Precision medicine diagnostic, a combination of molecular biology techniques and systems biology, is an emerging approach for disease treatment and prevention. Precision medicine aims to tailor treatments based on individual characteristics, including differences in genetics, environment, and lifestyle. It has the potential to transform the delivery of care for a variety of diseases and the fundamental concept of precision medicine diagnostic is to understand the genetic makeup and difference at a population level, and further at an individual level, in order to customize a drug that targets a particular gene type.
The global Precision Medicine Diagnostic in Healthcare market was valued at $ XX Mn in 2018 and is forecast to grow at a strong XX% CAGR between 2018 and 2026, resulting in 2026 global sales of $ XX. The market is driven by owing to the cutting-edge technology in cancer biology and rising efforts to characterize genes. However, the switch from preventive healthcare to treatment-based are restraining market growth. Moreover, online collaborative forums are providing ample opportunities for the market.
Precision Medicine Diagnostic Market depending on the application, amongst pharmaceuticals, oncology held the major profits. Due to the growing number of drug applicants for the same under clinical trials and the rising incidence of cancer. For instance, the National Institutes of Health is expected to invest approximately USD 70 billion in precision oncology, which will drive the market growth.
The global Precision Medicine Diagnostic in the Healthcare market is segmented on the basis of application, technology, end-user, and region.
Based on the Application: Therapeutics and Diagnostics.
Based on the Technology: Companion Diagnostics, Drug Discovery, Gene Sequencing, Bioinformatics, Big Data Analytics, and Other Technologies.
Based on the End User: Clinical Labs, Hospitals, Home Care and Other End Users.
Based on the region: North America, Asia-Pacific, Europe, and LAMEA. Among that North America held the largest share of the market, followed by Europe. The large share of North America in this market is attributed to the presence of countless pharmaceutical and biotech organizations, alongside settled healthcare infrastructure. Moreover, support from government organizations, combined with higher R & D investment, is driving these territorial markets. For example, in 2015, the then U.S. government reported the dispatch of the Precision Medicine Initiative to improve R & D in this field.
The report covers in-depth analysis of Global Precision Medicine Diagnostic in the Healthcare Market. The report assesses the market products pipeline by stage of development (early development, pre-clinical, clinical and in approval), by application (Therapeutics and Diagnostics). In addition, the report includes key insights on other development activities, including (but not limited to) – licensing (In and Out), collaborations, acquisitions, reimbursement, patent, and regulatory designations.
The report includes in-depth company profiles of key players in Global Precision Medicine Diagnostic in the Healthcare Market. The company profile includes key information on the overview, financial highlights, product portfolio, business strategies, and key recent developments.
The report highlights information on emerging companies with potentially disruptive technologies and new market entrants.
Data Collation (Primary & Secondary)
In-house Estimation (Based on proprietary databases and Models)
Market-related information is assembled from both primary and secondary sources.
Primary sources involved participants from all global stakeholders such as experts from several related industries and suppliers that have been interviewed to obtain and verify critical information as well as to assess prospects of the market. The participants included are CXOs, VPs, and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.
Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications annual reports press releases along with paid sources such as Factiva, OneSource, Bloomberg among others.
Top-down and bottom-up approaches: The overall market size was used in the top-down approach to estimate the sizes of other individual submarkets (mentioned in the market segmentation by product, type of manufacturing, and disease) through percentage splits from secondary and primary research. The bottom-up approach was also implemented (wherever applicable) for data extracted from secondary research to validate the market segment revenues obtained.