- Rapid augmentation of the medicine industry across the globe will certainly benefit the global market for precision medicine.
- Acute data storage capacity, data privacy breaches, and discrepancies in funding systems may deter growth.
- The US and Canada will be the heavyweights of the global market.
According to the latest study conducted by Research Report Insights (RRI) the global market for precision medicine is anticipated to grow manifold, reflecting a robust CAGR of over 14% during 2016 to 2024.
Rapid augmentation of the medicine industry across the globe will certainly benefit the global market for precision medicine. In addition, factors such as growing infrastructural development, higher investments, streamlined drug approval systems along with companion diagnostics are expected to favor the overall market growth during the assessment period. Cost-effective DNA profiling and increasing prevalence of carcinogenic diseases worldwide are additional factors that are projected to propel the market growth. Moreover, apt storage of genome data is of great significance to the global market for precision medicine as demand for data medicare is on the rise. However, acute data storage capacity, data privacy breach and discrepancies in funding systems and hefty price tag of personalized drugs may deter the market growth in the near future.
The global market for precision medicine has been categorized into various parent segments that are further segmented into smaller sub-divisions.
On the basis of technology, next-gen sequencing, bioinformatics and drug discovery technology are expected to be the technologies highlighting the expanding the market width in forthcoming years. Based on applications, the oncology segment is expected to witness an overwhelming growth and is estimated to reach $69 billion over 2024, reflecting a staggering 13.5% CAGR. This is primarily owing to increasing prevalence of tumor-related disease amongst the global geriatric population. On the other hand, increasing cases of arthritis will favor the growth of immunology segment, which is expected to surpass $34 Million in revenues by 2024 end.
The popularity of precision medicine has grown significantly across various parts of the world, hence on the basis of region, the markets for precision medicine in Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa (MEA) is set to achieve new figures of growth over the next eight years. Precisely, the market in North America is expected to present new lucrative opportunities, occupying over 35% share of the market during the forecast period. In addition, the region is estimated to surpass a market valuation of over $60 million by the end of 2024.
The US and Canada will be the heavyweights of the global market owing to the existence of well-established medical industries in both the countries. In Europe, the market is expected to witness a steady growth and will increase its revenues charts close to $40 million, riding on a healthy CAGR of over 13% during the assessment period. This is largely due to the increasing demand for precision medicines in countries such as France, UK, Italy and Germany. The Asia Pacific region is another region which is considered to be full of business potentials. The region is projected to increase at over 14% CAGR to reach approximately $35 million by 2024 end. The market in APAC will be heavily dominated by Japan, while, India and China will compete for the second spot. Likewise, the in Latin America the market is expected to surge at a pace in terms of revenue over 2024. However, MEA will witness a sluggish growth of the market which is attributed to the lack of initiatives for conductive extensive research and development activities.
Key players operating in the global market for precision medicine include Eli Lilly And Company, Novartis AG, AstraZeneca and Laboratory Corporation of America Holdings. Most of the companies are implementing market strategies involving mergers, tie-ups and acquisitions. Increasing collaboration between healthcare and IT is expected to deliver fruitful gains to the market, expanding the overall business canvas for the stakeholders in the upcoming years