It has been estimated that the precision medicine market is likely to reach around USD 126.14 billion at a CACR of 12.48 during the forecast period (2017-2025).
The healthcare sector has been making extensive use of precision medicine for the past few years.
The medicine department concerned with completing a sequence of the human genome focuses on providing personalized medications to patients.
The latest health, scientific, and business models for medicine are emerging with modernized and advanced technological breakthroughs.
New technological advances such as ultra-high throughput and next-generation sequencing will rightfully decide the potential of precision medicine in the coming years.
The business potential for personalized medicine is escalating with an increased rate in the prevalence of hereditary disorders.
The market value of precision medicine will reach new heights with the biotech and pharmaceutical sectors combining their field of work with big health care firms.
Combination of biotech and pharmaceutical industries with big data health care enterprises will help precision medicine increase its market value in the upcoming years.
Segmental study of the market
The global precision medicine market sector covers treatments such as Cardiovascular Disease, oncology, and infections.
Diagnostics companies, medicinal and biotechnology companies, clinical laboratories, healthcare IT specialists, and big data enterprises are the primary players incorporating the global scenario of the precision medicine market.
The global market of precision medicine will be ruled by America.
The majority of revenue generated by precision medicine was IN the North American medical industry.
This was because of the prevalence of cancer and genetic disorders, the growing use and presence of important businesses such as Pfizer, Qiagen, and Quest Diagnostics in their medical industry.
The improvements in gene mapping technology have enabled precision medicine to grow at an exponential rate in the U.S market.
Europe is the second-largest regional advocate for precision medicine with its advanced forms of diagnostics, drugs, and electronic health technologies.
The Asia-pacific region will witness the speediest growth with all healthcare and research funding aiming to develop and advance its precision medicine market.
Rising disposable income and rapid development in the healthcare infrastructure will make Singapore the largest precision medicine market in the preceding years.
Noteworthy players in the market
Abbot Laboratories(USA), Ab-Biotics Sa(USA), Almac Grou Ltd. (UK), Asuragen Inc(USA), Biobase Gmbh (Germany), Caris Life Sciences(USA), Cepheid Inc. (USA), Celtics Healthcare Technologies Gmbh (Germany), Ge Healthcare (USA), Healthcore Inc. (USA), IBM (USA), Inventories (Israel), Intel Corporation (USA), Johnson and Johnson (USA), Laboratory Corporation of America Holdings(USA), Medtronic (USA), Molecular Health Gmbh (Germany) are some of the prominent players operating this market.