Press Release: April 23, 2020
Precision medicine market is gaining momentum over past few years, with trend likely to continue due to novel approach of treatment it offers. Precision medicine deals with preventive health and disease treatment approach based on individual’s genetic profile and lifestyle. The approach offers accurate treatment and disease prevention strategies as against standard therapies that may not be effective for entire population.
Precision medicine is being eyed upon as lucrative business investment opportunity by the major pharmaceutical companies owing to the rising patient preference for personalized treatment, advancements in wireless technologies and big data analytics, and tremendous increase in genetic diseases such as cancer. Moreover, there has been a remarkable increase in the research areas pertaining to precision medicine over past few years suggesting a positive growth in the future.
Favourable government initiatives are likely to positively influence the precision medicine market growth. For instance, the UK government has devoted USD 212.8 million for developing technologically advanced infrastructure to manufacture innovative medicine such as precision medicine through its Industrial Strategy Challenge Fund initiated in December 2017. While in U.S., in 2015, President Obama launched the Precision Medicine Initiative to encourage research in the field.
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Various notable players operating in the precision medicine market include Illumina, Inc., GE Healthcare, Roche Group, bioMerieux SA, IBM Corporation, Novartis AG, and Abbott Laboratories among others.
The global precision medicine market is categorized into technology, application, and key geographies segments. On the basis of technology, the market has been segmented into Gene Sequencing, Big Data Analytics, Companion Diagnostics, Bioinformatics, and Drug Discovery. On the basis of application, the market is segmented into Oncology, Neurology, Immunology, Respiratory, Hematology, and Others.
This research report on precision medicine market provides in-depth analysis of the global precision medicine market based on technology, application, and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for precision medicine market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent development in the market.
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Key questions answered in this research report:
1- At what pace is precision medicine market growing? What will be growth trend in future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the precision medicine market?
4- What are the various application areas and how they are poised to grow?
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