LOS ANGELES, Oct. 09, 2019 (GLOBE NEWSWIRE) -- The global precision medicine market is expected to reach the market value of around US$ 84 billion by 2026 and is anticipated to grow at a CAGR of around 10% in terms of revenue during the forecast period 2019 – 2026.
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Recent progress in cancer treatment is strongly linked to genomic medicine among all disease classifications. Comprehension of each tumor's genetic mutations promises to give doctors more capability to prescribe special medication to combat certain kinds of tumor. However, only a few genetic mutations have been correlated with particular tumors and kinds of tumors. Moreover, with the conclusion of the Human Genome project in 2003 and the Precision Medicine initiative in 2015, new scientific, medical and business models were introduced on the precision medicine market. The only concept behind the creation of a solution for precise medicine is to offer population-specific therapies based on its genomic composition.
Clinical Laboratories and Hospitals Governs the Market in Terms of End Use
In precise medicine, clinical labs and hospitals play a significant role. However, in the prediction timeframe, the home care sector is anticipated to experience the fastest growing segment in the forecast year. The market has benefited by increased acceptance and beneficial findings from precise therapy for different illnesses. The development in private health facilities and devices, combined with the inclusion of clever techniques with several health care systems, are also expected to drive the market.
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Regional Outlook
The US investments are increasing in the field of precise medicine, the increasing use by government grants; initiatives of cutting-edge methods and a favorable legal environment are the factors that help to promote regional market growth. The precise medicine industries are at the forefront of North America. Furthermore, the increasing incidence of respiratory and oncological conditions as lifestyles change is the primary cause of market demand. Increased health care expenditure and the presence of key operating players in North America will stimulate the growth of businesses.
The global precision medicine market, Europe has retained a significant share and is expected to develop at a constant pace during the forecast period. Increasing use of precise diagnostic devices, electronic health records and drugs prescribed for a particular disease also contribute to the market growth. In addition, European companies are focused on mergers and acquisitions that are intended to encourage the industry growth.
The demand for precision medicinal products is anticipated to increase in Asia Pacific with high CAGR as the incidence of cancer increases and the ageing population. Government, private grants and R&D investors are anticipated to increase market development in precise medicine market. In addition, Asia Pacific will speed up the growth of precise medical companies with the presence of a large patient pool together with enhanced R&D investment.
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In Latin America, the precise medicine market will be driven by health infrastructure development, population growth and the boom in the technology sector. Factor such as a lack of knowledge about the health of Latin American is expected to curb the precision market growth.
The global precision medicine industry, in Middle East & Africa region has a considerable share. The market is nevertheless anticipated to grow due to large personal investments in the Middle East nations. In addition, the growing prevalence and enhanced public efforts to enhance healthcare contribute to the growth of the economy.
Geographically, Africa has the least share of the global precision medicine market owing to powerful public policies and bad economies. In stable nations like Botswana, Ghana in Africa is gaining momentum with regards to growth, on the other side, the increasing knowledge of the medical industry.
Key Players & Strategies
Major players include in this report are Major players include in this report are Tepnel Pharma Services, Novartis, Qiagen, Biocrates Life Sciences, NanoString Technologies, Roche, Pfizer, Eagle Genomics, Quest Diagnostics, Menarini Silicon Biosystems, Intomics, and Teva Pharmaceutical and Others.
GE Healthcare extended its Healthcare IT Center of Excellence in Szeged, Hungary, in June 2015 to help with the diagnosis of illnesses that are life-threatening, such as liver cancer and other conditions.
Signature Diagnostics AG, a private company headquartered in Potsdam, Germany, was purchased by Roche in February, 2015.
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