BLOOMINGTON, Minnesota, December 15, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research,titled "Global Precision Medicine Market- Analysis and Forecast, 2017-2026", the global precision medicine market accounted for $43.59 billion in 2016 and is estimated to reach
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Browse 60 market Data Tables and 278 Figures spread through 580 Pages and in-depth TOC on "Global Precision Medicine Market"
Precision medicine is an emerging approach which enables the investigation of various diseases by evaluating the genetic makeup of an individual subject, thereby, providing a tailored therapeutic treatment to each patient. According to the Personalized Medicine Coalition, the market value of the targeted therapeutic drugs dependent on companion diagnostics was valued to be $25 billion in 2015. Also, the number of precision medicine or personalized medicine drugs that point to specific biomarker has steadily increased from 5 in 2008 to 132 in 2016. A recent survey conducted by the Tufts Centre for Drug Development showed that 42% of the drugs in the development pipeline include biomarkers in their design. The survey also suggested that several biopharmaceutical companies have doubled their investments over the last five years in precision medicine, and are expected to increase their investments by additional 33% over the next five years. Thus, precision medicine holds an immense potential for improving patient health outcomes and is rapidly becoming an integral component of patient care.
The completion of the first human genome project in the 1990s created the essential platform for the development of precision medicine. Since its introduction in the early 21st century, the precision medicine market has exhibited promising growth. The merits of precision medicine have their roots in the Human Genome Project, a 13-year long, $3 billion dollar effort, for the sequencing, and mapping of complete human genome. This project further enabled the scientists to research extensively on the gene variants to specific diseases, and develop targeted therapeutics depending on the genetic profile of an individual.
Precision medicine involves a detailed study on patient specific information to diagnose, and characterize the diseases. The concept of precision medicine is rapidly growing in the medical community through tremendous expansion in various advanced technologies such as next generation sequencing, molecular biomarker analysis, bioinformatics, and big data analytics, among others. Comprising of these advanced technologies, precision medicine holds a promising potential to prevent, and treat various diseases such as cancer, cardiovascular, neurology, diabetes, and other diseases, which are burdening the present healthcare system.
BIS Research Report:
According to Pushplata, analyst at BIS Research "Next generation sequencing provides an opportunity to transform disease management in various therapeutic areas such as cancer, immunology, cardiology, and neurology, among others, to identify new targeted therapies and the gene sequencing market is estimated to grow at a CAGR of 12.13% from 2017 to 2026. Considerable investments are being made by the key players to develop the best and efficient technologies with the ability to provide targeted therapy with great accuracy to the right patient at the right time. New technologies such as gene therapies, cell therapies, molecular biomarker analysis, and companion diagnostics have the potential to transform medicine, and increase the ability to treat and cure several intractable diseases. The best precision medicine solution would be the one with precise, predictive, and preventive ability to detect, diagnose, and treat a disease. Therefore, developing precise technologies, and making them available to the customers at an affordable price will be a promising and convenient way to cater the needs of the market."
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This market intelligence report provides a multidimensional view of the global precision medicine market in terms of market size and growth potential. This research report aims at answering various aspects of the global precision medicine market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The study considers the growth-share matrix model for a comprehensive study of the global precision medicine market and assesses the factors governing the same.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as market share analysis, Porter's Five Force analysis, product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well informed strategic decisions. The research uncovers some of the crucial parameters that must be taken into consideration before entering into the market.
This report is a meticulous compilation of research on more than 150 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants and vendors. The report also profiles more than 40 companies including several key players, such as Abbott Laboratories, Almac Group, Amgen, Inc., Astellas Pharma, Inc., AstraZeneca PLC, ASURAGEN, INC., bioMerieux SA, BRISTOL-MYERS SQUIBB COMPANY, CETICS Healthcare Technologies GmbH, Eli-Lilly and Company, F. Hoffmann-La Roche AG, GE Healthcare, Gilead Sciences, Inc., GlaxoSmithKline, IBM Corporation, Illumina, Inc., Intomics A/S, JOHNSON & JOHNSON, Laboratory Corporation of America, Merck KGaA, Novartis AG, Pfizer, Inc., QIAGEN, Quest Diagnostics, Randox Laboratories, SANOFI, Teva Pharmaceuticals Limited, and Thermo Fisher Scientific.
Key questions answered in the report:
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About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
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