Title: Precision Medicine Market growth outlook with industry review and forecasts
1Precision Medicine Market worth 87.7bn by 2023
Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2Key Insights from Precision Medicine Market
- Drug discovery technology contributed over USD 9
billion to the global precision medicine market
size in 2015, and is estimated to expand at 8.3
CAGR from 2016 to 2023. NGS and other such
technologies will open new opportunities for
industry participants. Regulation of NGS based
test development will help create regulatory
processes for genetic test development and
application. - The global companion diagnostics market is
predicted to reach USD 17 billion by 2023. It
plays a significant role in development of
targeted drugs, thus speeding up the move towards
more precise and individualized pharmacotherapy. - Oncology application was over 30 of the
precision medicine market share in 2015. There
have been significant developments taken place
across the globe in the area of breast cancer and
other related cancers. Predictive biomarkers in
lung cancer therapy targets receptors such as
c-ros oncogene 1 receptor tyrosine kinase (ROS1),
Epidermal Growth Factor Receptor (EGFR), Immune
Checkpoints, and Anaplastic Lymphoma Kinase
(ALK).
3Continued...
- U.S. precision medicine market share accounted
for over 65 of the North American revenue in
2015, and is anticipated to continue witnessing
growth due to increased government initiatives.
For instance, The Presidents budget in 2016 has
allocated USD 130 million to the NIH for
development of a national research cohort of a
million voluntary U.S. participants, and the data
is linked to EHR for easy access to academic
scientists and physicians. - China contributed 25 to the Asia Pacific
precision medicine market size in 2015, mainly
due to considerable government initiatives
supporting growth in the region. Pfizer,
Novartis, Covance, Medtronics, Qiagen, Quest
Diagnostics, Roche Holding, Teva Pharmaceuticals,
and Biocrates Life Sciences are some notable
industry participants.
4Europe precision medicine market size, by
application, 2013 - 2023 (USD Million)
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6360 Analysis
- Application Trends
- Oncology application accounted for over 30 of
precision medicine market share in 2015 and will
grow at 10.9 CAGR estimations from 2016 to 2023.
Oncology is leading the way in utilizing the
molecular profile of an individual's cancer
genome to optimize disease management. CNS
application was valued at over USD 9 billion in
2015. Neurosciences therapeutics has been using
the approach for a long time. For instance, the
success of Deep Brain Stimulation (DBS) product
provides a classic example for application in
brain circuitry. - Regional Trends
- U.S. precision medicine market share was 65 of
the North American revenue in 2015, mainly on
account of favorable regulatory landscape. The
Presidents budget has allocated USD 215 million
to NIH, NCI, and FDA for development of novel
solutions. - Competitive Market Share
- Key industry players contributing to global
precision medicine market share include Pfizer,
Roche, Covance, Novartis, Qiagen, Biocrates Life
Sciences, Teva Pharmaceutical, Nanostring
Technologies, Laboratory Corporation of America
Holdings, Tepnel Pharma Services, Intomics,
Ferrer InCode, Silicon Biosystems, Eagle
Genomics, Medtronic, and Quest Diagnostics. Roche
is developing an integrated genomics portfolio
for next generation sequencing (NGS).
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