Global Precision Medicine Market to Reach $216.75 Billion by 2028

Global Precision Medicine Market to Reach $216.75 Billion by 2028

PR Newswire

FREMONT, California, January 31, 2019

FREMONT, California, January 31, 2019 /PRNewswire/ --

According to a new market intelligence report by BIS Research, titled 'Global Precision Market - Analysis and Forecast, 2018-2028', the global precision medicine market was estimated at $78.85 billion in 2018 and is expected to grow over $216.75 billion by 2028. The market is anticipated to grow at a CAGR of 10.64% between the years 2018 and 2028, aided by the impressive growth in the digital health and information technology market.

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Browse 22 market Data Tables and 325 Figures spread through 544 Pages and in-depth TOC on 'Global Precision Medicine Market'

The precision medicine market is a multibillion market which consists of innumerable companies involved in the research and development, manufacturing and commercialization of several novel drugs and diagnostic kits to boost the Precision Medicine workflow. Currently, the precision medicine market is gaining preference among the masses due to the growth of personal healthcare devices and integration of smart technologies in the healthcare system. In addition to increasing collaborations and partnerships between various ecosystem players that are aiding the robust growth of the precision medicine market. The growth of market is propelled by an increasing demand for personalized treatment, technological innovation and advancement (including biomarker-based tests/kits, next gene sequencing, and precise imaging), government support and regulations, which consequently, have created a demand for the precision medicine solutions.

Precision medicine got a further push with the introduction of the Precision Medicine Initiative by the U.S. government in 2015. To facilitate the development of targeted therapeutics, the number of commercialized predictive biomarker assays has increased tremendously, especially in case of chronic diseases. Such biomarker-based assays are known as companion diagnostics (CDx), which are developed in parallel to the targeted drug development process by pursuing drug-diagnostic co-development model. Also, companion diagnostics provides essential information for patient classification, enabling effective and safe use of corresponding drug or biological products.

BIS Research Report:

Companion diagnostics help healthcare professionals to assess the benefits and side-effects or risk of therapeutic products on a patient. In the last five years targeted drugs which are tailored to biomarkers are developed with the help of a companion diagnostic to identify the patient population, which will respond positively to that targeted therapeutic. Therefore, CDx drug co-development model is preferred in healthcare industry, making CDx an indispensable part of the precision medicine.

According to Abdul Wahid Khan, Analyst at BIS Research "North America is the leading contributor to the global precision medicine market and contributed approximately 46.8% of the global market values in 2018. However, the Asia-Pacific region is expected to grow at an impressive CAGR of 12.33% during the forecast period from 2018 to 2028."

Following are the Research Highlights: 

Source: BIS Research Analysis

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This market intelligence report provides a multidimensional view of the global precision medicine market in terms of market size and growth potential. This research report aims at answering various aspects of the global precision medicine market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.

Further, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales and manufacturers and trend analysis by segments.

This report is a meticulous compilation of research on more than 200 players in the market ecosystem and draws upon insights from in-depth interviews with key opinion leaders of more than 42 leading companies, market participants, and vendors. The report also comprises 42 detailed company profiles including several key players, such as Pfizer, Inc., Merck & Co., Inc., GlaxoSmithKline plc, AstraZeneca plc, Sanofi S.A., and Abbott Laboratories, among others.

Key questions answered in the report: 

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About BIS Research:  

BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.

With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.

Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.

Bhavya Banga
BIS Research Inc.
FREMONT CA 94538-1686

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