Precision Medicine Market Size was valued around USD 50 billion in 2018 and is expected to witness lucrative growth from 2019 to 2025.
Rising demand and advancements in cancer biology will augment personalized medicine market during the forecast timeframe. Development of novel genetic technologies that discovers the functional effect of genetic information that leads in developing cancer, thus, should propel huge demand for cancer biology. However, the high price associated with usage of precision medicine may restrict the precision medicine market growth over forecast period.
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On the basis of technology the precision medicine market is segregated into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics. Rising focus of competitors on producing advanced drugs leading to better treatment for several chronic diseases will drive drug discovery segmental growth. Similarly, rising incidence of chronic as well as respiratory diseases will drive the growth of the market.
Precision medicine market by application is further divided into oncology, immunology, central nervous system (CNS), respiratory diseases. Increasing prevalence of cancer cases and usage of precision medicine in development of new drugs will increase the oncology segmental market growth. Similarly, increasing demand for bioinformatics and big data analytics to set apart human genome data secured from immunological processes augment segmental growth.
On the basis of end users, the precision medicine market is further divided as pharmaceutical companies, diagnostic companies, healthcare IT companies. Rising demand for producing novel tools for rapid integration, storage, and analysis of patient information will drive the business growth.
North America is anticipated to account for the largest share of the Global Precision Medicine Market. Increasing prevalence of cancer across the U.S will augment the growth of the precision medicine market. Similarly, rising healthcare expenditure will drive the growth of precision medicine market over the forecast period. Asia-Pacific is expected to show rapid growth in coming years owing to growing number of investments in R&D activities.
By Technology
By Application
By End users
By Region
Company Coverage
Conclusion:
In this report, we had discussed the market situation of Precision Medicine Market. As we know the world is going to be tech savvy, the demand of trending products and technologies is also increasing. This report can help to understand the business growth in the Precision Medicine Market and new opportunities at new places.
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