Precision Medicine Diagnostics Market, by Technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, and Big Data Analytics), by application (Oncology, CNS, Hematology, Respiratory, Immunology, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026

  • To Be Published : May 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Precision medicine aims to alter the treatments based on individual characteristics, including differences in genetics, environment, and lifestyle. It has the potential to transform the delivery of care for a variety of diseases. Precision medicine implicate the application of panomic analysis and systems biology to inspect the cause of an individual patient's diseased condition at the molecular level and then to apply targeted treatments to address that individual patient's disease. Precision medicine aims to make medication and medical practices efficient and cost effective. By using the precision medicine, doctors recognize genetic makeup of the subject, which helps doctors to prescribe the right drug with appropriate dose.

Precision Medicine Diagnostics Market- Drivers

Precision medicine diagnostics market is expected to expand at rapid pace in near future, owing to increasing number of pipeline studies to develop new treatment for cancer. For instance, in January 2016, University of Arkansas initiated the clinical trial for fresh tissue biopsy to study the further advancements in bio-specimens (blood cellular free component, e.g., plasma, serum, tissue, urine), in order to develop precision medicine for lung cancer management and screening (synergy with imaging). Fresh tissue biopsy involves taking a small sample of tissue from the body part for further microscopic examination. The study is estimated to complete in December 2019.

Moreover, government initiatives to create awareness among the community health worker is expected to boost growth of the precision medicine diagnostics market. For instance, in March 2018, the Division of Community Engagement and University of Agricultural and Horticultural Sciences (UAHS) Center for Applied Genetics and Genomic Medicine partnered with the University Of Arizona Banner Health Research Program to develop and implement a unique and culturally conscious approach to increase precision medicine literacy, particularly among underserved and marginalized populations. The program has been named as ‘Precision Medicine Community Health Workers/Promoters for All of Us’.

Furthermore, in October 2017, the National Institutes of Health (NIH) collaborated with 11 biopharmaceutical companies to launch a five-year Accelerating Cancer Therapies (PACT) program, this collaboration is focused on enhancing precision medicine approaches to cancer care. Initial focus of PACT is to identify, develop, and validate robust biomarkers (standardized biological markers) of disease and treatment response, to advance new immunotherapy treatments that controls immune system to attack cancer. The total cost of the project was US$ 215 million.

Precision Medicine Diagnostics Market- Restraints

However, barriers in management of big data (large database including individual’s genetics, environment, and lifestyle to ensure delivery of appropriate therapies) in Electronic health records (EHR) may hamper growth of the precision medicine diagnostics market. Big data refers to the large or complex data. EHR maintains the electronic record of patient health information generated by one or more healthcare service provider.  For Instance, in March 2018, Health It Analytics stated that there was rise in adoption of precision medicine by healthcare organizations, but insufficient data management was major challenge that results into turning organizations to Artificial Intelligence (AI) and machine learning techniques to manage large amount of data.

Precision Medicine Diagnostics Market- Regional Analysis

On the basis of region, the global precision medicine diagnostics market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Geographically, North America accounts for the largest share in the global precision medicine diagnostics market, owing to increasing awareness and initiative related to precision medicine in the North America. For instance, in 2015, the U.S Government launched the Precision Medicine Initiative to revolutionize method to improve health and treat disease. The precision medicine initiative will enable health care providers to adapt new treatment and prevention strategies to people’s unique characteristics, including their genome sequence, micro-biome composition, health history, lifestyle, and diet.

Europe is anticipated to witness significant growth in the precision medicine diagnostics market over the forecast period due to expansion of key players in the region. For instance, in February 2018, QIAGEN N.V. collaborated with and Sentieon, Inc., to advance precision medicine by delivering Sentieon’s highly efficient variant-calling software. Qiagen N.V. is expected to incorporate Sentieon’s variant-calling software into its bioinformatics portfolio, supporting thousands of next-generation sequencing (NGS) labs and also planned to offer its customer with Sentieon DNAseq and Sentieon TNseq products for germline and somatic variant calling.

Some of the major players operating in the precision medicine diagnostics market include Intomics, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.

Precision Medicine Diagnostics Market- Taxonomy

By Technology:

  • Bioinformatics
  • Gene Sequencing
  • Drug Discovery
  • Precision Molecular Diagnostics
  • Big Data Analytics

By Application:

  • Oncology
  • Breast cancers
  • Lung Cancer
  • Others
  • CNS
  • Hematology
  • Respiratory
  • Immunology
  • Others

By Geography:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
Smiley face

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

[email protected]

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.