The global precision market is expected to reach to $88 billion by 2022 at an estimated CAGR of 12.60% from 2015 to 2022 with North America and Europe emerging as leaders, according to Global Precision Medicine Market — Estimation & Forecast (2015-2022) report. This is led by President Obama’s recent announcement to request $1B for fund the Cancer ‘Moonshot’ initiative for researchers to accelerate the development of new cancer detection and treatments. Presently, the main focus of the government initiatives is toward oncology, but it is anticipated to target almost all therapeutic areas affected by genetic mutations.
Key Market Drivers
Governmental regulations and standards are sustaining the growth and development of the precision medicine market. The main aim of these regulations is to make precision medicines more adaptable and focused towards genetic diseases related to Oncology, skin, respiratory, CNS, CVD, and infectious diseases among others. The patients are benefited indirectly by these regulations as it saves time and cuts down cost as the patients get the required treatment for the specific disease.
The growth in the precision medicine market is propelled by an increasing demand for personalized treatment, technological innovation and advancement (including Biomarker-based tests/kits, next gene sequencing and precise imaging), Government support and regulations, and all of these have created a demand for the precision medicine solutions.
The study includes an overview and analysis of the precision medicine market by ecosystem, sub-markets, therapeutics and geographical regions, allowing the research to develop a comprehensive outlook of the market. The precision medicine market report presents detailed analysis of the entire precision medicine ecosystem and provides extensive insights of the different developments, trends and key participants.
The report also focuses on different sub-markets which help in the development of precision medicine solutions. The sub-market verticals are categorized into five major categories: viz. companion diagnostics, biomarkers, targeted therapeutics, Pharmacogenomics and molecular diagnostics among others in the report.
While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section of the prominent consortiums, compliance, and regulatory bodies and their involvement in the precision medicine market.