The Zion Market Research (ZMR) study “Precision Medicine Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2028″ provides in-depth insight into the market’s main contemporary trends.
Precision medicine allows patients to choose individualised treatments based on their genetic makeup to address their specific needs. When then-US President Barack Obama championed the precision medicine campaign in 2015, he proposed allocating $215 million in funding. This provided a huge boost to the global market.
Geographical segmentation, application type segmentation, and technology type segmentation are all used. The precision medicine market is segmented into Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America based on geography. According to the analysis, North America is expected to lead the market. Through its effort in March 2016, China stated its intention to dominate the field of precision medicine, making it a highly potential market. Sequencing, technical breakthroughs, boosting medicine quality, studying genomes, and diagnostics will all receive significant funding, providing this business a significant boost.
Hematology, endocrinology, cancer, cardiology, infectious disease, neurology, and others are among the applications in the precision medicine market (nephrology, rare diseases, pulmonary diseases, and ophthalmology). Because of recent developments in cancer genomics – the study of genes and DNA sequences in order to understand how cancer develops in each individual patient – the oncology segment is expected to dominate the market. Because of the increased incidence of cancer, the category is expected to maintain its lead. Precision medicine can be used to treat a variety of cancers, including lung, breast, and colorectal cancers. Patients who receive customised therapies recover faster and experience fewer adverse effects.
The precision medicine market can be classified into groups based on the type of technology used, such as bioinformatics, companion diagnostics, drug discovery, sequencing, and big data analytics. The drug discovery and companion diagnostics categories are expected to dominate the market in terms of share. The biology of tumours and metastasis has improved thanks to significant advances in the study of cells, RNA, proteins, and DNA.
Novartis AG, Illumina, Inc., F-Hoffmann La Roche, Teva Pharmaceuticals, Medtronic, Pfizer, Inc., Qiagen, Inc., and Quest Diagnostics are some of the prominent competitors in the precision medicine market. The research discusses these firms’ market share as well as their business strategies.
Primary sources include interviews, observations, and surveys, whereas secondary sources include trade publications, reputable paid sources, and industry group databases. The research incorporates both quantitative and qualitative analysis from industry professionals and market participants. In terms of volume and value, the current, historical, and anticipated market sizes are also included.
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