Precision Medicine Market Key Findings by 2031
MARKET OVERVIEW
Precision medicine is used to characterizing the diseases and detailed study on patient specific information to diagnose. The concept based on rapidly growing in the medical community through expansions in advanced technologies including molecular biomarker analysis, next generation sequencing, bioinformatics and big data analytics. Precision medicine helps to make possible the diagnosis and treatment of various diseases by relying on genomics and specific biomarker techniques. The approach allows researchers and doctors to predict more accurately the treatment and prevention strategies for a particular disease.
MARKET SCOPE
The "Global Precision Medicine Market Analysis to 2031" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the precision medicine market with detailed market segmentation by technology, application, and geography. The report provides key statistics on the market status of the leading Precision Medicine market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on technology, the global precision medicine market is segmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, other technologies.
- Based on application, the global precision medicine market is segmented into oncology, CNS, immunology, respiratory, other applications.
MARKET DYNAMICS
Drivers
- Increasing prevalance of chronic diseases
- Advancement in cancer biology
- Increasing research and development activities in biotechnology sector
- The availability of large-scale human genome databases coupled with computational tools
Restraints
- Declining FDA pharmacotherapy approval rate
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Precision Medicine market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Precision Medicine market in these regions.
IMPACT OF COVID-19 ON PRECISION MEDICINE MARKET
The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The healthcare industry is conducting precision medicine and genomics research to measure COVID-19 impact and discover potential therapies. Precision medicine has spurred collaborative efforts between governments, and increasing products launches are driving the growth of the market. For instance, in October 2021, Diaceutics PLC launched DXRX The Diagnostic Network. It has been designed to accelerate the end-to-end development and commercialization of precision medicine diagnostics by reducing time to peak biomarker test adoption for cancer testing from years to months.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Precision Medicine market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Precision Medicine market in these regions.
IMPACT OF COVID-19 ON PRECISION MEDICINE MARKET
The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The healthcare industry is conducting precision medicine and genomics research to measure COVID-19 impact and discover potential therapies. Precision medicine has spurred collaborative efforts between governments, and increasing products launches are driving the growth of the market. For instance, in October 2021, Diaceutics PLC launched DXRX The Diagnostic Network. It has been designed to accelerate the end-to-end development and commercialization of precision medicine diagnostics by reducing time to peak biomarker test adoption for cancer testing from years to months.
MARKET PLAYERS
The report covers key developments in the precision medicine market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Precision Medicine market are anticipated to lucrative growth opportunities in the future with the rising demand for Precision Medicine in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Precision Medicine market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- F. Hoffmann-La Roche Ltd
- Quest Diagnostics Incorporated
- Novartis AG
- Bristol-Myers Squibb Company
- Medtronic
- QIAGEN
- Pfizer Inc.
- Thermo Fisher Scientific Inc.
