According to a new report, “Precision Medicine (Diagnostics/Therapeutics) Market Analysis Report By Application (Genetic Tests, Esoteric Tests, Pharmaceuticals, Medical Devices), By End Use, And Segment Forecasts, 2018 – 2025” , published by Grand View Research, Inc., The global precision medicine (diagnostics/therapeutics) market size is expected to reach USD 85.5 billion by 2025 at a 9.9% CAGR during the forecast period. The Human Genome Project introduced some marvelous cutting-edge techniques such as whole genome sequencing and targeted sequencing. These technologies are being used by researchers for the study of genomes and creation of personalized therapies for treatment of various illnesses. Today, the prevalence of diseases in areas such as oncology, immunology, and neurology has rapidly increased across the globe.
Key Takeaways from the report:
Technologies such as gene sequencing, biomarkers, big data analytics, and companion diagnostics are anticipated to drive this market in the coming years
By end use, clinical labs held the dominant share in the market in 2017. The home care testing segment, on the other hand, has been witnessing rapid growth due to its speed, efficiency, and convenience
On the basis of indication area, therapeutic precision medicines for oncology held the largest market share in 2017. However, there has been a change in focus of researchers toward the development of precision medicines for non-oncologic diseases. This has resulted in greater focus on immunological, genetic, and rare diseases
The North America market currently holds the largest share and is expected to grow further during the forecast period. The market is primarily driven by supportive policies and initiatives by the government and strong presence of market players. Asia Pacific is expected to emerge as the fastest growing region in this market
GE Healthcare; Abbott Laboratories; Precision Biologics; Foundation Medicine; Illumina, Inc.; and IBM Watson are some of the prominent players in the precision medicine diagnostics market and precision medicine therapeutics market
Researchers, healthcare professionals, and big pharma and biotech companies are working together to recognize new focused treatments options for the wellbeing of patients. Currently, there are many therapies and drugs under clinical trials for treatment of different types of cancers. Moreover, researchers have also shown an inclination toward development of precision medicines and diagnostics in non-oncologic disease areas.
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Apart from therapeutics, the diagnostics field has also witnessed rapid growth in the past few years. The use of next generation sequencing (NGS), biomarkers, companion diagnostics, and esoteric tests can possibly change and affect prescription patterns of pharmaceutical medicines. Personalized medicines have very high chances of becoming a massive success in the next 20 years and have the capacity to treat and cure a few obstinate illnesses, which was not possible before.
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Involvement of government and regulatory bodies has played a very important role in the growth of this field. In 2015, the then U.S. government announced the launch of the Precision Medicine Initiative. The following year, China launched the China Precision Medicine Initiative, which is a 15-year project that aims to build the country as a leader in development of precision therapies.
At present, more than 40% of the medications in biotech and pharmaceutical companies’ improvement pipeline incorporate biomarkers. The overview likewise recommended that some biopharmaceutical organizations have collaborated and joint their ventures in the past five years and are expected to continue doing so in the coming years. The diagnostic and therapeutic precision medicine market thus holds immense potential and is quickly turning into a fundamental segment of patient care.
Grand View Research has segmented the global Precision Medicine (Diagnostics/Therapeutics) market based on application, end use, and region:
Precision Medicine (Diagnostics/Therapeutics) Application Outlook (Revenue, USD Billion, 2014 – 2025)
Diagnostics
Genetic Tests
Direct to Consumer Tests
Esoteric Tests
Others
Therapeutics
Pharmaceuticals
Oncology
Respiratory Diseases
Skin Diseases
CNS Disorders
Immunology
Genetic Diseases
Medical Devices
Precision Medicine (Diagnostics/Therapeutics) End-use Outlook (Revenue, USD Billion, 2014 – 2025)
Home care
Hospitals
Clinical Laboratories
Precision Medicine (Diagnostics/Therapeutics) Regional Outlook (Revenue, USD Billion, 2014 – 2025)
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
China
Japan
Latin America
Brazil
Middle East & Africa
South Africa
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About Grad View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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