Global Precision Medicine Market to Approach US$ 172.95 Billion by the end of 2024
A report issued by Persistence Market Research projects some of the crucial aspects of the global precision medicine market after performing in-depth research. The report, entitled “Global Market Study on Precision Medicine” assures that the market will grow manifold and will register a 14.7% compound annual growth rate (CAGR) between 2016 and 2024.
It attributes this potential growth to the global expansion of the medical industry, in addition to larger investments, better infrastructure, simplified approval processes for drugs and companion diagnostics. Those aspects, plus the growing affordability of DNA profiling and the rising incidence of cancer in the global population mean the international precision medicine market is only set to grow
The proper storage of genome data plays a crucial part in this segment, the report states, however it also highlights that the market is still combating acute data storage and data privacy issues and also lacks in systematic approach towards funding and soaring prices of personalized drugs – potential obstacles to the expansion of the market on a global scale.
According to the report, the global precision medicine market is split into multiple parent segments which are further sub-categorized. The primary division of the market is an assimilation of three categories: region, technology and application. The major technologies which it considers will define the market character in the forthcoming years are bioinformatics, next-generation sequencing (NGS) and drug discovery technology.
The applications segment will be dominated by oncology, and market predictions here show that this segment will grow to reach an approximate value of $69 (USD) billion by the end of the assessment period. The approximate registered CAGR of this segment within the assessed period will be above 13.5%. Another area that is predicted to see large amounts of growth is immunology, with arthritis being a main area of focus here, and the estimated market worth of this segment will surpass $34 (USD) million by the end of 2024.
In the regional market arena, the global precision medicine market is expected to perform well in the North American region, which will occupy more than 35% of the market share within the assessment period. This region will probably reach the approximate market value of more than $60 (USD) million by the close of 2024 the report predicts. Europe will also prove to be a consistent market and will crawl up the revenue chart within the forecast period. The global precision market in Europe will ride an estimated CAGR of more than 13% to achieve an average worth of more than $40 (USD) million by the end of 2024. In Europe the markets spread across Germany and France will largely shape this region of the market. Countries such as Spain, the UK and Italy will also contribute.
The APAC (Asia-Pacific) region will be one to watch in terms of growth. The region will project a CAGR of more than 14% during the period of projection. The market should witness a sharp hike and will reach approximately $35 (USD) million by the end of 2024. Japan will lead the market in this region, with China and India following closely behind.
The region of Latin America will also score considerable revenue during this period; however, the rport predicts that the MEA (Middle East and Africa) region will experience slower growth in terms of precision medicine if current circumstances remain as they are.
“The market is evolving fast with the better and bigger market tie-ups. The crossover between IT and healthcare is also expediting the market and providing a bigger playground to the stakeholders. Novartis AG, Laboratory Corporation of America Holdings, Eli Lilly and Company and AstraZeneca will be huge contributors in the overall development of the global precision medicine market,” the report overview states.