At 10.7% growth, Precision Medicine Market will cross $96.6 billion by 2024

U.S. precision medicine market held the highest revenue of USD 18 billion in 2017 and will show similar trend in the coming years as various government initiatives to increase the adoption of precision medicine will fuel the industry growth.

Sellbyville, United States - December 5, 2018 /MarketersMedia/ —

Bioinformatics segment of precision medicine market 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.

The Precision Medicine Market will surpass USD 96.6 billion by 2024; according to a new research report by Global Market Insights, Inc. Advancements in cancer biology will ensure development in gene sequencing technique and other platforms available for cancer treatment. Furthermore, rising development in field of bioinformatics that support gene sequencing to initiate formulations of precision medicines will enhance the precision medicine market growth in foreseeable future. For instance, recently developed target therapy for cancer includes precision medicines that ensures patient recovery through immunotherapy. Development of such new therapies will escalate the business growth.

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Increase in adoption rate of gene therapy in developed economies with relatively high-income level will further enhance the precision medicine market growth. Rising incidences of genetic disorders has positively influenced the business growth. According to WHO, sickle cell anemia affects around millions of people globally every year. Along with sickle cell anemia, there are many other genetic diseases such as thalassemia, hemophilia and others that are prevalent globally. Moreover, increase in research and development activities that boosts the production and manufacturing of precision medicine in emerging countries such as Africa and Brazil will augment the industry growth in future. However, high cost of precision medicines may restrain the market growth.

Pharmaceutical companies segment of precision medicine market accounted for 37.1% in 2017 owing to the increasing R&D efforts for drug development activities. Pharmaceutical companies are currently trying to develop precision medicines for rare genetic diseases. According to Global genes, there are around 7,000 rare genetic diseases discovered. In 2015, around 30 million Americans were detected with rare diseases that will augment demand for precision medicines thereby, propelling the segment growth.

Healthcare IT companies segment is estimated to witness highest CAGR of 11.5% over the analysis time-frame 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.

Oncology segment will experience 11.1% CAGR during the forecast time-frame. High segment growth can be attributed to the increasing prevalence of cancer globally. According to Globocan 2018, the number of new cancer cases are estimated to be 18.1 million cases. Development of target novel therapies and precision medicines has drastically reduced the mortality rates and hence, high demand for precision medicine in cancer treatment will drive the segment growth in foreseeable future.

Germany precision medicine market was valued at USD 2.6 billion in 2017 and high segment growth will be due to the growing pediatric as well as adult population susceptible to metabolic diseases such as diabetes. According to NCBI, prevalence of Type 2 diabetes is high in the German population. Researchers and scientists have geared up efforts to develop precision medicines that are altered according to patient’s genome ensuring efficient treatment of genetic disorders. Moreover, high income levels and developed healthcare infrastructure will prove beneficial for Germany precision medicine industry growth in future.

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Prominent industry players operational in the precision medicines market include Biocrates Life Sciences AG, Eagle Genomics Ltd, Ferrer inCode, Intomics, Laboratory Corporation of America Holdings, NanoString Technologies, Novartis, Pfizer, Qiagen, Quest Diagnostics, F. Hoffmann-La Roche, Silicon Biosystems, Tepnel Pharma Services, Teva Pharmaceuticals. Key industry players implement strategic initiatives such as new product launch, mergers, acquisitions and geographic expansions to sustain market their respective market shares. For instance, in January 2018, GE healthcare collaborated with Roche to enhance their precision medicine product offering in oncology segment. Collaboration with a major industry player will aid Roche’s revenue generation.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/precision-medicine-market

Source URL: https://marketersmedia.com/at-107-growth-precision-medicine-market-will-cross-966-billion-by-2024/455212

Source: MarketersMedia

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