Precision Medicine Marketsize is $113.76Bn in 2019, growing at a CAGR of 13.2% during the forecast period 2020-2025. Precision medicine is also called personalized medicine or individualized medicine is an approach that protects health and treat diseases taking into account an individual variability in genes, environment and lifestyle for every individual. It includes the use of system biology to determine the reason for an individual patient’s illness at the molecular diagnosis level. It uses advanced technologies in clinical and basic research to develop therapeutics that selectively target panomic analysis and kill cancer cells. It allows doctors and researchers to predict more accurately which treatment and prevention strategies should be adopted for a particular disease or condition.
By Indication – Segment Analysis
In 2019, Oncology segment dominated the Precision Medicine Market in terms of revenue is estimated to grow at a CAGR of 11.2%. Precision medicine helps in the treatment of cancer patients by including surgery, chemotherapy, radiation therapy and immunotherapy depending on the cancerous tumor cell size. Precision medicine gives the information about genetic changes of tumor in individuals which helps in deciding the treatment procedures. Mepolizumab is an effective medicine for breast and lung cancer abetting towards the market’s growth.
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Geography – Segment Analysis
In 2019, the North America region dominated Precision Medicine Market in terms of revenue with a market share of 39% owing towards owing to the presence of established payers and an increase in the number of cancer patients in the region. This growth can be attributed towards the increasing research & development initiatives and government support for the improvement of the healthcare sector. U.S holds the biggest market for central nervous system treatment, followed by Canada in North America. The increasing awareness about the health and availability of new treatment methods drives the market in this region is key factors in the growth of the Precision Medicine market. Europe is estimated to record the fastest growth rate during the forecast period 2020-2025.
Drivers – Precision Medicine Market
- Increasing In The Prevalence Of Cancer
According to World Health Organization (WHO), in 2018, 9.6 million people worldwide died of cancer. Cancer is said to be one of the leading causes of death globally. The increasing incidence of cancer has increased the need for cancer therapies is rising with the increasing number of cancer cases and deaths caused by genetic cancerous tumors. Government focusing on the drug development for the reduction of cancer cases is the other major factor driving growth. Increasing healthcare expenditure by various countries is also contributing to the market growth.
Challenges – Precision Medicine Market
- Cost and Time Associated with Development
High cost is associated with the development and manufacture of genomic precision drugs. The long period of research and development and also the clinical trials take long time. Technologies such as sequencing large amounts of DNA are expensive to carry out (although the cost of sequencing is decreasing quickly) hampering the market’s growth. Strict regulations and patent expiry of various drugs may act key restraining factors for the Precision Medicine Market.
Precision Medicine Industry Outlook
Product Launches was the key strategy of the players in the Precision Medicine Industry. Precision Medicine top 10 companies include Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen NV, Teva Pharmaceuticals, AstraZeneca plc., Takeda Pharmaceutical Company Ltd., Merck& Co. Inc., Teijin Pharma Ltd. and Thermo Fisher Scientific Inc.
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Acquisitions/Product Launches
- In January 2020, Merck& Co. Inc acquired ArQule, Inc. This acquisition helped the company in increasing the oncology product production.
- In January 2019, Takeda Pharmaceutical Company Ltd acquired Shire plc. This acquisition helped the company in accelerating transformation journey to deliver highly-innovative medicines to patients around the world with expanded scale and geographical footprint.
Key Takeaways
- Increasing awareness amongst people for early treatment of disease is set to propel the growth of the market.
- Increasing prevalence of cancer is the driving factors for the growth of Precision Medicine market.
- Increased geriatric population with modernized routine disorders aiding growth towards the market.
- Europe region is estimated to record the fastest growth rate during the forecast period 2020-2025.
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Venkat Reddy
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Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677
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Contact Information:
Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677
