Precision Medicine Is Expected To Fuel The Growth Of The Precision Medicine Market In The Near Future
The Global Precision Market was valued at US$ 45,720.8 million in 2016 and is projected to exhibit a CAGR of 9.9% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights.Increase in adoption of personalized medicine, in turn, is projected to support the growth of precision medicine market over the forecast period.
Manufacturers are focusing on innovation to tap into emerging markets. For instance, Synapse, Inc. and Strata Oncology, Inc., together, implemented an end to end precision oncology program to improve the outcomes of the treatment with reduced costs, as the companies are selecting the most promising precision medicine clinical trials. Strata Oncology, Inc. also launched Strata NGS test in May 2017, which is designed for 90 gene targeted assay that focuses on genetic alterations in tumor tissue and includes standard care markers and clinical trial eligibility markers. AstraZeneca launched a next-generation asthma drug in 2016 named, Benralizumab for eosinophil biomarker, which is a part of the new way of biological treatments for people with asthma, as AstraZeneca is moving toward precision medicine to resolve the disease.
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Global Precision Medicine Market, By Technology:
Bioinformatics,Gene Sequencing,Drug Discovery,Precision Molecular Diagnostics,Big Data Analytics,.
Global Precision Medicine Market, By Application:
Oncology,Breast cancers,Lung Cancer,Others,.
Manufacturers are also collaborating to strengthen their product portfolios related to precision medicine. Precision for Medicine, Inc., in 2016, signed a deal to acquire ACT Oncology, which is expected to strengthen the company’s position in personalized cancer clinical trial space. On August 2017, Variantyx, a genetic testing company announced a partnership with FDNA, which has a facial recognition software that has revolutionized the diagnosis method of the rare diseases and is expected to fulfill the demand of patients and offer them precision medicine. This report segments the global precision medicine market on the basis of technology and application. On the basis of technology, the global precision medicine market is segmented into bioinformatics, gene sequencing, drug discovery, precision molecular diagnostics, and big data analytics. Applications of precision medicine include oncology, CNS, hematology, respiratory, and immunology, among others.
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Nevertheless, lack of reimbursement policy is expected to act as a restraint for the growth of precision medicine market.
Key Takeaways of the Market:
The global precision medicine market is expected to exhibit a CAGR of 9.9% over the forecast period (2017–2025), owing to the significant adoption rate of precision medicines and the robust advancements in the industry
Asia Pacific is expected to exhibit a high growth rate, in terms of value, over the forecast period
Among application type, oncology segment is expected to exhibit a significant CAGR of 10.4%
The global precision medicine market is characterized by market expansion in Asia Pacific, North America, and Europe, which is expected to generate higher market revenue due to government initiatives and rising adoption of personalized medicine
Some of the major companies offering precision medicine are Intomics, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.
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