May 12, 2020
As per the report titled ‘Precision Medicine Market Size By Technology (Big Data Analytics, 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, Application Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global precision medicine market is estimated to record substantial growth during 2020-2026.
Technological advancements and scientific discoveries have spurred the analysis of pathogenesis and fostered the precision medicine industry growth. Precision medicine is experiencing a surge in demand owing to its applicability in reducing patient suffering associated with unintended side effects arising from one-size-fits-all approach. The medicine enables doctors to select treatments based on a genetic understanding of the patient’s disease and curate a personalized treatment plan. This factor along with reduced treatment costs and improved efficacy are fueling the growth of global precision medicine market.
Based on technology scope, big data analytics segment held 12% market share in 2019 and is expected to witness considerable growth during the forecast period. Enhanced precision and customization in comparison to linking diverse data sets for casual pathways are some of the key features encouraging the use of big data analytics in precision medicine for biomedical research.
Benefits such as improved clinical care and streamlined public health surveillance by tracking and predicting major outbreaks to efficiently manage the public healthcare resources and relay healthcare message to patients using social media are expected to bolster the adoption of big data analytics over the next six years. Moreover, with mounting data on different diseases, the incorporation of AI and machine learning algorithms with big data analytics are expected to present new opportunities for assessing diseases and developing precision medicine.
Elaborating on the application scope, oncology segment accounted for 24% market share in 2019 and is poised to see a noticeable growth during the analysis period, owing to rising prevalence of neurological disorders across the globe, particularly those associated with the central nervous system (CNS).
Speaking of the end-use spectrum, market share from healthcare IT companies segment was valued at USD 16 billion in 2019 and is anticipated to grow significantly over the forecast timeline. The growth can be credited to surging demand for technologically advanced equipment for fast integration, analysis, and storage of patient data. Moreover, healthcare majors are willingly adopting precision medicine in an effort to push the boundaries of data analysis, data procurement, and analytics-based decision making.
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As per the regional analysis, MEA precision market was valued at USD 3 billion in 2019 and is estimated to register 10% CAGR during the projection period. Changing healthcare dynamics, rising investments in healthcare sector coupled with the lack of data in African and several Gulf countries as compared to advanced economies are stimulating the growth of precision medicine industry in MEA.
Major players in global precision medicine market are Biocrates Life Sciences AG, AseBio, DxTerity Diagnostics Inc., F. Hoffmann-La Roche Ltd., Eagle Genomics, Foundation Medicine, Inc., Laboratory Corporation of America Holdings, Intomics, NanoString Technologies, Inc., Menarini Silicon Biosystems, NeoGenomics Laboratories, Inc., Pfizer Inc., and Novartis AG among others.