The report published by Grand View Research, Inc., states that factors such as increasing advancement in diagnostics and treatment methods, growing investments in R&D activities by major players, and rising inclination towards gene therapies, medicines, and diagnostics due to the COVID-19 pandemic are expected to boost the market growth in the forecasted period.
According
to a report, “Precision
Medicine Market Size, Share & Trends Analysis Report By Application
(Genetic Tests, Esoteric Tests, Pharmaceuticals, Medical Devices), By End Use,
And Segment Forecasts, 2018 - 2025”, published by Grand View Research,
Inc., 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. 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. In addition to this, 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. Furthermore, an inclination
towards development of precision medicine and diagnostics has been observed
among the researchers.
The
market has observed genuine and constructive involvement of government and
regulatory bodies. For instance, in 2015, the then U.S. government announced
the launch of the Precision Medicine Initiative. With the Joe Biden presidency,
precision medicine will become a priority and the market will soon see major
government support, leading to a major growth rate. In 2016, 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. These
initiatives are expected to keep the market buoyant and upbeat with increasing
demands and research & development for the coming years.
Full Research Report On Precision Medicine Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/precision-medicine-diagnostics-therapeutics-market
Further key
findings from the report suggest:
- Precision
medicines has gained importance in the eyes of several large organizations
and this is better for its market growth. For instance, in May 2019, 72nd Annual World
Health Assembly (WHA) conducted by the World Economic Forum highlighted
the importance of precision medicines in the healthcare scenario and how
it could benefit countless lives.
- Merger &
Acquisitions form a major part of the market expansion strategy of key
players. For example,
in November 2018, Precision BioLogic Inc., a leading developer of
hemostasis diagnostic products, announced the acquisition of Affinity
Biologicals Inc., a primary manufacturer of reagents and kits used in
hemostasis and thrombosis research and diagnostics.
- 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 the 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
- On the basis
of region, 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
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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.
For more info visit @ https://www.grandviewresearch.com
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