Expert Market Research’s new report titled “Global Precision Medicine Market Report and Forecast 2021-2026‘, gives an in-depth analysis of the global precision medicine market, assessing the market based on its segments such as technology, product, application, end-use, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 10%
- Forecasted market size (2026): 141 billion USD
In recent years, the increase in research in the health sciences has led to a rise in the field of precision medicine. It has been observed that precision medicine has been effective, to some degree, against cancer as opposed to conventional forms of medicine, and with cancer rates expected to rise, it is expected that precision medicine receive more attention. Since the approach in precision medicine is to understand the patient’s genetic profile and history to identify a cure unique to that person, rather than a one-size-fits-all remedy, this is expected to show greater effectiveness in treatments, which, in turn, cause an increase in the popularity of precision medicine.
Industry definition and major segments
Unlike conventional medicine, precision medicine is a branch of medicine that involves analyzing particular individuals for their ailments, genetic history, and medical history, instead of using a variegated drug. This approach may be a more disease-targeted approach.
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The precision medicine industry can be divided based on the technology used:
- Drug discovery technologies
The market can also be segmented on the basis of product type:
Based on application, it can be segmented into:
The market can be categorized by end use into:
- Home Care
- Clinical laboratories
Regional precision medicine markets can be segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Since fields complementary to this field, such as genomics and data analysis relating to medicine, have advanced considerably, there will be development in precision medicine also. It is expected that in Asia-Pacific, the large populations and their genetic diversity can help genomics with large databases to understand a larger sampling space. Moreover, with larger populations, the cost-effectiveness of testing also improves with a large untapped market. Moreover, with the integration of different researchers on newer networks, thanks to the Internet, more cooperation is expected, which will ultimately advance research in this field. Currently, North America is the center of this research due to an existing health care system as well as a strong research base. However, the field is expected to grow in size as well as scope, as Asia-Pacific still remains a considerably untapped region.
Main market players
The major market players are Siemens Healthcare GmbH, Janssen Pharmaceutica NV, Quest Diagnostics Incorporated, F. Hoffmann-La Roche Ltd. and Myriad Genetics Inc., among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
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