The Global Precision Medicine market has been estimated at USD 40.5 Billion in 2016 and is projected to reach USD 69.8 Billion by 2021, at a CAGR of 11.5% during the forecast period from 2016 to 2021.
Hyderabad, India -- (SBWIRE) -- 03/15/2018 -- The report "Precision Medicine Market by Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others), by Application (Oncology, CNS, Immunology, Respiratory, Others) and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)"says, The Precision Medicine Market is expected to reach USD 69.8 Billion by 2022 from an estimated USD 40.5 Billion in 2017, at a CAGR of 11.5%.
Precision medicine technique is used to treat diseases by taking the lifestyle of the patient, gene variability and also the environment surrounding the patient into account.
Noteworthy progression in precision medicine to treat cancer and other ailments activated by mutations will propel the market growth. Lack of side effects, increasing government initiatives favoring the market and increased funding are some of the key driving factors of the market.
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Global market for Precision Medicine is categorised based on Technology and Application.
By Technology, the Drug discovery market segment accounted for the largest share of the market in 2017.
On the basis of technology, the market is further sub-segmented into Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics and Others. By Technology, drug discovery market holds the largest share of the market.
By Application, the Oncology segment commanded the major market share in 2017.
By Application, the market is further categorised into Oncology, CNS, Immunology, Respiratory and
Others. Oncology segmented dominated the market value followed by CNS and Immunology segments.
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North America dominated the market in 2017
Geographically, the Global market for Precision Medicine is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the major market share holder followed by Europe. High access to healthcare and high awareness towards precision medicine among the people are the key factors for North America's market dominance. Asia-Pacific region is expected to show a significant rise in market value throughout the forecast period.
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The Major players in the Precision market include Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics.
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