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With the development of cancerous organisms, cancer in the world will increase and the precision medicine market will grow. With the advent of next-generation sequencing (NGS) and computing tools, the accessibility of large-scale human genome databases will provide future growth opportunities and advance the field of precision medicine.Advances in gene therapy to treat cancers and other disorders caused by mutations will increase the scale of the precision medical industry. The function of gene therapy targeting anti-cancer drugs without compromising normal tissue will promote future market growth by replacing non-functional genes with functional genes.
With the development of friendly government initiatives, large-scale data analysis, and increased funding, industry growth will accelerate. For example, FDA's community platform development, the US FDA's precision platform for next-generation sequencing analysis assessments, will spur market size. Excessive costs associated with precision medicine will hinder industry growth within a few years.
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Precision medicine is becoming one of the most modernized trends in the healthcare industry showing an incredible growth in the recent years. The market growth is gaining speed as large number of government initiatives and research & development programs have been launched in the recent years. According to the report put forward by the market research experts of BIS Research, the global precision medicine market is expected to grow over $88 billion by 2022 at an estimated CAGR of 12.60% from 2015 to 2022.
While The Americas will continue to lead the global market through the forecast period, Europe and APAC will continue to be the principal revenue generating countries of the world. The global precision medicine market, on the basis of sub-market categories, is segmented into: companion diagnostics, biomarkers, targeted therapeutics, pharmacogenomics, molecular diagnostics and others. With increasing research and development processes, it has been estimated that the demand for precision drugs will escalate in the coming future, thus, resulting in the domination of the Pharma & Biotech segment. At present, Cancer is dominating the market and is expected to reach $46.38 billion by 2022, as the number of cancer patients are increasing every year and thus, deployment of targeted therapeutics and diagnosis applications of cancer is also anticipated to increase tremendously.
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Primarily, the reason attributed to the growth of the precision medicine therapeutics market is due to the increase in cancer cases, cardiac diseases, skin diseases, mental disorders, and other gene related issues. In Americas have existing players who are integrating with new start-ups through partnerships and collaboration so as to capture the North American segment. North American local players are entering to capture the South American precision medicine market. Throughout the Asia-Pacific countries, regulatory bodies are rolling out regulations to keep a check on latest technologies.
The advancement and innovation of new healthcare technologies are developing the platform for the growth of precision medicine market. Since, the announcement of ‘Precision Medicine Initiative’ by the President Barack Obama in January, 2015, a large number of research and development has been taken for the development of precise drugs, targeted therapeutics, and laboratory tests. Presently, the main focus of the government initiatives is toward oncology, but it is anticipated to target almost all therapeutic areas affected by genetic mutations.
Governmental regulations and standards are sustaining the growth and development of the precision medicine market. The main aim of these regulations is to make precision medicines more adaptable and focused towards genetic diseases related to Oncology, skin, respiratory, CNS, CVD, and infectious diseases among others. The patients are benefitted indirectly by these regulations as it save time and cut-down cost as the patients get the required treatment for the specific disease.
The growth in the precision medicine market is propelled by an increasing demand for personalized treatment, technological innovation and advancement (including Biomarker-based tests/kits, next gene sequencing, and precise imaging), Government support and regulations, and these have created a demand for the precision medicine solutions.
Our study includes an overview and analysis of the precision medicine market by ecosystem, sub-markets, therapeutics and geographical regions, allowing the research to develop a comprehensive outlook of the market. The Precision Medicine Market report presents detailed analysis of the entire precision medicine ecosystem and provides extensive insights of the different developments, trends and key participants. The report also focuses on different sub-markets which help in the development of precision medicine solutions. The sub-market verticals are categorized into five major categories, viz. companion diagnostics, biomarkers, targeted therapeutics, Pharmacogenomics and molecular diagnostics among others in the report.
Further, the scope of the report includes the therapeutics of different disease types managed by this technology. All of the above-mentioned report coverage parameters are discussed across different regions like The Americas, Europe, Asia Pacific (APAC) and Rest of the World (ROW).
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