Precision Medicine Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2016 - 2024

Precision medicine is an approach of treatment that has been derived on the basis of individual variability in environment, genes and lifestyle of each person. This novel approach assists medical practitioners and researchers to understand various treatment needs in order to prevent specific diseases. It allows for highly precise targeting of medication for treatment of various diseases, which is expected to lead to high adoption by medical practitioners and researchers. This in turn would contribute to growth of overall market during the forecast period (2016-2024). Extensive R&D activities initiated by various major players has led to development of various advancements in precision medicine that have received FDA approval. Various governments are focusing developing effective medication and treatment approaches to tackle the menace of increase prevalence of diseases, in turn creating a highly conducive environment for market growth. For instance, in 2015, the U.S. government launched the Precision Medicine Initiative, under which a grant of approximately US$ 215 million was sanctioned for the Precision Medical Initiative collaboration with the National Institutes of Health, the Food and Drug Administration, and the Office of the National Coordinator for Health Information Technology.The role of precision medicine in the healthcare applications is currently limited, though growing awareness among physicians and scientists about the various beneficial properties is projected to drive market growth.

Drug discovery, companion diagnostics, sequencing, bio-informatics are the some of the major segments of focus for market players. There are several ongoing drug discovery programs in the oncology sector for development of effective cancer treatment.

Precision Medicine Market Taxonomy

On the basis of Technology, the Global Precision Medicine Market is classified into:

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

On the basis of Application, the Global Precision Medicine Market is classified into:

  • By Application
  • Oncology
  • CNS
  • Respiratory
  • Hematology
  • Immunology
  • Neurology

Precision molecular diagnostics are usually referred to as companion diagnostics and are mandatory requisites for cost-effective use of targeted small molecule drugs or biologics. Precision diagnostics help develop personalized medicine with better patient outcomes and also enhance effective resource utilization and help reduce costs for healthcare systems. Thus, this approach is expected to create a growth opportunity for players in precision medicine market.

Precision Medicine Market Outlook

Factor such as, rising incidences and prevalence of cancer diseases, technological advancements, government initiatives, and increased adoption of gene therapy are some of the factors resulting in growth of the global precision medicine market during the forecast period (2016-2024).

Complex nature of the drugs, high development costs, and sub-optimal development framework are some of the restraints that would hamper growth of the precision medicines market in terms of revenue in the near future.

Recent developments in the pharmacogenomics are expected to create suitable environment for developing drugs, which are specific to one patient or group. Development of genetic databases could further help exploit lucrative opportunities in the market. Also, favorable policies of the governments in relation to the precision medicine would add incremental opportunity that would boost growth precision medicines market.

The challenge in this area is about data privacy. There is nothing more private and valuable than our genome sequencing. If the data falls into wrong hands, our data could make us vulnerable and it would create more challenges into this field. Also, there is a chance that, this data can be used for commercial purposed.

Geographically, North America accounts for major market share with a high growth rate, followed by Europe. The increasing pool of cancer patients along with high healthcare per capita expenditure, increasing rate of new technology acceptance are among the major factor resulting in rampant growth of the North America precision medicine market

Major players in the precision medicine market include Pfizer, Inc., F-Hoffmann La Roche, Novartis AG, Teva Pharmaceuticals, Quest Diagnostics, Illumina, Inc. and Qiagen, Inc.

Research Methodology

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  • 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.

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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.
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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
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  • 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:

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  • Distributors
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