Precision Medicine Market Size By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), By Application (Oncology, Immunology, CNS, Respiratory), End-use (Pharmaceutical Companies, Diagnostic Companies, Healthcare IT companies) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Spain, Scandinavia, China, Japan, India, Singapore, Brazil, Mexico, Argentina, Saudi Arabia, Qatar, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Precision medicine Market will exceed USD 96.6 billion by 2024; as per a new research report.
Increasing prevalence of cancer across the globe will render positive impact on the precision medicine market growth. According to the World Health Organization, in 2018, cancer is the second leading cause of mortality worldwide. Rising incidence of cancer will surge the need for understanding cancer, and the complex biological systems involved in cancer development. Growing advancement in cancer biologics to develop efficient treatments will thus accelerate the precision medicine business growth.
Favorable government initiatives in developed countries coupled with increased funding for research in precision medicine is another major factor that will drive the precision medicine market growth. Furthermore, increasing advancement in bioinformatics platform such as development of precisionFDA, a cloud-based next-generation DNA sequencing data platform will favor precision medicine industry growth. However, high cost of precision medicine coupled with privacy risk and misinterpretation of genetic data may hamper the market growth during the forthcoming years.
Bioinformatics segment held significant revenue share of 15.5% in 2017 and is estimated to witness lucrative CAGR over the forecast period. The growth is attributable to the use of bioinformatics in making effective clinical decisions. Furthermore, bioinformatics tools enable quick data mining from literature, regulatory documents, clinical trials, and other patient-based information that can be used for rapid identification of drug targets and repurposing in treatment of rare diseases.
Oncology segment dominated the precision medicine market with USD 15.4 billion in 2017 and is estimated to show lucrative growth in the coming years. The segmental growth is attributed to growing prevalence of cancer in developed as well as developing countries. According to the American Cancer Society, in 2017, around 1.68 million new cancer cases were estimated in the U.S. Such factors will increase the demand for effective cancer therapies thereby augmenting the segment size.
Healthcare IT companies segment is estimated to witness highest CAGR of 11.5% over the analysis timeframe due to growing demand for technologically advanced tools to enable rapid integration, storage, and analysis of patient data. In addition, increasing focus of leading healthcare IT industry players on development of big data platforms such as iPhronesis that integrate genomics, electronic health records and imaging via advanced analytics will further spur the market size.
U.S. precision medicine market held the highest revenue of USD 18.0 billion in 2017 and will show similar trend in the coming years. Various government initiatives to increase the adoption of precision medicine will render positive impact in the market growth. For instance, in 2015, President Barack Obama launched Precision Medicine Initiative (PMI) for developing novel solutions for chronic diseases including cancer based on lifestyle characteristics and genomic environment of patients. Benefits offered by PMI coupled with strong foothold of key industry players such as NanoString Technologies, Source Precision Medicine, Inc., Covance and Medtronic in the U.S. will further favor business growth.
Some of the major industry players operating in precision medicine market include Eagle Genomics Ltd, Biocrates Life Sciences AG, Ferrer inCode, Laboratory Corporation of America Holdings, NanoString Technologies, Intomics Novartis, Pfizer, Qiagen, Quest Diagnostics, F. Hoffmann-La Roche, Silicon Biosystems, Tepnel Pharma Services, Teva Pharmaceuticals. Industry players primarily focus on inorganic strategies including partnership, merger, acquisition and innovative product launch to strengthen existing product portfolio and maintain their market position.