Precision Medicine Market Forecast Report 2026: Revenue and Outlook by Industry Players
Category: #healthcare  By Ronak Bora  Date: 2021-03-19
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Precision Medicine Market Forecast Report 2026: Revenue and Outlook by Industry Players

Precision Medicine Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Increasing patient pool and ongoing endeavors for drug developments are likely to incentivize precision medicine market in the coming years. Healthcare experts are prioritizing the approach of designing disease diagnosis & prevention based on genes and lifestyle of the patient. This approach helps doctors to predict the type of therapy and preventive measures required to treat the patient. Moreover, the adoption of advanced technologies, such as big data analytics will proliferate precision medicine industry share.

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According to a comprehensive research report published by GMI., precision medicine market size is expected to exceed USD 119 billion by 2026.

Precision medicine has significantly helped doctors by facilitating the selection of treatments based on genetic understanding of patient's disease and providing a more personalized treatment plan. Genetic laboratory industry considers  the use of data, processing power and operators to improve the results for several serious diseases.

Elaborating on the same,  the Sync for Genes program was launched in the U.S. in 2017. The program was  aimed at standardizing the sharing of genetic information among laboratories, patients, providers and researchers. Such initiatives are likely to propel the growth of precision medicine industry in the upcoming years.

Big data analytics segment had secured a market share of 12% in 2019 and is expected to show notable growth over the analysis timeline as the technology offers precise information about several diseases through the analysis of the large amount of data available regarding these. . Further, Artificial Intelligence and Machine Learning algorithms have undeniably improved the analysis, thereby increasing the incorporation of these technologies in big data analytics.

Stakeholders are showing increased inclination towards big data analytics as it enhances clinical care and streamlines public health surveillance. Moreover, big data enables tracking and prediction of major outbreaks regarding public healthcare resources and broadcasts healthcare message to patients through social media.

Oncology segment is projected to witness a commendable growth over the coming years owing to rising demand for precision medicine on account of increasing neurological disorders across the globe. Prevalence of such  disorders is anticipated to grow further as a result of increasing life expectancy and rising population.

In 2019, central nervous system market recorded a business  share of over 24% primarily due to an upsurge in CNS disorders globally, which enabled oncology segment to provide significant growth prospects for precision medicines market.

Healthcare IT companies segment is estimated to register a significant growth over the coming years attributing to rising demand for technologically enhanced equipment for storage, integration and analysis of patient data. Various  establishments as well as startup technology companies are majorly adopting precision medicine in order to strengthen the capability of data acquisition, data analysis and decision making based on the analysis. Further, healthcare IT companies are also inclined on developing and delivering operation and software tools for healthcare systems to adopt personalized medicine. For the record, healthcare IT companies  segment was valued at USD 16 billion in 2019.

Precision market in Middle East and Africa had recorded a valuation of USD 3.0 billion in 2019 and is likely to register a CAGR of 10% over the analysis timeframe considering the changing dynamics of healthcare and increasing investments for the development of precision medicine in the region.

Industry players in the region are focused on implementing effective business strategies such as new product development, collaborations, and partnerships to gain a strong foothold in the market. For instance, in 2019, Artisan Biomed subsidiary of Centre for Proteomic and Genomic Research announced its partnership with Cortex Group to develop enhanced solution for healthcare sector using state-of-the-art approach and AI. Apparently, this move helped the company gain a competitive edge in the market. 

Browse full table of contents (TOC) of this report @  https://www.decresearch.com/toc/detail/precision-medicine-market

Partial Chapter of the Table of Content 

Chapter 4.  Precision Medicine Market, By Technology

4.1. Key segment trends

4.2. Big data analytics

4.2.1.  Market size, by region, 2015 – 2026 (USD Million)

4.3. Bioinformatics

4.3.1.  Market size, by region, 2015 – 2026 (USD Million)

4.4. Gene sequencing

4.4.1.  Market size, by region, 2015 – 2026 (USD Million)

4.5. Drug discovery

4.5.1.  Market size, by region, 2015 – 2026 (USD Million)

4.6. Companion diagnostics

4.6.1.  Market size, by region, 2015 – 2026 (USD Million)

4.7. Others

4.7.1.  Market size, by region, 2015 – 2026 (USD Million)

Chapter 5.  Precision Medicine Market, By Application

5.1. Key segment trends

5.2. Oncology

5.2.1.  Market size, by region, 2015 – 2026 (USD Million)

5.3. Immunology

5.3.1.  Market size, by region, 2015 – 2026 (USD Million)

5.4. Central Nervous System (CNS)

5.4.1.  Market size, by region, 2015 – 2026 (USD Million)

5.5. Respiratory

5.5.1.  Market size, by region, 2015 – 2026 (USD Million)

5.6. Others

5.6.1.  Market size, by region, 2015 – 2026 (USD Million)

 

 

About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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