Precision medicine market size is expected to grow at a rate of 10.5% over 2016-2023; with growing occurrence of chronic diseases such as cancer needing more personalized treatments and practices. Precision medicine will allow doctors to predict more accurately the medical treatment, prevention strategies and remedies. Hence, precision medicine is an apt approach that will consider individual variability in genes, lifestyles, and environment. This process allows the researcher to analyze the cause of a patient at the molecular level and then use targeted treatments. Expanding precision medicine trials in cancer genomics and technological advancements such as biomarker-based test kits and next generation sequencing will fast-track global precision medicine market growth.
Government support for these technologies will further boost precision medicine market scope over the forecast timeframe. For example, Precision Medicine Initiatives (PMI) commenced by U.S President Barack Obama in January 2015, will alter the concept of medicines, revolutionizing the medication and diagnosis perception. This was particularly initiated to expand cancer genomics to develop better prevention and treatment methods. To support the research and regulation of this initiative, US FDA will receive USD 10 million for building the database.
Europe precision medicine market size, by application, 2013 - 2023 (USD Million)
Precision medicine finds wide applications in oncology, immunology, respiratory systems, and central nervous systems. Oncology, which contributed over 30% of the global precision medicine market share in 2015, is expected to record a CAGR of 10.9% over the period of 2016-2023. To optimize the disease management, oncology is utilizing the molecular profile of an individual cancer genome. Precision medicine market revenue in Central Nervous System (CNS) worth USD 9 billion in 2015, is anticipated to grow significantly over the timeframe, owing to its wide application in brain circuitry.
Based on technology, precision medicine market is segmented into big data analytics, drug discovery, gene sequencing, companion diagnostics, and bioinformatics. Drug discovery based precision medicine market worth USD 9 billion in 2015, is anticipated to grow at a rate of 8.3% over the coming seven years. Gene sequencing based precision medicine industry size worth USD 8 billion in 2015, is expected to witness a substantial growth over the timeframe owing to favorable government policies supporting next-generation sequencing research on people’s genes, lifestyles, and environment. Companion diagnostics based precision medicine market is projected to witness a high surge over the next few years, owing to favorable regulatory norms coupled with high government spending encouraging its use.
North American precision medicine market is expected to grow significantly over the coming years due to favorable government regulations. U.S. is predicted to contribute significantly towards the regional share.
Asia Pacific precision medicine market is projected to witness a significant surge over the timeframe, owing to growing government investments in healthcare sector & medical research. China is expected to be a major regional revenue contributor.
Europe precision medicine industry size worth USD 2.4 billion in 2015, is expected to grow noticeably over 2016-2023, owing to favorable compensation policies. France and Germany are predicted to be the major regional revenue contributors.
Market players will try to increase their revenue through product innovations and high R & D investments. Key precision medicine industry participants include Laboratory Genomics of America Holdings, Intomics A/S, Silicon Biosystems, Eagle Genomics Limited, Roche, Covance, Pfizer, and Quest Diagnostics.
Written By : Ojaswita Kutepatil