from biomarker research to clinical implementation and create new opportunities for precision medicine.
“In terms of regional analysis, North America dominated the global precision medicine market until 2020, due to favorable government initiatives, heavy investments by the United States in medical research like Human Genome Project (HGP) and growing cases of respiratory and oncology diseases. However, Asia-Pacific region is expected to grow at the highest CAGR through 2026 because of the increasing prevalence of genetic and cancer diseases in countries like China and India” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Precision Medicine Market By Products and Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Immunology, Cardiology, Neurology, Respiratory, Others), By End User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of global precision medicine market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global precision medicine market.
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