The Global Precision Medicine market is projected to grow at a rapid pace on account of factors such as significant rise in cancer cases in emerging countries like India and China, growing geriatric population, and development of private medical devices. Moreover, burgeoning demand for customized therapy, surging government investment toward precision medicine, and extensive spending toward R&D for the development of personalized medicine are the major factors propelling the growth of the precision medicine market. However, high price of precision medicines might hamper the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Global Precision Medicine Market Analysis, 2020”, the Global Precision Medicine market is anticipated to grow at a CAGR of around 36% during 2020-25. Based on application, oncology segment acquired the majority market share in the Global Precision Medicine market in 2019. The oncology segment is the initial area of focus for precision medicine, as cancer is a major public health problem and second leading cause of death globally, and the death rate is gradually expanding elderly population. Lung, prostate, colorectal, stomach and liver cancers are the most common types of cancer in men, while breast, colorectal, lung, cervical and thyroid cancers are prevalent among women. The rising number of cancer cases worldwide is expected to boost the demand of precision medicine in the forthcoming years.
“Global Precision Medicine Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Precision Medicine providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia Pacific Registered fastest Growth
Asia-Pacific registered fastest growth in Global Precision Medicine market in 2019. The market growth is largely attributed to increasing burden of healthcare costs, considerable technological advancement in the genomics field, and extensive focus on the biomarkers. Moreover, burgeoning prevalence of cancer and respiratory diseases, rising government inclination toward companion diagnostics & biomarkers for various therapeutic areas, along with escalating funding toward research and development of precision medicine are the vital factors anticipated to bolster the growth of the Precision Medicine Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Precision Medicine Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Precision Medicine market are Orion Health, 2B Precise, Fabric Genomics, Pfizer, Gene 42, IBM Watson Health, Philips Healthcare, Medtronic, Nanthealth, Navican, N-of-One, PierianDx, Sunquest Information System, Tempus, Novartis, Translational Software, Biocrates Life Sciences AG, anostring Technologies, Thermo Fisher Scientific, Quest Diagnostics Incorporated etc.
Key questions answered in the study: