The report on a global scale regarding the precision medicine market would witness a rise by 12.48% CAGR during the forecast period encompassing 2019-2025 to reach and surpass a valuation by USD 126.14 billion. Market Research Future (MRFR) revealed that this growth would be substantial due to the inclusion of high throughput sequencing, increasing expenditure from several private companies and governments, development in the structure of the healthcare sector, better participation from pharmaceutical companies, growing rate of chronic diseases, and others. High chance of recovery would also trigger better precision medicine market expansion in the coming few years.
The global market report on precision medicine can be segmented into ecosystem players, sub-markets, and therapeutics. This is to facilitate a proper study that would determine the growth of the global market in the coming years.
By ecosystem players, the report on the global precision medicine market can be segmented into diagnostic companies, healthcare IT specialists/big data companies, pharmaceuticals and biotechnology companies, and clinical laboratories. The diagnostic tool companies segment has a substantial opportunity for growth from its previous valuation of USD 16.27 million in 2017.
By sub-markets, the global report on the precision medicine market can be segmented into companion diagnostics, targeted therapeutics, biomarker-based tests, molecular diagnostics, pharmacogenomics (PGX), and others.
By therapeutics, the global study containing the precision medicine market includes cardiovascular disease (CVD), cancer/oncology, infectious diseases, central nervous system, and others.
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The market in America would lead the global scenario as it would be led by the US where the structure to support such researches are stronger than its peers. Along with it, the presence of Canada would boost the market outcome further. The regional market in the Northern part would see a constant flow of investment and a high inclusion rate of latest technologies. Better capacity to avail such methods would boost the market further. In the Southern region, this growth would be sluggish due to the presence of countries with poor infrastructure and investment capacity.
In Europe, growth would be backed by government initiatives to bolster the research facilities and investments from pharmaceutical companies. The latter is a common trait for both North America and Europe. In Asia Pacific, these companies would launch extensive expansion plans in growing economies where the healthcare sector is witnessing a surge in activities.
The global market report for precision medicine includes discussions regarding various types of strategic moves taken by top-players like Almac Group, Ltd., ABBOTT LABORATORIES, bioMérieux SA, ASURAGEN, INc., GlaxoSmithKline Plc (GSK), Cepheid Inc., CETICS Healthcare Technologies GmbH, GE Healthcare, Johnson & Johnson, Intomics A/S, Medtronic, Novartis, LABORATORY CORPORATION OF AMERICA HOLDINGS, Qiagen, Pfizer Inc, Randox Laboratories Ltd, BIOBASE GmbH (Subsidiary), Quest Diagnostics Inc., Sanofi Pharma, Takeda Pharmaceutical Company Limited, Roche Holding AG-Br, Caris Life Sciences, HealthCore, Inc., Teva Pharmaceutical Industries Ltd., Intel Corporation, Molecular Health GmbH, AB-Biotics SA, InnVentis, IBM, and Precision for Medicine. These players are known for their strategic moves like mergers, increasing investment in various research and development facilities, collaborations, and others.
In March 2020, researchers from Nemour’s Children’s Health System announced that they had identified a new type of variant in genetic structure that will help in manufacturing personalized drugs for patients with leukemia. Many researchers are looking at this as a possible counter-attack against the cancer. Researchers have suggested using next-generation sequencing that would increase precision in the detection of the process.
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