North American Precision Medicine Market - Outlook to 2023: Technological Advancements - Augmenting Growth - ResearchAndMarkets.com
The "North America Precision Medicine Market (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
According to the report, the North American market is projected to expand at a compound annual growth rate (CAGR) of 11.04%, leading to a revenue of USD 36.25 billion by 2023.
North America is the pioneer in adopting technological innovations and advancements in the healthcare sector, which will aid the growth of the market in this region. North America is the highest revenue generating region for the precision medicine market.
The increasing adoption of Internet of Medical Things (IoMT) and the use of technologies like gene sequencing, diagnostics, etc., have fueled the growth of precision medicine in this region and the market is at a mature stage in countries like the U.S. and Canada.
Due to technological advancements in the healthcare sector in North America, the precision medicine market is going to emerge in the coming years. In 2015, the then-President of the United States, Barrack Obama, announced the launch of the Precision Medicine Initiative for a bold new research effort to revolutionize methods to improve health and treat diseases. Therefore, the precision medicine market is going to grow during the forecast period due government initiatives and policies that encourage such technologies.
Threat to personal information like genetic data, DNA and RNA data, etc., is considered to be a barrier to the growth of the precision medicine market. Thus, the adoption of precision medicine can hit roadblocks due to concerns regarding consumer privacy and data protection.
Moreover, the approvals required by pharmaceutical companies from the U.S. Food & Drug Administration (FDA) for a particular drug or treatment is a time-consuming factor, which might be challenging and hinder the growth of the market.
The North America precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
The diagnostic tools companies are expected to grow at the highest CAGR during the forecasted period of 2018-2023, owing to a rise in the demand for precision medicine. Diagnostic tools and treatments play an important role in the development of precision solutions to determine whether a drug is appropriate for a patient or not.
In the therapeutics segments, cancer therapeutics is expected to show a high growth rate through the forecast period 2018-2023.
The major players operating in the North America precision medicine market are Abbott, GE Healthcare, Johnson & Johnson, etc.
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: North America Precision Medicine Market - Overview
Chapter 3: North America Precision Medicine Market - by Countries
Chapter 4: Competitive Landscape
Chapter 5: Conclusion
- Abbott Laboratories
- GE Healthcare
- GlaxoSmithKline (GSK)
- Johnson & Johnson
- Randox Laboratories
- Almac Group
- Novartis AG
- Teva Pharmaceuticals Limited
- Quest Diagnostics
For more information about this report visit https://www.researchandmarkets.com/research/n258ft/north_american?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20181116005405/en/