“Precision Medicine Market is Poised to Surpass US$67 billion in 2020” says new Visiongain report
27 May 2020
Visiongain has launched a new pharma report Precision Medicine Market Report 2020-2030: Forecasts by Therapeutics (Cancer, Cardiovascular, Central Nervous System, Infectious Diseases, Immunology, Others), by Technology (Companion Diagnostics, Biomarkers, Biobanking in Targeted Therapeutics, Pharmacogenomics, Molecular Diagnostics), by End Users (Pharma & Biotech, Diagnostic Tool Companies, Healthcare IT/Big Data Companies, Clinical Laboratories), Profiles of Leading Companies and Regional and Leading National Market Analysis.
Visiongain anticipates that the global precision medicine market is projected to witness a CAGR of 12% over the forecast period from 2020 to 2030. The global precision medicine market is anticipated to surpass US$ 67 billion in 2020 and is further projected to surpass US$ 200 billion in 2030.
Precision Medicine is not just about treating specific patients with and avoiding the disease. It is also about rethinking the health-care system for years to come. It will generate efficiencies that can preserve sustainable health-care programs in the face of increasing costs. Yet even the structures need to change. Digitalization would all influence approaches to data sharing, clinical trial design, and regulatory processes. Furthermore, to meet the promise of precision medicine, the whole system will change from the way companies develop therapies to the way care is delivered to the patients.
One of the emerging opportunities for the global precision medicine market is the increasing number of patients suffering from genetic diseases in developing countries that include Asia-Pacific countries and many Middle-East and African countries. These developing countries are facing a lot of diseases such as sleeping sickness, skin diseases, cancer, HIV, cardiovascular, neurological and it is expected that precision medicine applications would help in controlling these diseases by expanding treatment outreach, helping patients comply with medical regimens, and raising awareness of epidemics.
North America currently dominates the global precision medicine market and is anticipated to grow with a CAGR of 11.2% over the forecast period from 2020 to 2030. The market dominance is owed to the growing adoption of NGS methods and healthcare IT in the clinical workflow. Furthermore, supportive government initiatives and funding is projected to fuel market growth further.
Asia Pacific region on the other hand is projected to witness the highest CAGR of 14.6% over the forecast period from 2020 to 2030. The growth is attributed to the growing outsourcing of clinical trials from western and developed countries to India and China. Also, rising disposable income coupled with growing healthcare facilities is projected to fuel market growth over the forecast period.
COVID-19 also presents an opportunity for the precision medicine market player to play an expanded role in care. The growing number of coronavirus cases across the globe and the rising relationship between technology and healthcare is projected to open new revenue avenues for the market players over the forecast period.
The Visiongain analyst commented "Impact of COVID-19 has been taken into account for the precision medicine market. Given that the virus has a strong ability to spread between individuals, it is of top priority to identify potential or suspected patients as soon as possible—or the virus may cause a serious pandemic. Therefore, a precision medicine approach to managing this disease is urgently needed for detecting and controlling the spread of the virus."
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global precision medicine market. Companies are also expanding their distribution and management facilities to expand their business and to hold a competitive edge in the precision medicine market.
Leading companies featured in the report who are offering precision medicine include Abbott, GE Healthcare, Johnson & Johnson Services, Inc., Pfizer Inc., Laboratory Corporation of America Holdings, Danaher, Qiagen N.V., Thermo Fisher Scientific Inc., Illumina, Inc., Novartis AG, GSK, Merck KGaA, F. Hoffmann-La Roche Ltd, and Amgen Inc.
This report will evaluate the market factors that act to drive and restrain the precision medicine market, providing forecasts for the global market, regional markets, and associated submarkets. With the analysis of key market trends, this report will provide a comprehensive overview of the market.
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