Rising awareness about importance of predictive diagnostic testing, increasing geriatric population and increasing focus on reducing treatment expenses are some key factors expected to drive global market revenue growth.
Rising awareness about importance of predictive diagnostic testing, increasing geriatric population and increasing focus on reducing treatment expenses are some key factors expected to drive global market revenue growth
Emergen Research has published its latest report titled, “Precision Medicine Market By Technology (Bioinformatics, Big Data Analytics, Drug Discovery, Companion Diagnostics, Gene Sequencing, Others), By End Use (Pharmaceutical Companies, Diagnostic Companies, Healthcare IT companies, Others), By Application, and By Region Forecasts to 2027”
According to Emergen Research, the global precision medicine market size was USD 60.33 billion in 2019 and is expected to reach USD 132.66 billion in 2027 and register a revenue CAGR of 10.3% during the forecast period.
Market Dynamics:
Precision medicine, also called personalized medicine is a new frontier for healthcare that alters individual patient treatment and drugs depending on genetic makeup, environment, and lifestyle. It focuses on creating novel drugs from individuals, rather than a cure-all medicine by analyzing a patient’s medical and genetic history. Precision medicine is significantly gaining traction for disease prevention, management, and enhancing patient outcomes. One of the factors surging demand for personalized medications is the rising prevalence of cancer, cardiovascular and neurological diseases across the globe.
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Other factors such as increasing awareness about precision medicine, increasing number of product approvals, development of novel therapeutics, gene therapy, next-generation sequencing, rising drug approvals, and favorable government initiatives are expected to fuel global market growth during the forecast period. In addition, ongoing developments in the IT sector and big data analysis, increasing funds by private and public organizations, and increasing pharmaceutical and diagnostic companies worldwide are expected to fuel global market growth to a certain extent during the forecast period. However, high cost of precision medicine and genetic testing, lack of awareness about precision medicine practices, limited access to advanced healthcare and research facilities in many developing economies, and stringent regulatory norms are factors that can hamper overall market growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Drug Discovery Segment Register Highest Revenue Growth:
The drug discovery segment is expected to register highest revenue growth during the forecast period. This can be attributed to factors such as increasing prevalence of cancer, cardiovascular diseases and neurological disorders, increasing need for developing novel drugs, and rising demand for precision medicine.
Oncology Segment to Account for Largest Revenue Share:
The oncology segment is expected to account for largest revenue share over the forecast period. Increasing prevalence of various cancer types across the globe, rising investments and funds in cancer research, high usage of precision medicine in oncology, and government initiatives to support precision medicine and software applications are expected to drive revenue growth of the segment between 2020 and 2027.
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North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to increasing prevalence of cancer and genetic diseases, high healthcare spending, and presence of leading companies. Other factors such as rising demand for customized medicine, rapid advancements in diagnostic techniques and presence of state-of-art healthcare infrastructure, and increasing focus on developing innovative and affordable procedures are expected to boost North America market growth during the forecast period.
Major Companies in the Market Include:
- Biocrates Life Sciences
- Tepnel Pharma Services
- Menarini Silicon Biosystems
- NanoString Technologies
- Quest Diagnostics
- Qiagen
- Teva Pharmaceutical
- Eagle Genomics
- Novartis
- Pfizer
For the purpose of this report, Emergen Research has segmented into the global precision medicine market on the basis of technology, end use, application, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Others
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Immunology
- CNS
- Respiratory
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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