Precision Medicine Market to Witness Robust Growth until 2025

Increasing advancements in cancer biology and myriad benefits offered by precision medicines to drive global precision medicine market

According to TechSci Research report, “Global Precision Medicine Market By Technology (Artificial Intelligence, Whole Genome Sequencing, Companion Diagnostics, Genome Sequencing, Big Data Analytics, Molecular Imaging, Digital PCR, Microarray, CRISPR and Others), By Applications (Cardiology, Oncology, Respiratory, Immunology and Others), By End User (Pharmaceutical and Biotechnology Companies, Clinical research organization, Research institutes, Diagnostic Companies, Healthcare IT), By Region, Forecast & Opportunities, 2025”, global precision medicine market is expected to experience robust CAGR during the forecast period due to shift towards personal medicines or 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), which was launched in 2001 funded by the US 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 cost expensive, which might hinder the growth of the market across the globe.

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The global precision medicine market is segmented based on technology, application, end user, and region. The application segment is further divided into cardiology, oncology, respiratory, immunology and other. Out of these, oncology held the largest market share in 2019 due to the increasing cases of cancer all over the world.

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Some of the leading players in global precision medicine market include Orion Health, 2b Precise, Fabric Genomics, Pfizer, Gene 42, IBM Watson Health, Phillips Healthcare, Medtronic, Nanthealth, Navican, N-of-One, PierianDx, Sunquest Information System, Tempus, Novartis, Translational Software, Biocrates Life Sciences AG, Nanostring Technologies, Thermo Fisher Scientific, Quest Diagnostics Incorporate and many 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. Recently, Novartis bought CellforCure, especially focusing on the data and digital technologies as it plays a major role in the aspect of precision medicines in the storage of big data.  

“In terms of regional analysis, North America dominated the global precision medicine market until 2019, due to favourable 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 in through 2025 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 Technology (Artificial Intelligence, Whole Genome Sequencing, Companion Diagnostics, Genome Sequencing, Big Data Analytics, Molecular Imaging, Digital PCR, Microarray, CRISPR and Others), By Applications (Cardiology, Oncology, Respiratory, Immunology and Others), By End User (Pharmaceutical and Biotechnology Companies, Clinical research organization, Research institutes, Diagnostic Companies, Healthcare IT), By Region, Forecast & Opportunities, 2025” 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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