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The market is driven by the
rising prevalence of infectious diseases and rapid increase in government
funding in R&D. The study identifies the growing threat of bioterrorism as
one of the prime reasons driving the biodefense market growth during the next
few years. This report provides a holistic analysis, market size and forecast,
trends, growth drivers, and challenges, as well as vendor analysis covering
around 25 vendors. The report offers an up-to-date analysis regarding the
current global market scenario, latest trends and drivers, and the overall
market environment.
The global Precision
Medicine Market is expected to reach USD 132.66 Billion by 2027,
according to a new report by Emergen Research. The proliferation of sequencing
methodologies, especially Next Generation Sequencing (NGS), is expected to
drive the market due to the increasing sequencing costs and the advancement of
the Human Genome Project in the field of genomics.
The rising incidence of chronic
and unusual diseases triggers the need to build technically innovative methods
for accelerated medical data aggregation and review. The bioinformatics program
helps in data processing by rendering successful therapeutic approaches. As a
consequence, the growing volume of data in the healthcare sector would fuel
demand for bioinformatics, raising competition in the industry for precision
medicine.
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The
prominent players profiled in the report are:
Biocrates
Life Sciences, Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString
Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics,
Novartis, and Pfizer, among others.
The creation of bioinformatics
tools and applications would promote the production of immunotherapy and thus
boost the study of microbiomes, thus advancing the area of precision medicine.
Besides, the development of high-throughput technologies such as
next-generation sequencing and microarray will pave the way for market growth in
bioinformatics, which will further drive market demand in the coming years.
Some
Key Highlights from the Report
Based on technology, drug
discovery is projected to grow with a CAGR of 9.8% in the forecast period, due
to the growing emphasis of bio-pharmaceutical players on developing precision
medicine for treating diseases, including cancer, which will further boost the
market growth.
The diagnostic companies expected
to grow with a CAGR of 10.4% in the forecasted period, owing to a wide variety
of applications for which big players in the precision medicine industry are
engaged in various investment programs.
The oncology application is the
major contributor to the Precision Medicine Market. The segment is growing due
to the rising frequency and prevalence of cancer worldwide, which will
intensify the demand for precision medicine as an essential form of therapy
coupled with developing tailored treatments for patients with cancer dependent
on their genetic makeup over traditional chemotherapy.
North America dominated the
market for Precision Medicine in 2019. The region's consistent focus on
cost-effective and innovative procedures that are adopted in the area is
driving the market.
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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)
End-Use Outlook (Revenue: USD
Billion; 2017-2027)
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Application Outlook (Revenue: USD
Billion; 2017-2027)
Regional Outlook (Revenue, USD
Billion; 2017-2027)
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Key Benefits of the Report:
·
Comprehensive
analysis of the competitive scenario and its changing dynamics
·
Analytical
data with detailed SWOT analysis and Porter’s Five Forces analysis
·
In-depth 8-year
analysis of the Global Precision Medicine Market
·
Critical
understanding of the key market segments
·
Comprehensive
analysis of the drivers, restraints, trends, and opportunities
·
Detailed
regional analysis and extensive company profiling
·
Extensive
assessment of current and emerging trends of the market
Thank you for reading the report. The
report can be customized as per the requirements of the clients. For further
information or query about customization, please reach out to us, and we will
offer you the report best suited for your needs.
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