Precision medicine is personalized healthcare model exclusively designed for an individual. The procedure considers various factors affecting patient such as environment, lifestyle, and individual variability in genes. Most suitable medical therapies are constructed depending upon primary diagnosis of disease and patient's genomic framework. The global precision medicine market accounted for $3,516 million in 2016, and is estimated to reach at $7,746 million by 2023, registering a CAGR of 11.9% from 2017 to 2023.
Precision medicine allows doctors and researchers to estimate specific medications that work best against a particular type of disease in a set group of people. Similar therapeutic treatments are then carried out in case of people responding to the treatments with a positive outlook. Which excludes patients showing side effects or any unwanted results regarding treatment.
Government initiatives and huge investment by private companies into R&D drive the precision medicine market. Moreover, growth in aging population and rise in global incidences of cancer are anticipated to boost the market growth. Application of high throughput genomic technologies in biomedical research and therapeutic procedures accelerate market progression.
The precision medicine market is segmented based on technology, sequencing technology, product, applications, and geography. Based on technology, it is divided into genomics, transcriptomics and epigenomics. Based on sequencing technology, the market is bifurcated into sequencing by synthesis, ion semiconductor sequencing, sequencing by ligation, pyrosequencing, single molecule real time sequencing, chain termination sequencing and nanopore sequencing. Based on product, the precision medicine market is subdivided into consumables, instruments and services.
Based on applications, it is classified into oncology, CNS, immunology, respiratory medicine, infections, and other applications. Based on end users, it is categorized into diagnostic tool companies, pharma & biotech companies, clinical laboratories, and healthcare IT/big data companies. Geographically, it is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
KEY MARKET BENEFITS
The study provides an in-depth analysis of the global precision medicine market and the current trends and future estimations to elucidate the imminent investment pockets.
The report presents quantitative analysis of the market from 2016 to 2023 to enable stakeholders capitalize on the prevailing market opportunities.
Extensive analysis of the market based on sequencing technology assists to understand the trends in the industry.
Key market players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
Precision Medicine Market Segments:
By Technology
Genomics
Transcriptomics
Epigenomics
By Sequencing Technology
Sequencing by Synthesis
Ion Semiconductor Sequencing
Sequencing by Ligation
Pyrosequencing
Single Molecule Real Time Sequencing
Chain Termination Sequencing
Nanopore Sequencing
By Product
Consumables
Instruments
Services
By Application
Oncology
CNS
Immunology
Respiratory Medicine
Infections
Others Applications
By End user
Diagnostic Tool companies
Pharma & Biotech Companies
Clinical Laboratories
Healthcare IT/ Big Data Companies
By Geography
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Taiwan
Rest of Asia-Pacific
LAMEA
Brazil
Turkey
Saudi Arabia
South Africa
Rest of LAMEA
