Dublin, Nov. 16, 2018 (GLOBE NEWSWIRE) -- The "Precision Medicine (Diagnostics/Therapeutics) Market Analysis Report By Application (Genetic Tests, Esoteric Tests, Pharmaceuticals, Medical Devices), By End Use, And Segment Forecasts, 2018 - 2025" report has been added to ResearchAndMarkets.com's offering.
The global precision medicine (diagnostics/therapeutics) market size is expected to reach USD 85.5 billion by 2025 at a 9.9% CAGR during the forecast period.
Trends such as introduction of cost-effective genomic and molecular biology testing methods, increasing prevalence of cancer and rare diseases, and rising use of big data in precision medicine are some of the key factors boosting market growth.
The Human Genome Project introduced some marvelous cutting-edge techniques such as whole genome sequencing and targeted sequencing. These technologies are being used by researchers for the study of genomes and creation of personalized therapies for treatment of various illnesses. Today, the prevalence of diseases in areas such as oncology, immunology, and neurology has rapidly increased across the globe.
Researchers, healthcare professionals, and big pharma and biotech companies are working together to recognize new focused treatments options for the wellbeing of patients. Currently, there are many therapies and drugs under clinical trials for treatment of different types of cancers. Moreover, researchers have also shown an inclination toward development of precision medicines and diagnostics in non-oncologic disease areas.
Apart from therapeutics, the diagnostics field has also witnessed rapid growth in the past few years. The use of next generation sequencing (NGS), biomarkers, companion diagnostics, and esoteric tests can possibly change and affect prescription patterns of pharmaceutical medicines. Personalized medicines have very high chances of becoming a massive success in the next 20 years and have the capacity to treat and cure a few obstinate illnesses, which was not possible before.
Involvement of government and regulatory bodies has played a very important role in the growth of this field. In 2015, the then U.S. government announced the launch of the Precision Medicine Initiative. The following year, China launched the China Precision Medicine Initiative, which is a 15-year project that aims to build the country as a leader in development of precision therapies.
At present, more than 40% of the medications in biotech and pharmaceutical companies' improvement pipeline incorporate biomarkers. The overview likewise recommended that some biopharmaceutical organizations have collaborated and joint their ventures in the past five years and are expected to continue doing so in the coming years. The diagnostic and therapeutic precision medicine market thus holds immense potential and is quickly turning into a fundamental segment of patient care.
Further key findings from the report suggest:
- Technologies such as gene sequencing, biomarkers, big data analytics, and companion diagnostics are anticipated to drive this market in the coming years
- By end use, clinical labs held the dominant share in the market in 2017. The home care testing segment, on the other hand, has been witnessing rapid growth due to its speed, efficiency, and convenience
- On the basis of indication area, therapeutic precision medicines for oncology held the largest market share in 2017. However, there has been a change in focus of researchers toward the development of precision medicines for non-oncologic diseases. This has resulted in greater focus on immunological, genetic, and rare diseases
- The North America market currently holds the largest share and is expected to grow further during the forecast period. The market is primarily driven by supportive policies and initiatives by the government and strong presence of market players. Asia Pacific is expected to emerge as the fastest growing region in this market
- GE Healthcare; Abbott Laboratories; Precision Biologics; Foundation Medicine; Illumina, Inc.; and IBM Watson are some of the prominent players in the precision medicine diagnostics market and precision medicine therapeutics market
Key Topics Covered:
Chapter 1 Research Methodology
1.1 Information Procurement
1.2 Information or Data Analysis
1.3 Market Formulation & Validation
1.4 List of Secondary Sources
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation, Trends & Scope
3.1.1 Market driver analysis
3.1.1.1 Drop in the prices of molecular testing and genetic sequencing
3.1.1.2 Liquid biopsies emerging as the next big thing for detecting metastatic cancers
3.1.1.3 Increasing demand for precision medicine and diagnostic precision medicines in non-oncology areas.
3.1.1.4 Harnessing big data for improving preventive care
3.1.1.5 Advancements in NGS, companion diagnostics and biomarkers
3.1.2 Market restraint analysis
3.1.2.1 Hefty price tags associated with precision medicine
3.1.2.2 The cost associated with failure of clinical trials
3.1.2.3 Presence of non-value-based PM diagnostics reimbursement policy
3.2 Diagnostic and Therapeutic Precision Medicine Market - SWOT Analysis, By Factor (Political & Legal, Economic And Technological)
3.3 Industry Analysis - Porter's
Chapter 4 Market Categorization: By Application
4.1 Diagnostic And Therapeutic Precision Medicine Market: Application Movement Analysis
4.2 Diagnostics
4.2.2 Genetic tests
4.2.3 Direct to consumer tests
4.2.4 Esoteric tests
4.2.5 Other tests
4.3 Therapeutics
4.3.1 Global therapeutics market 2014 - 2025 (USD Billion)
4.3.2 Pharmaceuticals
4.3.2.2 Oncology
4.3.2.3 Respiratory diseases
4.3.2.4 Skin diseases
4.3.2.5 CNS diseases
4.3.2.6 Immunology
4.3.2.7 Genetic disorders
4.3.2.8 Other diseases and disorders
4.3.3 Medical devices
4.3.4 Others
Chapter 5 Market Categorization: Diagnostic And Therapeutic Precision Medicine Market By End Use
5.1 Diagnostic And Therapeutic Precision Medicine Market: End Use Movement Analysis
5.2 Home Care
5.3 Hospitals
5.4 Clinical Labs
5.5 Others
Chapter 6 Market Categorization: Diagnostic And Therapeutic Precision Medicine Market By Region
Chapter 7 Competitive Landscape
- F. Hoffmann-La Roche Ltd.-Foundation Medicine
- Siemens Healthineers
- Janssen Pharmaceuticals
- Illumina
- Quest Diagnostics Incorporated.
- 23andMe, Inc.
- NeoDiagnostix, Inc.,
- IBM Watson
- Myriad Genetics Inc.
- Medtronic
- GE Healthcare
- Abbott Laboratories
- Dako A/S
- Biogen
- Precision Biologics Incorporated
- Qiagen Incorporated
For more information about this report visit https://www.researchandmarkets.com/research/j6f52z/global_precision?w=12
Did you know that we also offer Custom Research? Visit our Custom Research page to learn more and schedule a meeting with our Custom Research Manager.