Precision Medicine Market Scope
Precision Medicine is refer to customization of medical treatment by genetic understanding of the patients. It is use to analyze cause of disease at molecular level. New technologies in precision medicine market like genome sequencing, targeted sequencing and continuous research and development owing to increasing number of cancer and rare diseases growing the market. In addition development in personalized treatment, cost- effective therapies are projected to drive the sales potentially over forecast period.
According to AMA, the Global Precision Medicine market is expected to see growth rate of 10.7%
Number of players are present in market hence market is fragmented. But growing research and development, new product launches, clinical trials, increasing ageing population, government initiatives for private companies are expected to grow market potentially over the forecast period. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Precision Medicine market throughout the predicted period.
Biocrates Life Sciences AG (Austria), Nanostring Technologies (United States), Intomics (Denmark), Pfizer Inc. (united States), Eagle Genomics Ltd (United Kingdom), Teva Pharmaceuticals (Israel), Laboratory Corporation of America Holdings (United States), Novartis AG (Switzerland), Qiagen NV (Netherlands), Quest Diagnostics Incorporated (United States) and F. Hoffmann-La Roche AG (Switzerland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Medtronic (Dublin).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Precision Medicine market by Type (Consumables, Instruments, Services and Others), by Application (Diagnostics, Therapeutics, Pharmaceuticals, Medical Devices and Others) and Region with country level break-up.
On the basis of geography, the market of Precision Medicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Trend
- Growing cost-effective genomic and molecular biology testing techniques
Market Drivers
- Growing incidence of cancer and rare diseases
- Increasing Use of Big Data in Healthcare
- Rising Demand of Personalized Treatment
Opportunities
- Growing Research in Big Pharma and Biotech Companies
Restraints
- Stringent Healthcare Reforms
Challenges
- Intense Competition among the vendors
Key Target Audience
Pharma and Biotech Companies, Diagnostic Tool Companies, Healthcare IT/ Big Data Companies, Clinical Laboratories, Business Entities, Government Bodies, Business Research and consulting Firms and Others