The Precision Medicine Market is set to exceed USD 96.6 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing adoption of big data analytics and gene sequencing utilized in gene therapy will escalate precision medicine market growth in the near future. Gene therapies are utilized to treat genetic as well as chronic diseases according person’s genetic makeup. Development of Human Genome Project and advancements in cell-biology has further improved the gene therapy treatment patterns propelling the business growth. In addition to aforementioned factors, rising burden of metabolic diseases including diabetes and hypothyroidism will escalate the demand for gene therapy thereby, driving precision medicine market demand during forecast timeframe. However, violation of privacy rule and misinterpretation of genetic and health data may hamper business growth.
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Pharmaceutical companies segment of precision medicine market accounted for 37.1% in 2017 owing to the increasing R&D efforts for drug development activities. Pharmaceutical companies are currently trying to develop precision medicines for rare genetic diseases. According to Global genes, there are around 7,000 rare genetic diseases discovered. In 2015, around 30 million Americans were detected with rare diseases that will augment demand for precision medicines thereby, propelling the segment growth.
Oncology segment will experience 11.1% CAGR during the forecast timeframe. High segmental growth can be attributed to the increasing prevalence of cancer globally. According to Globocan 2018, the number of new cancer cases are estimated to be 18.1 million cases. Development of target novel therapies and precision medicines has drastically reduced the mortality rates and hence, high demand for precision medicine in cancer treatment will drive the segmental growth in foreseeable future.
Prominent Players are:
- Teva Pharmaceuticals
- Biocrates Life Sciences AG
- Menarini Silicon Biosystems
- Tepnel Pharma Services
- Eagle Genomics Ltd.
- Ferrer inCode
- NanoString Technologies, Inc.
- Quest Diagnostics
Healthcare IT companies’ segment was valued at USD 13.0 billion in 2017 and is expected to have substantial revenue size in precision medicine market during the forecast timeframe. These companies rely on revenue specifically driven by the sales of data management systems utilized in storing the genetic information. For instance, Sophia Genetics in Europe develops systems and software that facilitate the process of discovering precision medicines escalating segmental growth.
U.S. precision medicine market will experience 9.7% CAGR and is expected to grow substantially during the forecast timeframe. Increasing geriatric population suffering from chronic diseases such as cancer will positively influence the business growth. According to Fact Sheet, the geriatric population in America is estimated to increase to 98 million by 2060. Majority of the geriatric population suffers from chronic diseases that should augment the U.S. precision medicine industry growth in forthcoming years.
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Precision Medicine Market by Technology
- Big data analytics
- Gene sequencing
- Drug discovery
- Companion diagnostics
Precision Medicine Market by Application