January 27, 2020
As per latest study report titled ‘Precision Medicine Market Size By Technology (Big Data Analysis, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), By Application (Oncology, Immunology, CNS, Respiratory), By End-Use (Pharmaceutical Companies, Diagnostic Companies, Healthcare IT Companies), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, France, Germany, Italy, Spain, Scandinavia, China, Japan, India, Singapore, Brazil, Mexico, Saudi Arabia, Qatar, South Africa, UAE), Application Potential, Competitive Market Share and Forecast, 2019-2025’ available with Market Study Report LLC, global precision medicine market is projected to accumulate USD 100 billion annually by 2025.
Rise in purchasing power among people in developed and developing economies along with adequate awareness regarding the availability of customized medication is influencing precision medicine industry trends. Risk-assessment, complete diagnosis, effective treatment, and prevention care are some of the advantages associated with the adoption of the procedure. Increasing incidences of chronic diseases such as diabetes, cardiovascular diseases, breast cancer and, melanoma require safe and effective medication to remove the illness from roots.
The process helps in understanding the patient's history and formulates medicines that understand the root cause. Precision medicine is a vital process that facilitates provision of patient-specific medications with the help of online collaborative forums. Many biologists, physicians, government bodies and patient groups are using online marketing channels to reach people worldwide.
Internationally recognized institution FDA has developed precision FDA, which is a cloud-based R&D platform that allows members across the world to share insights and tools in order to test and validate innovative and prevailing bioinformatics method to process NGS. Surging cases of cancer across the globe demanding reliable and effective medication is a major factor boosting the market size.
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In 2018, oncology precision medicine segment was valued at close to USD 16.5 billion. The development of drugs based on genetic factors will escalate the demand for precision medicine in the coming years. Changing preference in medication showcasing the need for innovative and best-suited drug solution is fueling drug discovery technologies.
The growing need for instant drug identification, screening and development to use medicines customized as per the patient’s needs is magnifying industry scope. In 2018, drug discovery technology segment accounted for more than 20% revenue share and is expected to grow at a significant rate in the near future.
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