Various advancements in the life sciences industry have paved the way for the 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. 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 multi-billion 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.
According to the latest research report by BIS Research, titled ‘Global Precision Medicine Market –…ecast (2017-2026)’, global precision medicine market $141.7 billion by 2026. It was dominated by the oncology segment in 2016. The oncology market is expected to grow with a CAGR of 10.4% from 2017 to 2026. 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.
Few Companies Mentioned in the Report:
- Abbott Laboratories
- Almac Group
- Amgen, Inc
- ANGLE plc
- Astellas Pharma, Inc
- AstraZeneca PLC
- ASURAGEN, INC.
- Bio-Rad Laboratories, Inc.
- bioMérieux SA
- BRISTOL-MYERS SQUIBB COMPANY
- CETICS Healthcare Technologies GmbH
- Danaher Corporation
- Eli Lilly and Company
- Epic Sciences, Inc.
- F.Hoffmann-La Roche AG
- GE Corporation
- Gilead Sciences, Inc.
- GlaxoSmithKline Plc
- IBM Corporation
- Illumina, Inc.
- Intomics A/S
- JOHNSON & JOHNSON
- Laboratory Corporation of America
- MDX Health, Inc.
- Menarini Silicon Biosystems, Inc.
Myriad Genetics, Inc.
- Novartis AG
- Pacific Biosciences of California, Inc.
- Partek, Inc.
- Quest Diagnostics
- Randox Laboratories
- Sysmex Corporation
- Teva Pharmaceuticals Industries Limited.
- Thermo Fisher Scientific
- TROVAGENE, INC.
- AB-BIOTICS SA
- ARIEL Precision Medicine, Inc.
- CARIS LIFE Science
- Continuous Precision Medicine
- GUARDANT HEALTH, INC
- Intel Corporation
- New Medicine Partners
- Pacific Edge Diagnostics USA LIMITED
- PRECISION FOR MEDICINE
- Precision Medicine Alliance
- Takeda Pharmaceuticals Company Limited
Key Questions Addressed in the Report:
- How did the precision medicine market evolve and what is its scope in the future?
- What is the approach followed in the development of precision medicine solutions?
- What are the key areas of interest for the development of precision medicine?
- What are the major market drivers, challenges and opportunities in the global precision medicine market?
- What are the key initiatives and programs launched in the precision medicine market?
- What are the key developmental strategies which are being implemented by the key players to stand out in this market? Among these strategies, which strategy is currently dominating the market?
- What are the precision medicine solutions provided by the key companies? What are the key products in pipeline?
- Who are the key players holding significant number of patents in the precision medicine market?
- How is the Porter’s Five Forces affecting the industry attractiveness in the precision medicine market?
- What is the role of different stakeholders in value chain for the precision medicine market?
- What is the total addressable market (TAM), segmental addressable market (SAM) and the potential market opportunity of the global precision medicine market?
- What is the market share of different leading segments and sub-segments of the market for the years 2017 and 2026?
- How each of the segments of the global precision medicine market will grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2026?
- Who are the key players dominating the global precision medicine market and what are their respective shares in the market?
- Who are the key players dominating the precision medicine market, in different segments namely the ecosystem players, technologies, and therapeutic applications?
- What are the influencing factors that may affect the market share of the key players?
- Who are the leading ecosystem players in the precision medicine market and what is their contribution to the market? What are the key drivers and challenges in each ecosystem player?
- How has the market been segmented on the basis of technology? Which technology is leading and what is its share in the market? What are the key drivers and challenges in each technology?
- How has the market been segmented on the basis of therapeutic application? Which therapeutic application is leading and what is its share in the market? What are the key drivers and challenges in each therapeutic application?
- Which geographical location will contribute to the highest sales of precision medicine solutions and how regions have been further segmented into countries?
- Who are the key players dominating the precision medicine market, in different regions namely North America, Europe, and Asia Pacific? What are the key drivers and challenges in each of the geographical regions?
- How many countries are covered in each geographical region? Which country is currently dominating the precision medicine market?
- What are the key strengths, weaknesses, opportunities, and threat for each of the key players in the precision medicine market?
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