Global Precision Medicine Market: Focus on Ecosystem, Technology, Application, Country Data (21 Countries), and Competitive Landscape - Analysis and Forecast, 2020-2030

Sep 2020| BIS144B| BIS Research

Report Highlights

Global Precision Medicine Market to Reach $278.61 Billion by 2030

Market Report Coverage - Precision Medicine

Market Segmentation

  • By Ecosystem: Applied Sciences, Precision Diagnostics, Precision Therapeutics, Digital Health and IT
  • By Application: Cancer, Infectious Disease, Neurology, Cardiovascular, Endocrinology, Gastroenterology and Other Applications
  • By Region: North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World

Cross Segmentation

  • Applied Sciences: By Product, By Technology, By End User, By Region
  • Precision Diagnostics: By Product, By Technology, By End User, By Region
  • Precision Therapeutics: By Product, By Technology, By End User, By Region
  • Digital Health and IT: By Product, By Technology, By End User, By Region

Regional Segmentation

  • North America: U.S. and Canada
  • Europe: Germany, France, U.K., Italy, Spain, and Rest-of-Europe
  • Asia-Pacific: Japan, China, India, Australia, and Rest-of-Asia-Pacific
  • Latin America: Brazil, Mexico, and Rest-of-Latin America
  • Rest-of-the-World

Growth Drivers

  • Advancement of Sequencing Technologies
  • Rising Prevalence of Chronic Diseases
  • Growing Demand for Preventive Care
  • Shifting the Significance in Medicine from Reaction to Prevention
  • Reducing Adverse Drug Reactions Through Pharmacogenomics Test
  • Potential to Reduce the Overall Healthcare Cost Across the Globe

Market Challenges

  • Unified Framework for Data Integration
  • Limited Knowledge about Molecular Mechanism/ Interaction
  • Lack of Robust Reimbursement Landscape
  • Regulatory Hurdles

Market Opportunities

  • Targeted Gene Therapy
  • Expansion into the Emerging Markets
  • Collaborations and Partnerships Across Value Chain to Accelerate the Market Entry

Key Companies Profiled

Abbott Laboratories, Almac Group Ltd, Amgen Inc., ANGLE plc, Astellas Pharma Inc., Astra Zeneca PLC, ASURAGEN INC., Bio-Rad Laboratories, Inc., bioMérieux SA., Bristol-Myers Squibb Company, Cardiff Oncology, CETICS Healthcare Technologies GmbH, Danaher Corporation, Eli Lilly and Company Limited, Epic Sciences, Inc., F. Hoffmann-La Roche Ltd, GE Corporation, Gilead Sciences, Inc., GlaxoSmithKline Plc, Illumina, Inc., Intomics A/S, Johnson & Johnson Company, Konica Minolta, Inc., Laboratory Corporation of America, MDx Health, Inc., Menarini Silicon Biosystems, Inc., Merck KGaA, Myriad Genetics, Inc., Novartis AG, Oracle Corporation, Partek, Inc., Pfizer, Inc., QIAGEN N.V., Quest Diagnostics Inc, Randox Laboratories Ltd., Sanofi S.A., Sysmex Corporation, Teva Pharmaceuticals Industries Ltd., Thermo Fisher Scientific, Inc.

Key Questions Answered in this Report:

  • What are the estimated and projected numbers for the global precision medicine market for 2020 and 2030?
  • What are the drivers, challenges, and opportunities that are influencing the dynamics of the market?
  • What is the competition layout of the market?
  • What are the parameters on which competition mapping is carried out in the study?
  • Which key development strategies are being followed and implemented by major players to help them sustain in the market?
  • How are different segments of the market expected to perform during the forecast period from 2020 to 2030? The segments included in the comprehensive market study are:
  • product type
  • region
  • technology
  • application
  • Which leading players are currently dominating the marke,t and what is the expected future scenario?
  • Which companies are anticipated to be highly disruptive in the future, and why?
  • How can the changing dynamics of the market impact the market share of different players operating in the market?
  • What are the strategic recommendations offered in the study?

Market Overview

Precision medicine refers to the medicine developed as per an individual’s genetic profile. It provides guidance regarding the prevention, diagnosis, and treatment of diseases. The segmentation of the population is done depending on the genome structure of the individuals and their compatibility with a specific drug molecule. In the precision medicine market, the application of molecular biology is to study the cause of a patient's disease at the molecular level, so that target-based therapies or individualized therapies can be applied to cure the patient's health-related problems. This industry is gaining traction due to the increasing awareness about healthcare among individuals, integration of smart devices such as smartphones and tablets into healthcare, and increasing collaborations and agreements of IT firms with the diagnostics and biopharmaceutical companies for the development of precision diagnostic tools.

The current precision medicine market is mainly dominated by several majors, such as Abbott Laboratories, Almac Group Ltd, Amgen Inc., ANGLE plc, Astellas Pharma Inc, Astra Zeneca PLC, ASURAGEN INC., Bio-Rad Laboratories, Inc., bioMérieux SA., Bristol-Myers Squibb Company, Cardiff Oncology, CETICS Healthcare Technologies GmbH, Danaher Corporation, Eli Lilly and Company Limited, Epic Sciences, Inc., F. Hoffmann-La Roche Ltd, GE Corporation, Gilead Sciences, Inc., GlaxoSmithKline Plc, Illumina, Inc. Intomics A/S, and Johnson & Johnson Company, Konica Minolta, Inc.

Within the research report, the market is segmented on the basis of product type, ecosystem application, and region, which highlight value propositions and business models useful for industry leaders and stakeholders. The research also comprises country-level analysis, go-to-market strategies of leading players, future opportunities, among others, to detail the scope and provide 360-degree coverage of the domain.

Competitive Landscape

Major players, such as Abbott Laboratories, Almac Group Ltd, Amgen Inc., ANGLE plc, Astellas Pharma Inc, Astra Zeneca PLC, ASURAGEN INC., Bio-Rad Laboratories, Inc., bioMérieux SA., Bristol-Myers Squibb Company, Cardiff Oncology, CETICS Healthcare Technologies GmbH, Danaher Corporation, Eli Lilly and Company Limited, Epic Sciences, Inc., F. Hoffmann-La Roche Ltd, GE Corporation, Gilead Sciences, Inc., GlaxoSmithKline Plc, Illumina, Inc., Intomics A/S, Johnson & Johnson Company, Konica Minolta, Inc., Laboratory Corporation of America MDx Health, Inc., Menarini Silicon Biosystems, Inc., Merck & Co., Inc., Myriad Genetics, Inc., Novartis AG., Oracle Corporation, Partek, Inc., Pfizer, Inc., QIAGEN N.V., Quest Diagnostics Inc., Randox Laboratories Ltd., Sanofi SA, Sysmex Corporation, Teva Pharmaceuticals Industries Ltd., Thermo Fisher Scientific, Inc. including among others, led the number of key developments witnessed by the market. On the basis of region, North America is expected to retain a leading position throughout the forecast period 2020-2030, followed by Europe.

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