Precision Medicine Market to reach $96 Bn by 2024

Precision Medicine Market share to grow at 10.5%
CAGR from 2017 to 2024: Global Market Insights Inc.
The research report “Precision Medicine Market Size By Technology (Big Data
Analytics, Gene Sequencing, Drug Discovery, Bioinformatics, Companion
Diagnostics), By Application (Oncology, CNS, Immunology, Respiratory),
Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK,
France, Scandinavia, Italy, Japan, China, India, Singapore, Mexico, Brazil,
South Africa, UAE, Qatar, Saudi Arabia), Application Potential, Price Trends,
Competitive Market Share & Forecast, 2017 – 2024” by Global Market Insights,
Inc. says, Precision Medicine Market size is set to exceed USD 96 billion by 2024.
Rising prevalence of cancer across the globe fuels the need to develop target
specific biomarkers based on the individual genetic, environmental and lifestyle
factors augmenting the global precision medicine market size. Advancement in
cancer biology coupled with increased funding for cancer research will fuel industry
expansion. For instance, in 2015 NIH’s National Cancer Institute (NCI) invested USD
70 million to develop effective therapies for the treatment of cancer based on the
individual genomic data.
Presence of favorable government initiatives such as Precision Medicine Initiative
(PMI) with an aim to design tools for analyzing large medical data sets, validation of
innovative targeted drugs, tests and technologies for cancer, improve decision
making for treatment options for specific patients will augment growth of precision
medicine market.
Integration of big data analytical tools to healthcare for preventing diseases such as
cancer is another growth rendering driver. Moreover, rising adoption of gene therapy
to reduce cost burden for such diseases will favor industry expansion. Excessive
cost associated with precision medicine coupled with misinterpretation of genomic
data will hamper business growth.
Drug discovery dominated the precision medicine market in 2016 followed by gene
sequencing which is expected to show a considerable growth over the coming years.
Availability of next generation sequencing based genetic tests for rapid sequencing
and identification of large human genome along with favourable regulatory guidelines
by U.S. FDA for validation of such genetic tests is a major advancement in precision
medicine accelerating gene sequencing revenue growth.
1 | P a g e

India Precision Medicine Market, By Technology, 2013 - 2024
Browse key industry insights spread across 110 pages with 64 market data tables &
09 figures & charts from this 2017 report Precision Medicine Market in detail along
with the table of contents at:
https://www.gminsights.com/industry-analysis/precision-medicine-market
Companion diagnostics is poised to be the fastest growing segment with over 11.5%
CAGR owing to its ability to provide essential information for the safety and
effectiveness of a specific drug or therapeutic product for targeted patient groups.
CNS will show considerable growth over the coming years owing to the rising
economic burden of central nervous system disorders which fosters the need to
develop genomic platforms in combination with electronic health record data based
on clinical phenotypes for effective targeted treatment of such diseases.
UK precision medicine market should witness robust growth over the forecast period.
Favorable government initiatives and increasing funding on research activities such
as the launch of stratified medicine initiative in 2011 with €60 million budget focused
on biomarker, patient cohorts, genomic and phenotypic analysis will fuel regional
growth. Further, the launch of 100,000 Genomes Project in 2012 by Genomics
England with €250-300 million funding for genomics has paved the way for
individualized treatment for cancer patients and escalate regional market size.
India precision medicine market should grow at significant rate due to increasing
prevalence of cancer which fuels the adoption of gene therapy facilitating
personalized treatment for patients based on their genetic factors. Emergence of big
data in healthcare and government initiatives to improve healthcare infrastructure of
the country are driving factors for industry growth.
2 | P a g e

Some of the key industry players operating in global precision medicine market are
NanoString Technologies, Roche, Medtronic, Laboratory Corporation of America
Holdings, Quest Diagnostics, Pfizer, Novartis and Intomics.
The industry players attempt to develop cost-effective solutions and tools for efficient
decision making and selecting effective treatment options for treatment of chronic
diseases. For instance, in March 2017, NanoString Technologies launched new
products such as nCounter Low RNA Input Kit, nCounter Myeloid Innate Immunity
Panels at the American Association of Cancer Research (AACR) meet. This
strategic move extends the existing product portfolio offered by the firm and
leverages proteomics & genomics to advance the field of precision oncology.
Segmentation of Precision Medicine Market:
Precision medicine market research report includes in-depth coverage of the industry
with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for
the following segments:
Precision Medicine Market by Technology
o
o
o
o
o
o
Big data analytics
Bioinformatics
Gene sequencing
Drug discovery
Companion diagnostics
Others
Precision Medicine Market by Application
o
o
o
o
o
Oncology
Respiratory
CNS
Immunology
Others
The above information is provided for the following regions and countries:
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
o France
o Italy
3 | P a g e

o Scandinavia
• Asia Pacific
o Japan
o China
o India
o Singapore
• Latin America
o Mexico
o Brazil
• Middle East and Africa
o Saudi Arabia
o Qatar
o UAE
o South Africa
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
reports are designed via a proprietary research methodology and are available for
key industries such as chemicals, advanced materials, technology, renewable
energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com/
4 | P a g e