The report “Precision Medicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024” published by Transparency Market Research (TMR) provides in-depth insight into the key contemporary trends in the market.
Precision medicine enables patients to select personalized treatments to meet their individual needs, according to their genetic structure. In 2015, when the then U.S. President Barrack Obama promoted the precision medicine campaign, a proposal to allot funds worth US$215 mn was put forward. This gave the global market a significant boost.
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Segmentation is done on the basis of geography, type of application, and type of technology. Based on geography, the precision medicine market is divided into Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. North America is likely to lead the market, according to the report. China declared its intention of leading the domain of precision medicine, through its initiative in March 2016, rendering it a highly promising market. Considerable amount of funds are going to be dedicated to sequencing, technological advancements, improving drug quality, analyzing genomes, and diagnostics, giving this market a major fillip.
By application, the precision medicine market includes the following categories: hematology, endocrinology, oncology, cardiology, infectious disease, neurology, and others (nephrology, rare diseases, pulmonary diseases, and ophthalmology). Out of these, the oncology segment is projected to dominate the market because of recent progress in cancer genomics – the study of genes and DNA sequence in order to understand how cancer develops in each individual case. The segment is slated to retain its lead owing to the rising incidence of cancer. Various forms of cancer can be treated using precision medicine, of which lung, breast, and colorectal are a few. Tailor-made treatments allow patients to recover faster and at the same time avoid side effects.
According to the type of technology, the precision medicine market can be divided into categories such as bio-informatics, companion diagnostics, drug-discovery, sequencing, and big data analytics. It is anticipated that the drug discovery and companion diagnostics segments will lead the market in terms of share. Significant progress in the study of cells, RNA, proteins, and DNA has led to a better understanding of the biology of tumors and metastasis.
Some key players in the precision medicine market are Novartis AG, Illumina, Inc., F-Hoffmann La Roche, Teva Pharmaceuticals, Medtronic, Pfizer, Inc., Qiagen, Inc., and Quest Diagnostics. The market share held by these companies and their business tactics have been dealt with in the report.
Interviews, observations, and surveys are compiled to form the primary sources, while secondary sources include trade journals, authentic paid sources, and industry body databases. Both quantitative and qualitative analysis by industry experts and participants in the market have been incorporated in the report. Current, historical, and projected market size in terms of volume and value are also included.
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