Precision Medicine Market size overview: Drug discovery technology contributed over USD 9 billion to the global precision medicine market size in 2015, and is estimated to expand at 8.3% CAGR from 2016 to 2023. Global Precision medicine market size worth UD 39 billion in 2015, is anticipated to register a CAGR of 10.5% over the period of 2016-2023. Rising geriatric population and growing prevalence of chronic ailments such as cancer, among the global population is likely to drive the precision medicine industry trends over the forecast timeframe.
Moreover, technological developments in the medical industry such as Big Data Analytics, Gene Sequencing, Drug Discovery, Bioinformatics, Companion Diagnostics, etc. will further propel the market share over the coming years. However, threats related to data privacy and lack of investments by pharmaceutical companies on innovative drugs may hamper the market growth over the estimated years.
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Precision medicine applications include oncology, CNS, Immunology, and Respiratory applications. Oncology applications accounted for over 30% of the overall precision medicine market share, and is estimated to witness a CAGR of 10.9% over the projected timeframe. The growth can be attributed to its growing demand in treatment of cancer. Precision medicine applications in CNS was worth USD 9 billion in 2015, and is slated to record substantial growth over the forecast timeline.
North America precision medicine market is estimated to witness a noticeable surge over the coming years, owing to favorable government norms supporting medical industry development across this region. For instance, Former President Barack Obama’s PMI (Precision medicine initiative) in 2015, was announced with an aim to revolutionize the medical landscape. US was the major region contributing towards North America share with 65% of the overall regional revenue.
Asia Pacific market is estimated to grow substantially over the forecast period, owing to favorable government norms and discoveries from various academic laboratories such as Beijing Genomics Institute, Shanghai Center for Disease Control (SH-CDC), Shanghai Biomedical Laboratory, and Capital Bio.
Key industry players include Covance, Teva Pharmaceutical industries, Pfizer, Laboratory Corporation of America Holdings (LabCorp), Roche Holding AG, Nanostring Technologies, Biocrates Life Sciences, Intomics, Qiagen, Quest Diagnostics, Ferrer InCode, Medtronic, Silicon Biosystems, Tepnel Pharma Services, and Eagle Genomics.