Precision medicine is an emerging field in which health care is individually tailored on the basis of a person’s genes, lifestyle and environment.
The global precision medicine market report has been segmented on the basis of technology, therapeutic area, and region. Changing lifestyle and increasing prevalence of diseases such as cancer, neurological disorders, cardiovascular diseases is expected to drive the market growth over the forecast period. Continuous advancements in genome sequencing and rising government initiative for the developing of precision medicines is expected to propel the market growth over the forecast period.
Therapeutic area segment includes oncology, immunology, neurology, cardiology, infectious disease, and others. The oncology segment in global precision medicine market is expected to witness rapid growth rate owing to increasing prevalence of cancer globally. In 2016, for instance National Cancer Institute had estimated that 1,685,210 new cases of cancer will be diagnosed in US. The number of new cases of cancer is 454.8 per 100,000 men and women per year.
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Regional segmentation includes North America, Europe, Latin America, Asia Pacific and Middle East and Africa. North America contributes major market share and expected to maintain its dominance over the forecast period owing to increasing government initiatives for research and development of precision medicine and use of advance technologies such as big data analytics to manufacturer the precision medicine in the region. Asia Pacific region is expected to witness rapid growth rate over the forecast period. Countries like India, China, is expected to support the growth of Asia Pacific, owing to the improving healthcare infrastructure and increasing prevalence of chronic diseases in the region.
Some prominent players in the global precision medicine market are Intomics A/S, Ferrer Incode, Nanostring Technologies, Inc., Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.