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, according to a new report by Grand View Research, Inc. 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.
The Human Genome Project introduced some
marvelous cutting-edge techniques such as whole genome sequencing and targeted
sequencing. These technologies are being used by researchers for the study of
genomes and creation of personalized therapies for treatment of various
illnesses. Today, the prevalence of diseases in areas such as oncology,
immunology, and neurology has rapidly increased across the globe.
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. Moreover, researchers have also shown an inclination toward
development of precision medicines and diagnostics in non-oncologic disease areas.
Apart from therapeutics, the diagnostics field
has also witnessed rapid growth in the past few years. The use of next
generation sequencing (NGS), biomarkers, companion diagnostics, and esoteric
tests can possibly change and affect prescription patterns of pharmaceutical
medicines. Personalized medicines have very high chances of becoming a massive
success in the next 20 years and have the capacity to treat and cure a few
obstinate illnesses, which was not possible before.
Involvement of government and regulatory
bodies has played a very important role in the growth of this field. In 2015,
the then U.S. government announced the launch of the Precision Medicine
Initiative. The following year, 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.
At present, more than 40% of the medications
in biotech and pharmaceutical companies’ improvement pipeline incorporate
biomarkers. The overview likewise recommended that some biopharmaceutical
organizations have collaborated and joint their ventures in the past five years
and are expected to continue doing so in the coming years. The diagnostic and
therapeutic precision medicine market thus holds immense potential and is
quickly turning into a fundamental segment of patient care.
Browse full research report on Precision
Medicine Market:
https://www.grandviewresearch.com/industry-analysis/precision-medicine-diagnostics-therapeutics-market
Further key
findings from the report suggest:
- 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 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
- 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
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/precision-medicine-diagnostics-therapeutics-market/request/rs1
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)
- Diagnostics
- Genetic Tests
- Direct to Consumer
Tests
- Esoteric Tests
- Others
- Therapeutics
- Pharmaceuticals
- Oncology
- Respiratory
Diseases
- Skin Diseases
- CNS Disorders
- Immunology
- Genetic Diseases
- Others
- Medical Devices
- Others
Precision
Medicine (Diagnostics/Therapeutics) End-use Outlook (Revenue, USD Billion, 2014
- 2025)
- Home care
- Hospitals
- Clinical
Laboratories
- Others
Precision
Medicine (Diagnostics/Therapeutics) Regional Outlook (Revenue, USD Billion,
2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- Latin America
- Brazil
- Middle East &
Africa
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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