- Eli Lilly and Company
- AstraZeneca
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Precision Medicine Market - By Technology
1.3.2 Precision Medicine Market - By Application
1.3.3 Precision Medicine Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PRECISION MEDICINE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. PRECISION MEDICINE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. PRECISION MEDICINE MARKET - GLOBAL MARKET ANALYSIS
6.1. PRECISION MEDICINE - GLOBAL MARKET OVERVIEW
6.2. PRECISION MEDICINE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PRECISION MEDICINE MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. DRUG DISCOVERY
7.3.1. Overview
7.3.2. Drug Discovery Market Forecast and Analysis
7.4. COMPANION DIAGNOSTICS
7.4.1. Overview
7.4.2. Companion Diagnostics Market Forecast and Analysis
7.5. GENE SEQUENCING
7.5.1. Overview
7.5.2. Gene Sequencing Market Forecast and Analysis
7.6. BIO-INFORMATICS
7.6.1. Overview
7.6.2. Bio-Informatics Market Forecast and Analysis
7.7. BIG DATA ANALYTICS
7.7.1. Overview
7.7.2. Big Data Analytics Market Forecast and Analysis
8. PRECISION MEDICINE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ONCOLOGY
8.3.1. Overview
8.3.2. Oncology Market Forecast and Analysis
8.4. RESPIRATORY
8.4.1. Overview
8.4.2. Respiratory Market Forecast and Analysis
8.5. CNS
8.5.1. Overview
8.5.2. CNS Market Forecast and Analysis
8.6. INFECTIOUS DISEASES
8.6.1. Overview
8.6.2. Infectious Diseases Market Forecast and Analysis
8.7. IMMUNOLOGY
8.7.1. Overview
8.7.2. Immunology Market Forecast and Analysis
8.8. CARDIOLOGY
8.8.1. Overview
8.8.2. Cardiology Market Forecast and Analysis
8.9. OTHER APPLICATIONS
8.9.1. Overview
8.9.2. Other Applications Market Forecast and Analysis
9. PRECISION MEDICINE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Precision Medicine Market Overview
9.1.2 North America Precision Medicine Market Forecasts and Analysis
9.1.3 North America Precision Medicine Market Forecasts and Analysis - By Technology
9.1.4 North America Precision Medicine Market Forecasts and Analysis - By Application
9.1.5 North America Precision Medicine Market Forecasts and Analysis - By Countries
9.1.5.1 United States Precision Medicine Market
9.1.5.1.1 United States Precision Medicine Market by Technology
9.1.5.1.2 United States Precision Medicine Market by Application
9.1.5.2 Canada Precision Medicine Market
9.1.5.2.1 Canada Precision Medicine Market by Technology
9.1.5.2.2 Canada Precision Medicine Market by Application
9.1.5.3 Mexico Precision Medicine Market
9.1.5.3.1 Mexico Precision Medicine Market by Technology
9.1.5.3.2 Mexico Precision Medicine Market by Application
9.2. EUROPE
9.2.1 Europe Precision Medicine Market Overview
9.2.2 Europe Precision Medicine Market Forecasts and Analysis
9.2.3 Europe Precision Medicine Market Forecasts and Analysis - By Technology
9.2.4 Europe Precision Medicine Market Forecasts and Analysis - By Application
9.2.5 Europe Precision Medicine Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Precision Medicine Market
9.2.5.1.1 Germany Precision Medicine Market by Technology
9.2.5.1.2 Germany Precision Medicine Market by Application
9.2.5.2 France Precision Medicine Market
9.2.5.2.1 France Precision Medicine Market by Technology
9.2.5.2.2 France Precision Medicine Market by Application
9.2.5.3 Italy Precision Medicine Market
9.2.5.3.1 Italy Precision Medicine Market by Technology
9.2.5.3.2 Italy Precision Medicine Market by Application
9.2.5.4 Spain Precision Medicine Market
9.2.5.4.1 Spain Precision Medicine Market by Technology
9.2.5.4.2 Spain Precision Medicine Market by Application
9.2.5.5 United Kingdom Precision Medicine Market
9.2.5.5.1 United Kingdom Precision Medicine Market by Technology
9.2.5.5.2 United Kingdom Precision Medicine Market by Application
9.2.5.6 Rest of Europe Precision Medicine Market
9.2.5.6.1 Rest of Europe Precision Medicine Market by Technology
9.2.5.6.2 Rest of Europe Precision Medicine Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Precision Medicine Market Overview
9.3.2 Asia-Pacific Precision Medicine Market Forecasts and Analysis
9.3.3 Asia-Pacific Precision Medicine Market Forecasts and Analysis - By Technology
9.3.4 Asia-Pacific Precision Medicine Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Precision Medicine Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Precision Medicine Market
