Precision medicine is an emerging approach that enables the investigation of various diseases by evaluating the genetic makeup of an individual subject, thereby providing tailored treatment to each patient. By applying a thorough understanding of diseases with rich patient data, accurate risk assessments, active monitoring, early detection, and advanced analytics, precision medicine can help physicians tailor medicines in accordance with the needs of individual patients leading to better outcomes at potentially lower costs.
The multi-faceted approach to patient care involved in precision medicine allows healthcare providers to avoid adverse drug reactions, improve methods of administration, focus efforts on prevention and earlier intervention, increase treatment options, and most importantly, improve the quality of life. Furthermore, the key achievements in scientific research and technological advancements have played a major role in enabling a new era of patient care and treatment.
The global precision medicine market is expected to reach $278.61 billion by the end of 2030. The market is projected to grow at a CAGR of 11.13% during the forecast period, 2020-2030.
View the Report – Precision Medicine Market
The BIS Research report on the global precision medicine market segments the market on the basis of ecosystems (applied sciences, precision diagnostics, digital health, and information technology, and precision therapeutics), application area (oncology, infectious diseases, neurology/psychiatry, cardiovascular, lifestyle and endocrinology, gastroenterology, and others), and region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World).
The comprehensive study of the global precision medicine market by BIS Research extensively covers the following:
- Market numbers on micro-segments that are influencing the market
- More than 1500 products present in the market
- Pricing data for more than 500 products
- Over 350 brands were evaluated
- Market share analysis for more than 20 product categories
- End-user preference data for over 50 end users
- Detailed global and regional market share analysis including the scrutiny of more than 15 countries
- Study of data of more than 60 companies
COVID-19 Impact on the Global Precision Medicine Market
The current global precision medicine market study comprises products and applications that are utilized to provide beneficial effects to specific health benefits and treatments. Since the market is primarily application and ecosystem dominated, the COVID-19 pandemic is expected have a low impact on the growth or the revenue generated from the market. The current market assessment has considered information provided by key opinion leaders in the market, from the supply side as well as the demand side. A majority of the products, such as kits and assays in the market, are used for infectious disease applications. In addition, infectious disease is playing an important role in the growth of the market. The following figure depicts the impact of COVID-19 on the global precision medicine market with respect to application.
• Advancement of Sequencing Technologies
• Rising Prevalence of Chronic Diseases
• Growing Demand for Preventive Care
• Shifting the Significance in Medicine from Reaction to Prevention
• Reducing Adverse Drug Reactions Through Pharmacogenomics Test
• Potential to Reduce the Overall Healthcare Cost Across the Globe
• Unified Framework for Data Integration
• Limited Knowledge about Molecular Mechanism/ Interaction
• Lack of Robust Reimbursement Landscape
• Regulatory Hurdles
• Targeted Gene Therapy
• Expansion into the Emerging Markets
• Collaborations and Partnerships Across Value Chain to Accelerate the Market Entry
With the increasing demand for precision medicine and their applications, companies have the opportunity to expand their services in the market through different strategic approaches. The strategies followed by various companies to gain significant market share vary from product launches to collaborations and partnerships. Further, by tracking and analyzing the major developments witnessed in the market for the past seven years, it has been observed that the companies are trying to expand their market share through several collaborations and product approvals.
Key insights are drawn from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors.
The key players profiled in the report include Abbott Laboratories, Almac Group Ltd, Amgen Inc., ANGLE plc, Astellas Pharma Inc., Astra Zeneca PLC, ASURAGEN INC., Bio-Rad Laboratories, Inc., bioMérieux SA., Bristol-Myers Squibb Company, Cardiff Oncology, CETICS Healthcare Technologies GmbH, Danaher Corporation, Eli Lilly and Company Limited, Epic Sciences, Inc., F. Hoffmann-La Roche Ltd, GE Corporation, Gilead Sciences, Inc., GlaxoSmithKline Plc, Illumina, Inc. , Intomics A/S, Johnson Johnson Company, Konica Minolta, Inc., Laboratory Corporation of America, MDx Health, Inc., Menarini Silicon Biosystems, Inc., Merck Co., Inc., Myriad Genetics, Inc., Novartis AG, Oracle Corporation, Partek, Inc., Pfizer, Inc., QIAGEN NV, Quest Diagnostics Inc, Randox Laboratories Ltd., Sanofi SA, Sysmex Corporation, Teva Pharmaceuticals Industries Ltd.,and Thermo Fisher Scientific, Inc.
The report also offers strategic recommendations that can help organizations in tracking various products, trends, and technologies that are changing the dynamics of the market. The recommendations by BIS Research also offer bespoke research services to help organizations meet their objectives.
Who should buy this report?
- Manufacturers of instruments, kits, assays, software, platforms, and consumables
- Companies in the services market of the precision medicine market
How can this market intelligence report on precision medicine add value to an organization’s decision-making process?
- Aid in product development
- Help in targeting a segment for launching a new product
- Offers go to market strategies for different source type
- Support in diversifying the product portfolio basis risk and progression of technology
- Help in analyzing technological substitutes and comparing the specification
- Offer tailor-made solutions based on the throughput of different labs
- Help in understanding the end-user requirement
- Assist in exploring the newer application
- Support in analyzing the competitors’ funding scenario
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Insightful Questions Covered to Enable Companies take Strategic Decisions
- What are the estimated and projected numbers for the global precision medicine market for 2020 and 2030?
- What are the drivers, challenges, and opportunities that are influencing the dynamics of the market?
- What is the competition layout of the market?
- What are the parameters on which competition mapping is carried out in the study?
- Which key development strategies are being followed and implemented by major players to help them sustain in the market?
- How are different segments of the market expected to perform during the forecast period from 2020 to 2030? The segments included in the comprehensive market study are:
- product type
- Which leading players are currently dominating the market, and what is the expected future scenario?
- Which companies are anticipated to be highly disruptive in the future, and why?
- How can the changing dynamics of the market impact the market share of different players operating in the market?
- What are the strategic recommendations offered in the study?
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