Increasing advancements in cancer biology and myriad benefits offered by precision medicines to drive the global precision medicine market.
According to TechSci Research report, “Global Precision Medicine Market By Products & Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Cardiology, Respiratory, Neurology, Immunology, Others), By End User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes), By Region, Competition Forecast & Opportunities, 2026”, the global precision medicine market was valued at USD66.85 billion in 2020 and is expected to reach USD125.67 billion by registering a CAGR of 10.65% during the forecast period due to shift towards precision medicine, increase in genetic diseases and development of technologies such as next generation sequencing. The increasing burden of aging population is expected to spur the growth of the global precision medicine market through 2026.
The aging population is susceptible to various chronic and infectious diseases which require the use of precision medicine for developing disease diagnostic kits, procedures, and drugs, among others. Furthermore, growing adoption of gene therapy in treatment of different target diseases especially cancer is expected to support the growth of the global precision medicine market. Gene therapy basically focuses on modifying a person’s genes in order to treat or cure a particular disease or ailment. Examining the functional effects of genes and different characteristics and then providing treatment to the patient by altering the genes are all parts of gene therapy which in turn adds an advantage to precision medicine to treat different targeted diseases. Additionally, the growing adoption of advanced sequencing technologies such as next generation sequencing in genomics is further expected to fuel the growth of the global precision medicine market.
Next generation sequencing is a high throughput screening technology which can sequence hundreds to thousands of genes simultaneously at a higher sensitivity and in a lower turnaround time can provide accurate data on patient’s genetic makeup which in turn can help the researchers and medical practitioners develop a more personalized and precise treatment for the disease or ailment the patient is suffering from. This in turn is expected to support the growth of the global precision medicine market. Besides, growing advanced sequencing technologies such as long read sequencing technologies will create lucrative opportunities for the market growth in the next few years.
However, the developing and under-developed countries in certain regions across the globe are still unaware about the precision medicine technology and its applications and use. This in turn is expected to slow down the market growth over the next few years. Also, there are certain ethical issues such as violation of privacy rules in terms of use and circulation of patient data and misinterpretation of genetic and health data which pose a major threat to the growth of the global precision medicine market.
Browse 167 Figures spread through 216 Pages and an in-depth TOC on "Global Precision Medicine Market"
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The global precision medicine market is segmented based on products & services, technology, application, end user, and region. The technology segment can further be fragmented into big data analytics, artificial intelligence, bioinformatics, whole genome sequencing, companion diagnostics, next generation sequencing (NGS) and others. The companion diagnostics segment is expected to witness significant growth over the next few years on account of growing adoption of personalized diagnostic tests. Companion diagnostics include diagnostic tests that can be used as a companion to therapeutic drugs to determine its applicability to a specific person. Companion diagnostic tests are designed based on a companion biomarker which can predict the likely response of patient to a drug or also predict severe toxicity. Growing advances and focus on companion diagnostics are expected to open new opportunities for the growth of the global precision medicine market.
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Major players operating in the market include IBM Corporation, F. Hoffmann-La Roche AG, Thermo Fischer Scientific Inc., Koninklijke Philips N.V., Illumina Inc., Quest Diagnostics Inc., QIAGEN NV, AstraZeneca PLC, Agilent Technologies Inc., Novartis International AG, NanoString Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX Inc., among others. These companies are adopting organic strategies such as mergers & acquisitions, product launches, among others in order to stay competitive in the market and are having an edge over the other players in the industry.
“Asia Pacific precision medicine market is expected to witness highest growth during the forecast period on account of the growing geriatric population especially in countries like Japan, China and India which are susceptible to various diseases. Additionally, supportive government policies and schemes are further expected to support the market growth through 2026. For instance, in Singapore, the National Precision Medicine program and the Three Beyond program were launched for promoting the uptake of new technologies and digital infrastructure for supporting personalized healthcare.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Precision Medicine Market By Products & Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Cardiology, Respiratory, Neurology, Immunology, Others), By End User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of global precision medicine market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global precision medicine market.
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