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.
Access Research Report of 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
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
o
Genetic Tests
o
Direct to Consumer Tests
o
Esoteric Tests
o
Others
·
Therapeutics
o
Pharmaceuticals
o
Oncology
o
Respiratory Diseases
o
Skin Diseases
o
CNS Disorders
o
Immunology
o
Genetic Diseases
o
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
o
U.S.
o
Canada
·
Europe
o
Germany
o
U.K.
·
Asia Pacific
o
China
o
Japan
·
Latin America
o
Brazil
·
Middle East & Africa
o
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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