The global precision medicine market is estimated to grow at a CAGR of 9.8% during the forecast period. Personalized, individual or precision medicine offers a genomic blueprint that aids in determining the unique susceptibility of disease of each person, define preventive measures and supports targeted therapies to promote wellness. The main aim of personalized medicine includes earlier interventions, better diagnoses, customized treatment plant, and more-efficient drug therapies. The outlook of personalized medical therapies customized for higher efficiency has leveraged therapeutic and diagnostic detections that assimilate complete patient profiles, such as demographics, next-generation omics data family history, and traditional laboratory data, comprising human proteomic, metabolomic, and genomic readouts. 

The cohort-level analyses that are utilized in biomarker discovery are highly sophisticated to include artificial intelligence algorithms, machine learning, and complex biostatistics to analyze the association with the disease. This would only influence the therapeutic application of these supplemental data types. The programs by the National Institute of Health (NIH) and other institutes have been planned to analyze and create the data types that can make a modification to the precision medicine biomarker discovery. Factors that are augmenting the global precision medicine market include increasing prevalence of chronic diseases such as cancer, increasing R&D in precision medicine, and rising focus on the development of biomarkers. 

Segmental Outlook  

The global precision medicine market is segmented on the basis of technology, application, end-use, and region. On the basis of technology, the market is sub-segmented into genomics, transcriptomics, and epigenomics. Based on the application, the market is classified into oncology, neurology, immunology, and others. Based on the end-use, the market is classified into pharmaceutical companies, diagnostic companies, and healthcare IT companies. 

Global Precision Medicine Market Share by Application, 2018 (%)

Oncology Segment Held the Largest Market Share in 2018

Increasing prevalence of cancer globally is one of the primary reasons which is driving the demand for precision medicine for the treatment of cancers. The personalized medicine is defined as a point of care in the treatment that is customized as per an individual patient. There have been several types of research going on presently to develop personalized medicine based on the patients. Several factors are considered before providing personalized medicine to a patient. Primarily, the doctors detect the type of diseases, such as cancer, or the symptoms of it that can be developed in a patient. 

Detection of cancer is important for the surgeon or the doctor to find the best-suited therapy that can treat the person. For developing personalized medicine, several genetic tests need to be taken into account as these tests will eventually reveal the various conditions of the patients such as detection of the individual developing a specific type of cancer. The personalized medicine provides an approach to treat the patient based on age, sex, type of cancer, the reaction towards a drug and other factors. 

Regional Outlook 

Geographically, the study of the global precision medicine market covers the study of four major regions including North America (the US and Canada), Europe (Germany, UK, Italy, France, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), and Rest of the World (RoW). North America is estimated to dominate the global precision medicine market in 2018 and is further estimated to follow the same trend over the forecast period. This is due to the significant prevalence of cancer coupled with the increasing researches aiming at the development of biomarkers within the economies of the region such as the US and Canada. 

Asia-Pacific is Estimated to Witness the Highest Growth Rate Over the Forecast Period

Economies such as China and India are driving the precision medicine market of the Asia-Pacific in 2018. China has included precision and personalized medicine as part of its five-year plan. In 2016, the government of China aimed at investing nearly $9 billion in the research of personalized and precision medicines over 15 years. There are 40 countries that have invested in the development of personalized medicines; however, China is leading in terms of investment in R&D for such medicines. This is expected to create a significant opportunity for the regional growth of the market in the near future. 

Furthermore, the presence of market players such as Leucine Rich Bio in the region is also augmenting the market growth. Rich Bio is a microbiome and the genomics-based company that focuses on precision medicine and preventive healthcare. The company focuses on RNA- seq data analysis, human genome data analysis, microbiome analysis, gut microbiome analysis, and genome data analysis. Moreover, the company also focuses on the spectrum of a clinical diagnosis through computational analysis of genomic and metagenomic data, for the investigation of precision medicine.

Market Players Outlook

In addition, the market consists of several market players that are focusing on the development of the precision medicine for various applications including oncology, neurology, immunology, and others. The global precision medicine industry is fragmented in nature, thereby players operating in the industry faces tough competition. Key players of the market include F. Hoffmann La Roche Ltd., Abbott Laboratories Inc., Pfizer Inc., Qiagen NV, Teva Pharmaceutical Industries Ltd., Eagle Genomics Ltd., and many others. 

In order to remain competitive in the market, these market players adopt various strategies such as mergers and acquisitions, product offering expansion, geographical expansion, partnerships and collaborations, and others. For instance, in October 2018, Eagle Genomics partnered with Microsoft Genomics to tackle the computational challenges of the genomics era. The aim of the partnership was to introduce the scale and power of the cloud to precision medicine, across the production of fundamental research and core services. Furthermore, in January 2018, in order to escalate the growth in the oncology segment, Syapse collaborated with F. Hoffmann La Roche Ltd.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global precision medicine market. Based on the availability of data, information related to products and services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.