DUBLIN, Jun 15, 2021--(BUSINESS WIRE)--The "Global Precision Medicine Market, By Products and Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology, By Application, By End User, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Precision Medicine Market was valued USD66.85 billion in 2020 and is expected to reach USD125.67 billion, growing at CAGR of 10.65% during the forecast period.
Precision medicines are patient specific and vary from individual to individual. Increasing population and rising cancer cases in developing countries like India and China are the major factors propelling the growth of the precision medicine market. However, high price of precision medicines might hamper the growth of the market in the forecast period.
The Global Precision Medicine Market is segmented based on products and services, technology, application, end-user, and region. The application segment is further divided into oncology, immunology, cardiology, neurology, respiratory and others. Out of these, oncology held the largest market share in 2020 due to the increasing cases of cancer all over the world.
In terms of regional analysis, market is segregated into Asia-Pacific, North America, South America, Middle East & Africa and Europe. Among these, North America dominated the Global Precision Medicine Market until 2020 due to growing adoption of next generation sequencing methods in addition to favorable government policies. Additionally, Asia-Pacific is anticipated to grow at the fastest CAGR due to the rising cases of cancer and other fatal diseases in the developing economies like India and China.
Major players in the Global Precision Medicine Market include IBM Watson Group, Roche Holding AG, Thermo Fischer Scientific Inc., Philips Healthcare Ltd., Illumina Inc., Quest Diagnostics Inc., Qiagen NV, AstraZeneca Plc, Agilent Technologies Inc., Novartis AG, NanoString Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX Inc., and others.
The companies are adopting various organic and inorganic strategies like, product launches, acquisitions and mergers to strengthen their position in the market. On 15th April 2021, Agilent Technologies, Inc. completed the acquisition of Resolution Bioscience, which is a leader in the development and commercialization of next-generation sequencing (NGS) based precision oncology solutions.
Resolution Bioscience complements and expands Agilent's capabilities in NGS-based cancer diagnostics and provides the company with innovative technology to further serve the needs of the fast-growing precision medicine market.
Moreover, the addition of Resolution Bioscience's liquid biopsy-based diagnostic technologies strengthens Agilent's offerings to biopharma and clinical diagnostics customers and boosts growth opportunities in the company's diagnostics and genomics business.
Key Target Audience:
Precision medicine manufacturers, suppliers, distributers and other stakeholders
Government bodies such as regulating authorities and policy makers
Organizations, forums and alliances related to precision medicine
Market research and consulting firms
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Precision Medicine Market, By Products and Services:
Precision Medicine Platforms
Precision Medicine Tools
Precision Medicine Services
Global Precision Medicine Market, By Technology:
Big Data Analytics
Whole Genome Sequencing
Next Generation Sequencing (NGS)
Global Precision Medicine Market, By Application:
Global Precision Medicine Market, By End-User:
Pharmaceutical and Biotechnology Companies
Clinical Research Organization
Global Precision Medicine Market, By Region:
Middle East & Africa
IBM Watson Group
Roche Holding AG
Thermo Fischer Scientific Inc.
Philips Healthcare Ltd.
Quest Diagnostics Inc.
Agilent Technologies Inc.
NanoString Technologies Inc.
Orion Health Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1ybvo4
View source version on businesswire.com: https://www.businesswire.com/news/home/20210615005618/en/
Laura Wood, Senior Press Manager
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