The precision medicine market is projected to grow at a CAGR of 8.47% to reach US$87.877 billion in 2023 from US$53.966 billion in 2017. Major factors responsible for the global precision medicine market growth during the next five years are mainly, increasing efforts to characterize genes and rise in demand for personalized treatment. The global precision medicine sales are expected to be further boosted by rapid technological advancements, favorable government initiatives, and advancements in field of cancer biology. However, factors such as threat related to data sharing remains a challenge to market growth.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the precision medicine value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the precision medicine market.
Major industry players profiled as part of the report are Nordic Bioscience A/S, Nanostring Technologies, Inc., and Laboratory Corporation of America among others.
The precision medicine market has been analyzed through following segments:
• By Technology
o Big Data Analytics
o Gene Sequencing
o Companion Diagnostic
• By Application
o Central Nervous System
• By Geography
o North America
o South America
o Middle East and Africa
o Asia Pacific