Global Precision Medicine Market: Focus on Precision Medicine Ecosystem, Applications, 13 Countries Mapping, and Competitive Landscape - Analysis and Forecast: 2018-2028

Tuesday, February 5, 2019 General News
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NEW YORK, Feb. 4, 2019 /PRNewswire/ -- Global Precision Medicine Market to Reach $216.75 Billion by 2028

Various advancements in the life sciences industry have paved the way for development of several precision medicine solutions.It is one of the most modernized trends in the healthcare industry that has projected tremendous level of progress in
the last few years.Read the full report: The completion of the Human Genome project in 2003 and the precision medicine initiative in 2015 provided a path of opportunity to introduce new scientific, medical, and business models in the precision medicine market.The sole idea behind the development of precision medicine solution is to provide targeted therapies to population based on their genomic structure.Therefore, the application of 'omics' (genomics, proteomics, transcriptomics) analysis is widely used in this market. The precision medicine market is a multibillion market which consists of innumerable companies involved in the research and development, manufacturing and commercialization of several novel drugs and diagnostic kits to boost the Precision Medicine workflow.Currently, the precision medicine market is gaining preference among the masses due to the growth of personal healthcare devices and integration of smart technologies in the healthcare system.In addition, increasing collaborations and partnerships between various ecosystem players are aiding in the robust growth of the precision medicine market.The growth in the precision medicine market is propelled by an increasing demand for personalized treatment, technological innovation and advancement (including Biomarker-based tests/kits, next gene sequencing, and precise imaging), government support and regulations, which consequently, have created a demand for the precision medicine solutions.Governmental regulations and standards are sustaining the growth and development of the precision medicine market.The primary aim of these regulations is to make precision medicines more adaptable and focused towards genetic diseases related to oncology, skin, respiratory, central nervous system, cardiovascular, and infectious diseases, among others.The purpose of this study is to gain a holistic view of the precision medicine market in terms of various influencing factors, such as recent trends, technological advancements, and role of various key stakeholders in the market.The report constitutes an in-depth study of the global precision medicine market, including a thorough analysis of the products across different regions.The study also presents a detailed analysis of the market trends, and the market size for the period 2017-2028, wherein 2017 is the base year, and the years from 2018 to 2028 constitute the forecast period.The report covers all the prevalent trends which are expected to play a significant role in the growth of the market over the forecast period.It also highlights various drivers, restraints, challenges, and opportunities which are expected to influence the market's growth during the forecast period. The report is focused on the global precision medicine market; ecosystem and technology, application, their market dynamics, growth prospect mapping, SWOT analysis, Porter's Five Forces, market share analysis, pipeline analysis, and country-wise analysis.The study provides a holistic perspective on the market growth, in terms of revenue estimates, across different geographies which include North America, Europe, Asia-Pacific (APAC), Latin America, and Rest of the World (RoW).The report provides cross-sectional analysis of the global precision medicine market in terms of market estimates, and projections, for all the segments across different geographical regions.The regions have been further segmented to cover the in-depth country level analysis. The North American region has been segmented into the U.S., and Canada. Similarly, Europe has been further segmented into the U.K., Germany, France, Spain, Italy, and Rest of Europe. Asia Pacific has been segmented into China, Japan, Australia, India, and Rest of Asia Pacific. Latin America has been segmented into Brazil, Mexico, and Rest of Latin America. Moreover, Rest of the World (RoW) has been further segmented into Middle East and Africa.Key questions answered in the report:• What are the major market drivers, challenges, and opportunities in the global precision medicine market?• What are the underlying structures resulting in the emerging trends within the precision medicine market?• What was the market value of the leading segments and sub-segments of the global precision medicine market in 2017?• How will each segment of the global precision medicine market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2028?• What are the influencing factors that may affect the market share of the key players?• How will the industry evolve during the forecast period 2018- 2028?• What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?• What are the key ecosystem type in the global precision medicine market? What are the major benefits of each type?• How has the market been segmented on the basis of application type? Which application type is dominating the global precision medicine market and what is the reason behind such domination? • Which ecosystem type is having the most promising growth and in which application type? • What is the market share of each of the companies in the global precision medicine market and what are their contributions?• What is the scope of each type of ecosystem in North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World?• What is the growth potential of precision medicine in each region, including North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World?