The Precision Medicines Market is Expected to Grow to USD 146 bn by 2028

Monday 20 July 2020, Amsterdam

Precision medicine (PM) is a medical model that can tailor healthcare to individual patients. This technology classifies individuals based on their sensitivity to specific diseases or their response to specific treatments before making a diagnosis. It focuses on the use of topics such as systems biology and panomics to find the cause of a single patient’s disease at the molecular level and utilize skilled medical procedures or treatments.

In addition to various clinical benefits, continuous development in the field of gene therapy is expected to drive the precision medicine market. With the emergence of more and more patients with chronic diseases, the growing demand for gene therapy has become the main driving force of this market. In addition, the availability of large-scale human genome databases including next-generation sequencing (NGS) has a positive impact on market growth. Therefore, based on the understanding of individual genes, a surge in the increase of novel treatment technologies on the patient's environmental impact and his/her lifestyle has contributed to the growth of the market.

The report titled, “The Global Precision Medicines - Market and Technology to 2028" is segmented based on technology, region and application.

Based on technology, the market is divided into genomics, transcriptomics and epigenomics. According to the region, the market is divided into North America, Europe, Asia Pacific, Middle East and other regions of the world. Depending on the application, the market is segmented into tumors, central nervous system, immunology, respiratory medicine, infections and others. End user-based pharmaceutical companies, diagnostic companies, healthcare IT companies, etc. The regions studied in this report include North America, the European Union, the Asia-Pacific region, the Middle East and the rest of the world.

The precision medicine market is expected to account for US$63 billion in value in 2020, and is expected to grow to US$146 billion by 2028, with a global compound annual growth rate of approximately 11%. In terms of applications in 2019, oncology has become the largest market segment. The increasing incidence and prevalence of cancer worldwide is expected to lead to a surge in demand for precision medicine as an effective treatment. Depending on the end use, pharmaceutical companies are expected to occupy the largest market share.

Due to the emergence of major players in the region, coupled with favorable government initiatives and increased investment in this area, North America is expected to dominate the market. The GENIE (Genomic Evidence Tumor Formation Information Exchange) project initiated by AACR (American Cancer Research Association) further supports market growth. Due to the emergence of big data in the healthcare field, government regulations supporting the plan, and the rise in cancer incidence, the UK personalized medicine market accounted for a considerable market share in 2019.

Scope:
The study period of the report titled, “The global precision medicines - Market and Technology to 2028” has a study period from 2018-2020 and a forecast period of 2020-2028. The CAGR of this market is expected to be 11% during the forecast period. The report is segmented by the technology, region and application.

Reasons to buy:

• The insights based on the drivers, restraints, and challenges that are expected to impact the market have been discussed in detail. This segment could help new players of the market gain a comprehensive perspective concerning the changing market trends. 
• This report has a forecast period up to the year 2028, therefore near term and future term strategies can be planned by existing players of the market with the help of this report.
• Potential opportunities in this field concerning advancing technology have been provided in this report. Existing market players can use this section to understand new technology before incorporating the same. 
• Key market players and the strategies employed by them have been discussed which can be beneficial to new as well as potential players.
• The impact of COVID-19 has been provided in this report concerning shifting market trends with the help of which post-pandemic strategies can be designed by existing players in this market.
• The sales team could make use of this report to gain an end-user perspective with respect to products and novel innovations.