The new report by Expert Market Research titled, 'Global Precision Medicine Market Report and Forecast 2021-2026', gives an in-depth analysis of the global Precision Medicine market, assessing the market based on its segments like NGS, Drug Discovery Technologies, Bioinformatics, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 10%
- Forecast Market Size (2026): USD 141 billion
In market research, North America has been a major hub and the region has seen the greatest market share in this field. In such developed countries, which has been a major cause of the large market, investment and government backing in this field has been seen to be high. In Europe, where medical research has a solid basis, this has also been observed. Alternatively, the lower cost of clinical trials in the Asia-Pacific region as well as improving healthcare research can make the region a lucrative investment choice in the long run.
Industry Definition and Major Segments
Precision medicine is a novel field of medicine where research into the history of individual patients is used for certain groups of people to create specific drugs, rather than a cure-all medicine for all. In the treatment of cancer, neurological and cardiological diseases, this field holds great promise. As the genetic and medical history of the patient is previously analyzed, the need for invasive testing procedures is reduced, thereby reducing other costs for both the patient and the doctor.
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The industry can be segmented on the basis of technology used:
- Drug Discovery Technologies
The market can also be segmented by product type:
It can also be segmented on the basis of application:
- Infectious Diseases
The market may be classified according to end-use too:
- Home care
- Clinical Labs
With a significant increase in health science data analytics, as well as widespread progress in the field of genomics, studies in precision medicine have increased over time and the trend is projected to continue well into the future. Individual drug discovery is a tedious, time-consuming, and expensive process and requires clearance of multiple agencies' different regulations. These variables and the cost-effectiveness of this approach will also contribute to the growth of the market for precision medicine. Growing cancer rates in this industry are also expected to push for greater research. With more individuals volunteering to share genetic data, lifestyle patterns, and other relevant information, precision medicine is projected to see a significant increase in interest, relevance, and market value.
Key Market Players
The major players in the market are Siemens Healthcare GmbH, Janssen Pharmaceutica N.V., Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd., and Myriad Genetics Inc. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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