9.3.5.1.1 Australia Precision Medicine Market by Technology
9.3.5.1.2 Australia Precision Medicine Market by Application
9.3.5.2 China Precision Medicine Market
9.3.5.2.1 China Precision Medicine Market by Technology
9.3.5.2.2 China Precision Medicine Market by Application
9.3.5.3 India Precision Medicine Market
9.3.5.3.1 India Precision Medicine Market by Technology
9.3.5.3.2 India Precision Medicine Market by Application
9.3.5.4 Japan Precision Medicine Market
9.3.5.4.1 Japan Precision Medicine Market by Technology
9.3.5.4.2 Japan Precision Medicine Market by Application
9.3.5.5 South Korea Precision Medicine Market
9.3.5.5.1 South Korea Precision Medicine Market by Technology
9.3.5.5.2 South Korea Precision Medicine Market by Application
9.3.5.6 Rest of Asia-Pacific Precision Medicine Market
9.3.5.6.1 Rest of Asia-Pacific Precision Medicine Market by Technology
9.3.5.6.2 Rest of Asia-Pacific Precision Medicine Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Precision Medicine Market Overview
9.4.2 Middle East and Africa Precision Medicine Market Forecasts and Analysis
9.4.3 Middle East and Africa Precision Medicine Market Forecasts and Analysis - By Technology
9.4.4 Middle East and Africa Precision Medicine Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Precision Medicine Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Precision Medicine Market
9.4.5.1.1 South Africa Precision Medicine Market by Technology
9.4.5.1.2 South Africa Precision Medicine Market by Application
9.4.5.2 Saudi Arabia Precision Medicine Market
9.4.5.2.1 Saudi Arabia Precision Medicine Market by Technology
9.4.5.2.2 Saudi Arabia Precision Medicine Market by Application
9.4.5.3 U.A.E Precision Medicine Market
9.4.5.3.1 U.A.E Precision Medicine Market by Technology
9.4.5.3.2 U.A.E Precision Medicine Market by Application
9.4.5.4 Rest of Middle East and Africa Precision Medicine Market
9.4.5.4.1 Rest of Middle East and Africa Precision Medicine Market by Technology
9.4.5.4.2 Rest of Middle East and Africa Precision Medicine Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Precision Medicine Market Overview
9.5.2 South and Central America Precision Medicine Market Forecasts and Analysis
9.5.3 South and Central America Precision Medicine Market Forecasts and Analysis - By Technology
9.5.4 South and Central America Precision Medicine Market Forecasts and Analysis - By Application
9.5.5 South and Central America Precision Medicine Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Precision Medicine Market
9.5.5.1.1 Brazil Precision Medicine Market by Technology
9.5.5.1.2 Brazil Precision Medicine Market by Application
9.5.5.2 Argentina Precision Medicine Market
9.5.5.2.1 Argentina Precision Medicine Market by Technology
9.5.5.2.2 Argentina Precision Medicine Market by Application
9.5.5.3 Rest of South and Central America Precision Medicine Market
9.5.5.3.1 Rest of South and Central America Precision Medicine Market by Technology
9.5.5.3.2 Rest of South and Central America Precision Medicine Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL PRECISION MEDICINE MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. PRECISION MEDICINE MARKET, KEY COMPANY PROFILES
12.1. F. HOFFMANN-LA ROCHE LTD
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. QUEST DIAGNOSTICS INCORPORATED
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. NOVARTIS AG
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. BRISTOL-MYERS SQUIBB COMPANY
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. MEDTRONIC
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. QIAGEN
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. PFIZER INC.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. THERMO FISHER SCIENTIFIC INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. ELI LILLY AND COMPANY
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. ASTRAZENECA
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. F. Hoffmann-La Roche Ltd
2. Quest Diagnostics Incorporated
3. Novartis AG
4. Bristol-Myers Squibb Company
5. Medtronic
6. QIAGEN
7. Pfizer Inc.
8. Thermo Fisher Scientific Inc.
9. Eli Lilly and Company
10. AstraZeneca
11. OneOme LLC
12. Kailos Genetics Inc.
13. Syapse Inc.
14. BioSyntagma
15. Biogen
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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