Based on a report titled, “Precision Medicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”, Transparency Market Research has prepared a comprehensive outline on this market. As per our expert analysts, the global precision medicine market is anticipated to experience a significant rise in health awareness among the masses.
The global market for precision medicine has been divided into various segments based on applications, type of technology, and regional spread. From the applications perspective, the market consists of the following segments: infectious disease, endocrinology, oncology, neurology, cardiology, hematology, and others. Of these, the oncology segment is expected to hold a leading position due to rising cancer cases all over the world. On the basis of technology, the market consists of five segments, viz. companion diagnostics, big data analytics, drug discovery, bio-informatics, and sequencing. Due to higher implementation of companion diagnostics and drug discovery techniques in the field of precision medicine, their respective segments are expected to hold maximum shares in the near future.
The global precision medicine market is geographically diversified across five key regions: Asia Pacific, Middle East and Africa, North America, Latin America, and Europe. From this group, an expert study made by our analysts predict that North America will be holding onto its leading spot, at least until the end of the forecast period. This is mainly due to the increasing adoption of cutting edge precision medicine technologies by various healthcare institutions. Another factor behind North America’s progress will be the favorable grants and regulations provided by the government bodies.
Being a new and reliable treatment methodology based on variation in genes, lifestyle, and environment associated with different individuals, many are choosing to try out this technique. In this way, the fascination and novelty that exists behind this market has proven to be a primary driver for the global precision medicine market. This treatment often combines individualization and standardization thus yielding fairly accurate results, and hence positively contributing towards the global precision medicine market growth. A prime benefit of precision medicine involves error-free results, which has led to a rise in the method’s demand all over the globe. Early diagnosis and better treatment of diseases is possible as a result of implementing precision medicine strategies. As more people have started demanding for this technique, a rise in demand has been noted, which is bolstering the global precision medicine market’s growth.
In opposition to these driving factors, the global market for precision medicines could be hindered by high initial costs for administering the medicines. Less awareness about precision medicine in many regions too is proving to be an obstacle for the market. However, governments from many nations have decided to put forth new regulations, which can certainly encourage the precision medicine market, thus reducing the effects of aforementioned hindrances.
As far as the competitive landscape is concerned, most of the players are seen trying to expand their product portfolio. And those with diverse products hold the topmost position in the global precision medicine market. Product innovation and subsequent launch of new products are main strategies adopted by businesses in order to maintain their dominance in this competitive market. Illumina Inc., Quest Diagnostics, Pfizer, Teva Pharmaceuticals, Medtronic, Qiagen Inc., Novartis AG, and others are some of the key players operating in the global precision medicine market.
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