• How many countries are covered in each geographical region? Which country is currently dominating the precision medicine market?The key players which have been contributing significantly to the precision medicine market include 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, GlaxoSmithKline, IBM Corporation, Illumina, Inc., Intomics A/S, JOHNSON & JOHNSON, Laboratory Corporation of America, Merck KGaA, Novartis AG, Pfizer, Inc., QIAGEN, Quest Diagnostics, SANOFI, Teva Pharmaceuticals Limited, and Thermo Fisher Scientific, among others.Executive SummaryThere has been a continuous search in the medical world for better treatment and prevention approaches for various infectious and non-infectious diseases, paving the way for the most awaited changes in personalized medicines.In recent years, the impressive research on biologics for the development of DNA, the study of the human genome, and the development of precision diagnostic tools and software has opened new hopes to develop promising precision medicine for different types of cancers, infectious diseases, and rare and orphan diseases.Advancements in genome analysis, especially in the development of vaccine platforms and accelerating adoption of companion diagnostics in routine healthcare procedures, coupled with ongoing clinical trials, have resulted in the evolution of precision medicine – a healthcare model (comprising treatment, practices, and healthcare products like medicine) that is customized as per the patient.Precision medicine has significantly positioned itself as the hotspot of mainstream medicine.With aggressive technological developments, such as next-generation sequencing and fierce competition in the field of targeted molecular therapy, precision medicine portrays itself as a sophisticated medical care model while simultaneously opening avenues for public health care.However, despite its proven potential, the technology is still in its infancy and needs to evolve while overcoming many deficiencies and challenges.On the other hand, immense expectations are associated with precision medicine in terms of its capability to define Diseases, based on molecular characteristics and environmental susceptibility factors.The fulfilment of those expectations need pre-requisites such as the construction of a novel data network, integration of clinical data from patients, and further expansion of research aimed at finding the molecular makeup of diseases.Also, multi-omics analysis and cross-industry collaborations will be instrumental at realizing the benefits of precision medicine with its fullest potential.To, bolster precision medicine, genomic sequencing is of utmost importance, and since 2003 (after the completion of Human Genome Project), genomic sequencing has attained great strides in terms of both cost and time.This genome sequencing technology is so advanced now that a single genome can be sequenced under $1000 within a day. The cost has plummeted to approximately three million times and the time taken for the process has reduced 3,000 times since the first genome was ever sequenced.The purpose of BIS Research study on global precision medicine market is to gain a holistic view of the precision medicine market in terms of various influencing factors, such as the trends, regulatory frameworks, and technological advancements.The report constitutes a detailed study of the different kinds of products and technologies associated with the global precision medicine market.The market has been segmented into "ecosystem", "application type", and "region".The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in the reader form well-informed strategic decisions.The research uncovers some of the substantial parameters that must be taken into consideration before entering into the market.The global precision medicine market is anticipated to reach $216.75 billion by 2028, witnessing a CAGR of 10.64% in the forecast period 2018-2028. Some of the factors such as the emergence of liquid biopsy, increasing demand for multiplex assays to target emerging diseases, reduced adverse drug reactions through pharmacogenomics testing, and increasing focus on target-based therapies are acting as significant factors propelling the growth of the global precision medicine market.In terms of ecosystem, the global precision medicine market is dominated by applied sciences.This dominance can be attributed to the ongoing advancements in the field of human genomics and innovation of new healthcare technologies such as next-generation sequencing, high throughput screening (HTS), and digital polymerase chain reaction (PCR).The completion of the first human genome project in the 1990s has created the platform for the development of further enhanced pharmacogenomics solutions in applied sciences.At present, government initiatives are focused on launching a large number of genomic tests and drugs, controlling the increasing level of genetic disorders, and integrating advanced technologies to fulfill the unmet needs of the patients.Most of the developments taking place in the present scenario are mainly related to oncology and cardiovascular diseases, but it is anticipated that it may target almost all therapeutic areas affected by genetic mutations.In terms of application type, the global precision medicine market is dominated by oncology. In 2017, the market for oncology was valued $38.01 billion. Cancer is classified to be a disease of genetic mutation, as a result of genetic changes. Technological advancement has generated a better understanding of tumor and led to more effective treatment strategies that are personalized to the genetic profile of patients suffering from different types of cancer.In terms of regional potential, North America is the leading contributor to the global precision medicine market and contributed approximately 47% of the global market values in 2017. This can be attributed to increasing usage of genomics and pharmacogenomics in the development of personalized medicines, and high income of patients to afford costly diagnostic and genetic tests. Also, in the year 2015, the launch of Precision Medicine Initiative (PMI) by the then U.S. president, Barack Obama, completely revolutionized the process of healthcare delivery in the nation. The initiative was aimed at irradiating the already existing "one-size-fits-all" approach of treatment and hence improve patient outcomes while minimalizing healthcare costs. In financial terms, the initiative was worth $215 million and significantly accelerated the discovery of biomedical tools, knowledge, and therapies to assist clinicians to come up with the treatment that best serves the individual need of the patients. The key players who have been contributing significantly to the global precision medicine market are Pfizer, Inc., Merck & Co., Inc., Abbott Laboratories, GlaxoSmithKline plc, AstraZeneca plc, Sanofi S.A., Almac Group Ltd., Bio-Rad Laboratories, Inc. Johnson and Johnson, and bioMιrieux S.A., among others.Countries Covered• North America• The U.S.• Canada• Europe• Germany• France• Italy• The U.K.• Spain• Rest-of-Europe• Switzerland• Asia-Pacific (APAC)• China• Japan• Australia• India• Rest-of-Asia-Pacific• Singapore• South Korea• Vietnam• Latin America• Brazil• Mexico• Rest-of-Latin America• Rest-of-the-World (RoW)• Israel• Saudi Arabia• United Arab Emirates• South Africa• RussiaRead the full report: About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Contact Clare: US: (339)-368-6001 Intl: +1 339-368-6001

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