Precision Medicine Market to Reach USD 125.67 Billion by 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 & 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, Cardiology, Respiratory, Neurology, Immunology, 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. The
increasing burden of aging population is expected to spur the growth of the
global precision medicine market through 2026. The aging population is
susceptible to various chronic and infectious diseases which require the use of
precision medicine for developing disease diagnostic kits, procedures, and
drugs, among others. Furthermore, growing adoption of gene therapy in treatment
of different target diseases especially cancer is expected to support the
growth of the global precision medicine market. Gene therapy basically focuses
on modifying a person’s genes in order to treat or cure a particular disease or
ailment. Examining the functional effects of genes and different
characteristics and then providing treatment to the patient by altering the
genes are all parts of gene therapy which in turn adds an advantage to
precision medicine to treat different targeted diseases. Additionally, the
growing adoption of advanced sequencing technologies such as next generation
sequencing in genomics is further expected to fuel the growth of the global
precision medicine market.
Next generation sequencing is a high throughput
screening technology which can sequence hundreds to thousands of genes
simultaneously at a higher sensitivity and in a lower turnaround time can
provide accurate data on patient’s genetic makeup which in turn can help the
researchers and medical practitioners develop a more personalized and precise
treatment for the disease or ailment the patient is suffering from. This in
turn is expected to support the growth of the global precision medicine market.
Besides, growing advanced sequencing technologies such as long read sequencing
technologies will create lucrative opportunities for the market growth in the
next few years. However, the developing and under-developed countries in
certain regions across the globe are still unaware about the precision medicine
technology and its applications and use. This in turn is expected to slow down
the market growth over the next few years. Also, there are certain ethical
issues such as violation of privacy rules in terms of use and circulation of
patient data and misinterpretation of genetic and health data which pose a
major threat to the growth of the global precision medicine market.
Browse 167 Figures spread through 216 Pages and an in-depth TOC
on "Global Precision Medicine Market"
https://www.techsciresearch.com/report/precision-medicine-market/4684.html
The global precision medicine market is
segmented based on products & services, technology, application, end user,
and region. The technology segment can further be fragmented into big data
analytics, artificial intelligence, bioinformatics, whole genome sequencing,
companion diagnostics, next generation sequencing (NGS) and others. The
companion diagnostics segment is expected to witness significant growth over
the next few years on account of growing adoption of personalized diagnostic
tests. Companion diagnostics include diagnostic tests that can be used as a
companion to therapeutic drugs to determine its applicability to a specific
person. Companion diagnostic tests are designed based on a companion biomarker
which can predict the likely response of patient to a drug or also predict
severe toxicity. Growing advances and focus on companion diagnostics are
expected to open new opportunities for the growth of the global precision
medicine market.
Download
Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=4684
Customers
can also request for 10% free customization on this report.
Major
players operating in the market include IBM Corporation, F. Hoffmann-La Roche
AG, Thermo Fischer Scientific Inc., Koninklijke Philips N.V., Illumina Inc.,
Quest Diagnostics Inc., QIAGEN NV, AstraZeneca PLC, Agilent Technologies Inc.,
Novartis International AG, NanoString Technologies Inc., NantHealth Inc., Orion
Health Inc., Celcuity Inc., InsightRX Inc., among others. These companies are
adopting organic strategies such as mergers & acquisitions, product launches,
among others in order to stay competitive in the market and are having an edge
over the other players in the industry.
“Asia
Pacific precision medicine market is expected to witness highest growth during
the forecast period on account of the growing geriatric population especially
in countries like Japan, China and India which are susceptible to various
diseases. Additionally, supportive government policies and schemes are further
expected to support the market growth through 2026. For instance, in Singapore,
the National Precision Medicine program and the Three Beyond program were
launched for promoting the uptake of new technologies and digital
infrastructure for supporting personalized healthcare.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Precision Medicine Market By Products & 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, Cardiology, Respiratory, Neurology, Immunology, 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.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com/