Precision Medicine Market Worth $85.5 Billion by 2025 | CAGR: 9.9%: Grand View Research, Inc.
SAN FRANCISCO, Feb. 6, 2019 /PRNewswire/ --
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.
Key suggestions from the report:
- 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
Read 145 page research report with TOC on "Precision Medicine (Diagnostics/Therapeutics) Market Analysis Report By Application (Genetic Tests, Esoteric Tests, Pharmaceuticals, Medical Devices), By End Use, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/precision-medicine-diagnostics-therapeutics-market
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.
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)
- Genetic Tests
- Direct to Consumer Tests
- Esoteric Tests
- Respiratory Diseases
- Skin Diseases
- CNS Disorders
- Genetic Diseases
- Medical Devices
- Precision Medicine (Diagnostics/Therapeutics) End-use Outlook (Revenue, USD Billion, 2014 - 2025)
- Home care
- Clinical Laboratories
- Precision Medicine (Diagnostics/Therapeutics) Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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