Precision Medicine Market Growth Predicted at 11.5% Through 2027: GMI
The precision medicine market for immunology segment is estimated to attain a CAGR of 11.5% by 2027.
According to the latest report "Precision Medicine Market by Type (Diagnostics, Therapeutics), Application (Oncology, CNS, Immunology, Respiratory), End-use (Hospitals, Diagnostic Centers, Research & Academic Institutes), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of precision medicine will cross $112 billion by 2027. Various technological advancements in precision medicine will foster the market growth.
Precision Medicine Forums facilitates novel ideas and information regarding patient specific medicines. Increasing use of online collaborative forums by physicians, biologists, patient groups, governments and others coupled with unrivaled learning and networking environment will propel the industry growth. Furthermore, increasing use of online marketing opportunities enabling to reach global audience will offer lucrative growth prospects to the industry. Therefore, rising online collaborative forums will accelerate overall the market progression.
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The diagnostics segment in the precision medicine market will witness around 13% growth rate through 2027. Diagnostic testing is a method for the selection of accurate treatment based on the individual's genetic composition. Various treatment based on such diagnosis leads to better treatment results as well as management. Biomarker testing is a vital part of personalized medication also known as precision medicine. For different cancer treatments, usage of biomarker and other tests is most likely to help patients effectively and precisely manage their condition that secures the segment growth.
The precision medicine market for the immunology segment is estimated to attain a CAGR of 11.5% by 2027. Immunological conditions are caused by a dysfunction of the immune system and include autoimmune diseases, asthma, allergy as well as other immunological deficiency syndromes. Surging incidence of immunological disorders throughout the world will impel the demand for effective personalized medications for better patient care.
The research labs & institutes segment accounted for more than USD 11 billion in 2020. With rising healthcare infrastructure and expenditure, the number of research labs and institutes is rapidly expanding. The research labs continuously work on innovative medications according to patient's need that augments the segment expansion.
Asia Pacific precision medicine market captured more than 20% of revenue share in 2020 led by the technological advancements in precision medicine and presence of numerous companies. In addition, favorable government initiatives coupled with emergence of novel and innovative advancements will boosts the overall market value.
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Some of the eminent players operational in the market include Eli Lilly & Company, bioMérieux, Laboratory Corporation Of America Holdings, Pfizer, Qiagen, Medtronic, Novartis, Quest Diagnostics, Abbott, Roche, Cancer Genetics, Glaxosmithkline Plc (GSK), AstraZeneca, Bristol-Myers Squibb, Thermo Fisher Scientific, Myriad Genetics, Foundation Medicine and Cepheid. The industry participants are focusing on several strategies that helps the firm upsurge its market share internationally.
Table of Contents (ToC) of the report:
Chapter 3 Precision Medicine Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
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Original Source: Precision Medicine Market Revenue to Cross USD 112 Bn by 2027: Global Market Insights Inc.
