Sarasota, FL -- (SBWire) -- 03/08/2019 --Global Precision Medicine Market: Overview

Precision medicine (PM) is a medical model that proposes the customization of healthcare, with medical decisions, treatments, practices, or products being tailored to the individual patient. In this model, diagnostic testing is often employed for selecting appropriate and optimal therapies based on the context of a patient's genetic blueprint and makeup or other molecular or cellular analysis. Tools employed in precision medicine can include molecular diagnostics, imaging, and analytics. Precisely, Precision Medicine refers to the tailoring of medical treatment to the individual characteristics of each patient.

Global Precision Medicine Market: Growth Factors

Recent breakthroughs in applications of big data technologies for accurate detection of diseases will positively impact the precision medicine market revenue during the forecast timeframe. In addition, the introduction of software offering improved clinical workflow is likely to enhance the capacity to store a huge amount of genetic data ensuring rapid patient recovery. This, in turn, will boost the precision medicine market growth in the years ahead. Moreover, key industry players are focusing their efforts on upgrading software that supports drug discovery processes, thereby steering the growth of the precision medicine market in the years ahead.

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In addition, software specifically designed to develop precision medicines utilized in the treatment of chronic diseases as well as genetic diseases ensuring quick patient recovery will augment the precision medicine market size in forthcoming years. The growing acceptance of big data analytics and gene sequencing utilized in gene therapy will escalate precision medicine market growth in the near future.

Development of Human Genome Project and innovations in cell-biology is likely to further enhance the gene therapy treatment patterns, thereby enlarging business scope in the years to come. In addition to the aforementioned factors, the rising burden of metabolic diseases including diabetes and hypothyroidism will escalate the demand for gene therapy and this will steer precision medicine market demand during forecast timeframe. However, violation of privacy rule and misinterpretation of genetic and health data may hinder business growth.

Global Precision Medicine Market: Segmentation

The global precision medicine market can be classified into technology, application, and end-use segments. On the basis of technology, the market is sectored into Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, and Companion Diagnostics. Based on the application, the market is segmented into Oncology, Respiratory, Immunology, and CNS. On the basis of end-use, the market is sectored into pharmaceutical firms, diagnostic firms, and healthcare IT firms.

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Global Precision Medicine Market: Regional Analysis

Based on regions, the global precision medicine market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North American precision medicine market will is expected to grow substantially during the forecast timeframe. The growth can be attributed to increasing geriatric population suffering from chronic diseases such as cancer. According to an authentic study, the geriatric population in America is estimated to increase to 98 million by 2060. Majority of the geriatric population suffers from chronic diseases that should augment the U.S. precision medicine industry growth in forthcoming years. This, in turn, will accelerate the growth of precision medicine market in the coming years.

Asia Pacific precision medicine market is anticipated to expand in the coming years. The growing burden of genetic diseases in China will propel the demand for gene therapies. Gene therapies are relatively expensive and hence, the majority of the treatments are reimbursed. The Chinese population is covered under health insurance. Moreover, the Chinese government implements certain initiatives that prove beneficial for business growth. For instance, according to BioWorld, the Chinese government has undertaken initiatives that include funding that facilitates the development of precision medicines impacting the China precision medicine market growth positively and this will further boost Asia Pacific precision medicine market growth in the years ahead.

Global Precision Medicine Market: Competitive Players

Some of the key players in precision medicine market are Biocrates Life Sciences AG, Eagle Genomics Ltd, Ferrer inCode, Intomics, Laboratory Corporation of America Holdings, NanoString Technologies, Novartis, Pfizer, Qiagen, Quest Diagnostics, F. Hoffmann-La Roche, Silicon Biosystems, Tepnel Pharma Services, and Teva Pharmaceuticals.

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Global Precision Medicine Market: Regional Segment Analysis

North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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Important changes in market dynamics
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Former, on-going, and projected market analysis in terms of volume and value
Assessment of niche industry developments
Market share analysis
Key strategies of major players
Emerging segments and regional markets
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