Global Precision Medicine Market Size, Share, Growth, Global Trends, Industry Analysis and Forecast to 2027

Price: 3600/- USD | Published Date: October 9, 2020 |

The global precision medicine market size is expected to reach around USD 60 billion in 2020 and projected to grow at the CAGR of 9.94 % market during 2020-2027. Precision medicine is involved in understanding a patient’s genetic information and how it could be applied to understand the disease and its possible treatment. In precision medicine, diagnostic testing is performed in order to validate the genetic information. Tools engaged in precision medicine can include molecular diagnostics, imaging, and analytics/software. According to U.S. Food and Drug Administration (USFDA), recent technological advances in precision medicine has led to powerful new discoveries and several new FDA-approved treatments that are tailored to specific characteristics of individuals, such as a person’s genetic makeup, or the genetic profile of an individual’s tumor. The experts from USFDA also suggests that patients with a variety of cancers routinely undergo molecular testing as part of patient care, enabling physicians to select treatments that improve chances of survival and reduce exposure to adverse effects.

Market Insights:

The rising prevalence of chronic diseases and technological advancement in diagnostic procedures are the key growth factors in the precision medicine market. In the base year 2019, oncology held the largest market in the application segment, the growth is attributed mainly due to factors such as the rising incidences of cancer, early disease diagnosis and treatment, and increasing demand for novel drug therapies for cancer treatment. Gene sequencing held the largest market in the technology segment as it is useful in providing patient’s genetic data to the physician that helps in disease risk prediction, diagnosis, and medical treatment plans. The precision medicine market is currently dominated by North America due to the increasing number of chronic diseases, government initiatives to promote advanced healthcare infrastructure, and supportive reimbursement policies. On the other hand, Asia-Pacific is anticipated to be the fastest-growing market because of increasing investment in the diagnostic R&D, high public awareness, and tapping the potential markets in remote areas where there are unmet medical needs.

Market Segment Insights:

The precision medicine market is majorly segmented into the application (oncology, cardiovascular diseases, central nervous system, infectious diseases, and others). Oncology held the largest market in the application segment due to growth factors such as the increasing prevalence of cancer, early disease diagnosis, and growing demand for novel drug therapy to treat cancer. The technology segment consists of (companion diagnostics, gene sequencing, drug discovery, big data analytics, bioinformatics & 3D printing). Gene sequencing held the largest share in the technology segment primarily due to its applicability in providing genetic information to the physicians in order to prevent and treat diseases and increasing demand for personalized medication.

Global Precision Medicine Market Segmentation:

By Application, 2018–2027 ($ Million)

By Technology, 2018–2027 ($ Million)

By Geography, 2018-2027 ($ Million)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Regional Insights:

North America, Latin America, Europe, Middle East and Africa and Asia-Pacific, markets are the major regional markets covered for precision medicine. These regional markets are further sub-segmented into country-specific markets on the basis of demand and market growth of precision medicine. Globally North America dominates the global precision medicine market, with the United States being the largest county-level market. The key factors responsible for its growth are an increase in the number of patients suffering from chronic diseases, technological advancement in diagnostic techniques, and supportive reimbursement policies. On the other hand, Asia-Pacific is anticipated to be the fastest-growing market for precision medicine due to the huge population base suffering from a critical illness, rising public awareness, and high disposable income.

Market Competition Assessment:

Key players in the global precision medicine market are: Abbott Laboratories, Almac Group Ltd., Biocrates Life Sciences, bioMérieux SA, Covance, Eagle Genomics, Source Precision Medicine, Inc., Intomics, Ferrer Incode, Laboratory Corporation of America Holdings, Medtronics, Menarini Group, Nanostring Technologies, Novartis, Pfizer, Qiagen, Quest Diagnostics, Roche Holding, Tepnel Pharma Services, Teva Pharmaceuticals.

List of Key Companies:

  • Abbott Laboratories
  • Almac Group, Ltd.
  • Biocrates Life Sciences
  • bioMérieux SA
  • Covance
  • Eagle Genomics, Source Precision Medicine, Inc.
  • Intomics, Ferrer InCode
  • Laboratory Corporation of America Holdings
  • Medtronics
  • Menarini Group
  • Nanostring Technologies
  • Novartis
  • Pfizer
  • Qiagen

Key Questions Answered by Precision Medicine Market Report

  • Global precision medicine market forecasts from 2020-2027
  • Regional precision medicine market forecasts from 2020-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
  • Country level forecasts from 2020-2027 covering 15 major countries from aforementioned regions
  • Precision Medicine submarket forecasts from 2020-2027 covering market by technology, by application, and geography
  • Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to the precision medicine market
  • Analysis of the key factors driving and restraining the growth of the global, regional and country level precision medicine markets from 2020-2027
  • Competitive Landscape and market positioning of top 10 players operating in the precision medicine market

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Table of Content:

Chapter 1 Preface

1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Assumptions

Chapter 2 Executive Summary

2.1 Global Precision Medicine Market, by Technology Type, 2019 v/s 2027 (Value %)
2.2 Global Precision Medicine Market, by Application Type, 2019 ($ Million)
2.3 Global Precision Medicine Market, by Geography, 2019 (Value %)

Chapter 3 Global Precision Medicine Market Overview

3.1 Overview
3.2 Market Drivers
3.3 Market Restraints
3.4 Market Opportunities
3.5 Attractive Investment Proposition
3.6 Market Competition Assessment: Precision Medicine, by Key Players

Chapter 4 Global Precision Medicine Market Analysis, by Technology Type, 2018-2027 ($ Million)

4.1 Overview
4.2 Companion Diagnostics
4.3 Gene Sequencing
4.4 Drug Discovery
4.5 Big Data Analytics
4.6 Bio Informatics
4.7 3D Printing

Chapter 5 Global Precision Medicine Market Analysis, by Applications, 2018-2027 ($ Million)

5.1 Overview
5.2 Oncology
5.3 Cardiovascular Diseases
5.4 Central Nervous System
5.5 Infectious Diseases
5.6 Others Diseases

Chapter 6 Global Precision Medicine Market Analysis, by Geography, 2018-2027 ($ Million)

6.1. North America
6.1.1. U.S.
6.1.2. Canada
6.2. Europe
6.2.1. U.K.
6.2.2. Germany
6.2.3. Rest of Europe
6.3. Asia Pacific
6.3.1. Japan
6.3.2. China
6.3.3. Rest of Asia Pacific
6.4. Latin America
6.4.1. Mexico
6.4.2. Brazil
6.4.3. Rest of Latin America
6.5. Middle East and Africa
6.5.1. GCC
6.5.1. Rest of Middle East and Africa

Chapter 7 Company Profiles

7.1. Abbott Laboratories
7.2. Almac Group, Ltd.
7.3. Biocrates Life Sciences
7.4. bioMérieux SA
7.5. Covance
7.6. Eagle Genomics, Source Precision Medicine, Inc.
7.7. Intomics, Ferrer InCode
7.8. Laboratory Corporation of America Holdings
7.9. Medtronics
7.10. Menarini Group
7.11. Nanostring Technologies
7.12. Novartis
7.13. Pfizer
7.14. Qiagen
7.15. Quest Diagnostics
7.16. Roche Holding
7.17. Tepnel Pharma Services
7.18. Teva Pharmaceuticals
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