New York, NY -- (SBWIRE) -- 07/11/2019 -- The global precision medicine market has benefitted greatly from advancements in the life science industry. Although in its nascent stage, targeted therapies hold high chances of becoming a massive success in the coming years because of the potential to treat and cure chronic illnesses. The market is thus expected to expand at a compound annual growth rate (CAGR) of 11.60% between 2018 and 2023, generating USD 88.25 Bn in revenue by 2023.
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Major players in Precision Medicine market are:
- Abbott Laboratories
- GE Healthcare
- GlaxoSmithKline (GSK)
- Johnson & Johnson
- Pfizer
- Randox Laboratories
- Almac Group
- Novartis AG
- Teva Pharmaceutical industries
- Quest Diagnostics
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Scope of the market
Ecosystem player segment insights
Diagnostic companies held the largest share of the market in 2018, contributing to approximately 39% of the global revenues. They are expected to continue dominating the market during the assessment period, owing to the dominant role that precision medicine plays in diagnosing potential diseases. Pharmaceutical companies are next in line to dominate the market, accounting for a market share of 29% in 2018 due to the increasing efforts put in research and development for developing drugs.
Therapeutic segment insights
Among the therapeutic areas of precision medicine, cancer held the largest share of the market by generating almost 33% of the global market revenue in 2018. Development of targeted novel therapies and precision medicines for treating cancer, owing to its increasing prevalence worldwide, will drive its growth in the foreseeable future. Central nervous system (CNS) disorders and infectious diseases held market shares of 20% and 16%, respectively. The precision medicine market for respiratory diseases is foreseen to grow at a very high rate, owing to the growth of diseases such as asthma, chronic obstructive pulmonary disease (COPD), idiopathic pulmonary fibrosis, etc.
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Technology segment insights
Pharmacogenomics held the largest market share (24%) in 2018, followed by genomics. The technological and analytical developments in genomics have made it easier to identify and interpret the genetic variation underlying a disease, thereby contributing to the rapid growth of genomics. The market for genomics is also projected to expand at the highest CAGR of 13.67% during 2018-2023. Big data analytics is also expected to show fast growth during the forecast period.
Regional insights
North America leads the global precision medicine market with a share of 43%, followed by Europe with a 26% share. These regions are primarily driven by supportive policies and initiatives by the government, a strong presence of market players, and quick adoption of advanced healthcare technology and practices. Asia-Pacific is expected to emerge as the fastest growing region in this market with the highest CAGR of 13% during the forecast period.
In market segmentation by geographical regions, the report has analysed the following regions-
- North America
- Europe
- China
- Japan
- Middle East & Africa
- India
- South America
- Others
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Chapter 1. Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered
1.3. Executive summary
Chapter 2. Global precision medicine market - overview
2.1. Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
2.2. Global market drivers
2.3. Global market trends
2.4. Global market challenges
2.5. Value chain analysis
2.6. Porter's five forces analysis
2.7. Market segmentation based on ecosystem players (pharmaceutical and biotechnology companies, clinical laboratories, diagnostic companies, and healthcare IT/big data companies) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
2.8. Market segmentation based on therapeutics (cancer, cardiovascular diseases, central nervous system [CNS] disorders, psychiatric disorders, respiratory diseases, infectious diseases, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
2.9. Market segmentation based on technology (big data analytics, bioinformatics, genomics, pharmacogenomics, companion diagnostics, epigenetics, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
Chapter 3. North America precision medicine market
3.1. Regional market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
3.2. Market segmentation based on ecosystem players (pharmaceutical and biotechnology companies, clinical laboratories, diagnostic companies, and healthcare IT/big data companies) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
3.3. Market segmentation based on therapeutics (cancer, cardiovascular diseases, central nervous system [CNS] disorders, psychiatric disorders, respiratory diseases, infectious diseases, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
3.4. Market segmentation based on technology (big data analytics, bioinformatics, genomics, pharmacogenomics, companion diagnostics, epigenetics, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
Chapter 4. Europe precision medicine market
Chapter 5. Asia-Pacific precision medicine market
Chapter 6. Latin America precision medicine market
Chapter 7. The Middle East and Africa precision medicine market
Chapter 8. Competitive landscape
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