Precision Medicine Market surge to touch USD 96.6 bn by 2024
Sellbyville, DE -- (SBWIRE) -- 11/20/2018 -- The Precision Medicine Market to exceed USD 96 billion by 2024; according to a new research report by Global Market Insights. Rising prevalence of cancer across the globe fuels the need to develop target specific biomarkers based on the individual genetic, environmental and lifestyle factors augmenting the global precision medicine market size. Advancement in cancer biology coupled with increased funding for cancer research will fuel industry expansion. For instance, in 2015 NIH's National Cancer Institute (NCI) invested USD 70 million to develop effective therapies for the treatment of cancer based on the individual genomic data.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- NanoString Technologies, Inc.
- Quest Diagnostics
- Teva Pharmaceuticals
- Biocrates Life Sciences AG
- Menarini Silicon Biosystems
- Tepnel Pharma Services
- Eagle Genomics Ltd.
- Ferrer inCode
Drug discovery dominated the precision medicine market in 2016 followed by gene sequencing which is expected to show a considerable growth over the coming years. Availability of next generation sequencing based genetic tests for rapid sequencing and identification of large human genome along with favourable regulatory guidelines by U.S. FDA for validation of such genetic tests is a major advancement in precision medicine accelerating gene sequencing revenue growth.
Companion diagnostics is poised to be the fastest growing segment with over 11.5% CAGR owing to its ability to provide essential information for the safety and effectiveness of a specific drug or therapeutic product for targeted patient groups.
UK precision medicine market should witness robust growth over the forecast period. Favorable government initiatives and increasing funding on research activities such as the launch of stratified medicine initiative in 2011 with €60 million budget focused on biomarker, patient cohorts, genomic and phenotypic analysis will fuel regional growth. Further, the launch of 100,000 Genomes Project in 2012 by Genomics England with €250-300 million funding for genomics has paved the way for individualized treatment for cancer patients and escalate regional market size.
India precision medicine market should grow at significant rate due to increasing prevalence of cancer which fuels the adoption of gene therapy facilitating personalized treatment for patients based on their genetic factors. Emergence of big data in healthcare and government initiatives to improve healthcare infrastructure of the country are driving factors for industry growth.
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Precision Medicine Market by Technology
o Big data analytics
o Gene sequencing
o Drug discovery
o Companion diagnostics
Precision Medicine Market by Application