New York, August 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Global Precision Medicine Market, By Products & Services, By Technology, By Application, By End User, By Region, Competition Forecast & Opportunités, 2026 “- https://www.reportlinker.com/p05916716/?utm_source=GNW
The global precision medicine market was valued at $ 66.85 billion in 2020 and is expected to reach $ 125.67 billion, growing at a CAGR of 10.65% during the forecast period. The global precision medicine market is driven by the growing geriatric population which is vulnerable to various chronic and infectious diseases. This in turn has increased the demand for precision medicine for the screening and diagnosis of disorders in the aging population. Moreover, the increase in research and development spending in various countries of the world is further expected to fuel the growth of the market in the coming years. The growing importance of personalized treatment and diagnostics in the healthcare industry is expected to create lucrative opportunities for the market growth.
The global precision medicine market is segmented on the basis of product and service, technology, application, end user, and region. The application segment can further be classified into oncology, cardiology, respiratory, neurology, immunology and others.
Oncology segment is expected to dominate the market in 2020 with an overall market share of around 34.75%. This can be attributed to the increasing prevalence of different types of cancer around the world and the development of new treatments for the diagnosis and treatment of cancer. According to the Global Cancer Observatory, Globocan 2020, approximately 19,292,789 new cancer cases were reported worldwide in 2020. Of these newly reported cancer cases, 10,065,305 included men of all ages, while the new ones were reported. Cancers in women of all ages were approximately 9,227,484.
Regionally, North America dominated the global precision medicine market in 2020 with a market share of around 38.77% due to the significant increase in cancer incidences in the region. In 2020, cancers, such as prostate, lung and colorectal, accounted for about 43% of all cancers diagnosed in men. In the case of women, breast, lung and colorectal cancers are the most common cancers and they account for about 50% of all new cancer diagnoses in women in 2020. In addition, the growing burden of different diseases is expected. still fuel the market growth.
The global precision medicine market is fragmented with many established and smaller unorganized players and several regional players. In addition, many players are emerging and looking to enter the market.
The market includes few companies specializing in precision medicine services as a whole and few players who provide products, software, tools, etc. Major players operating in the market include IBM Corporation, F.
Hoffmann-La Roche AG, Thermo Fischer Scientific Inc., Koninklijke Philips NV, Illumina Inc., Quest Diagnostics Inc., QIAGEN NV, AstraZeneca PLC, Agilent Technologies Inc., Novartis International AG, NanoString Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX Inc., among others. These companies adopt organic strategies such as mergers and acquisitions, product launches, among others, in order to remain competitive in the market and have an advantage over other players in the industry. For example, in February 2020, NanoString Technologies announced that it had presented space genomics research that expands its portfolio by using GeoMx to focus on genome biology and technology.
Years considered for this report:
Historical years: 2016-2019
Baseline year: 2020
Estimated year: 2021
Forecast period: 2022-2026
Goal of the study:
• To analyze the historical growth in market size of the global precision medicine market from 2016 to 2020.
• Estimate and forecast the global Precision Medicine market size from 2021 to 2026 and the growth rate to 2026.
• Rank and forecast the global precision medicine market on the basis of products and services, technology, application, end-user, and region.
• Identify the drivers and challenges of the global precision medicine market.
• To examine competitive developments such as expansions, new product launches, mergers and acquisitions, etc., in the global precision medicine market.
• Identify and analyze the profile of the major players operating in the global precision medicine market.
The analyst performed both primary and secondary research extensively for this study. Initially, the analyst obtained a list of precision medicine service providers and manufacturers of precision medicine equipment and kits around the world.
Subsequently, the analyst conducted primary research surveys of the identified companies. During the interviews, respondents were also asked about their competitors.
Using this technique, the analyst could include precision medicine service providers and manufacturers of precision medicine equipment and kits that could not be identified due to limitations in secondary research. The analyst looked at precision medicine service providers and manufacturers of precision medicine equipment and kits and the presence of all major players across the globe.
The analyst calculated the market size of the global precision medicine market using a bottom-up approach, in which data from various end-user segments has been recorded and forecasted for years to come. The analyst obtained these values from industry experts and company representatives and validated them externally by analyzing historical data from these segments to arrive at an appropriate overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also investigated by the analyst.
Key target audience:
• Precision medicine service providers and manufacturers of precision medicine equipment and kits
• Government bodies such as regulatory authorities and policy makers
• Organizations, forums and alliances related to precision medicine
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important to industry players such as service providers and manufacturers of equipment and kits used in precision medicine, etc., in addition to enable them to develop investment strategies and capitalize on market opportunities.
Scope of the report:
In this report, the global precision medicine market has been segmented into the following categories in addition to industry trends which have also been detailed below:
• Global Precision Medicine Market, by Product and Service:
o Precision medicine platforms
o Precision medicine tools
o Precision medicine services
• Global Precision Medicine Market, by Technology:
o Big data analysis
o Whole genome sequencing
o Companion diagnosis
o Next Generation Sequencing (NGS)
• Global Precision Medicine Market, By Application:
• Global Precision Medicine Market, By End User:
o Pharmaceutical and biotechnology companies
o Health informatics
o Diagnostic companies
o Clinical research organization
o Research institutes
• Global Precision Medicine Market, By Region:
o South America
o Middle East and Africa
United Arab Emirates
Company Profiles: Detailed analysis of the major companies present in the global Precision Medicine market.
With the market data provided, we offer customizations based on the specific needs of a business. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five)
Read the full report: https://www.reportlinker.com/p05916716/?utm_source=GNW
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