FREMONT, California, September 5, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Strategic Evaluation of Precision Medicine", the global precision medicine market accounted for $48.9 billion, which is expected to reach ~$70 billion by 2020. The global precision medicine market is expected to grow at a double-digit compound annual growth rate from 2018 to 2026.
The growth of the precision medicine market over the last few years has been monumental. The R&D investments in precision medicine, which have approximately doubled during the past five years, are expected to increase by 30% during the next three years. Approximately 69% of drug development during the ensuing five years is predicted to be driven by precision medicine approach. However, the pharmaceutical and diagnostics companies are facing increasing demand for cost reduction and better efficiency. Therefore, to sustain in the highly competitive market, determining a suitable and effective strategy is gradually becoming immensely important for pharmaceutical, diagnostics, and healthcare IT companies in the precision medicine market. On the other hand, the emergence of novel technologies is rapidly expanding the arsenal of tools accessible to facilitate the development and adoption of precision medicine approach over traditional "one-size-fits-all" approach. Through precision medicine, a paradigm shift has been promised, which would eliminate the uncertainty of trial and error method of medications.
According to Pushplata, Analyst at BIS Research, "The global precision medicine market is dominated by the North America region with a value of $25.6 billion in 2017. However, the Asia-Pacific (APAC) region has been witnessing tremendous growth in precision medicine technology and is anticipated to witness the highest CAGR of 15.09% in next ten years."
Precision medicine holds immense potential to restructure the healthcare industry. It is an emerging approach which enables the investigation of various diseases by evaluating the genetic makeup of an individual subject, thereby providing a tailored therapeutic treatment to each patient.
Currently, North America precision medicine market is dominated by the U.S. with 40.3% of the global market share.
In 2017, Microsoft has invested $50 million to accelerate precision medicine research toward developing a cure for Alzheimer's Disease (AD). Also, several eminent universities, such as the Harvard University, Johns Hopkins University, University of California, and the University of Pittsburgh, are trying to find solutions for the treatment of neurodegenerative diseases and traumatic brain injury with the help of precision medicine tools and technologies.
Europe holds 24% of the global market share while significantly growing at a CAGR of 11.75% in the next ten years.
Projects such as GenomeAsia 100K are helping the scientists in utilizing genetic information to improvise precision medicine research in the Asia-Pacific region and generate a medical grade Asian reference genome.
This strategic report provides a multidimensional view of the strategic evolution in the field of precision medicine. The purpose of the study is to gain a holistic view of the strategic outline of precision medicine market in terms of various factors influencing it such as recent trends, technological advancements, reimbursement scenario, and national level initiatives across the globe. The scope of this report is centered upon conducting a detailed study of the region-specific market penetration strategies, best R&D practices across the globe, the potential impact of precision medicine, and understanding the focus of eminent stakeholders contributing in augmenting the growth of precision medicine market.
Key questions answered in the report:
How does the emergence of precision medicine approach is remodelling the "One-Size-Fits-All" theory to individually-tailored therapy?
What are the key regional strategies which have been followed in North America, Europe, and Asia-Pacific for penetration and implementation of precision medicine?
What are the best practices in the field of precision medicine across the world?
What is the role of key stakeholders in aligning the fortune of precision medicine?
What are the major market drivers, challenges, and opportunities in the global precision medicine market?
What are the persuasive market entry strategies for diagnostics, pharma & biotech, and healthcare IT companies to capitalize on precision medicine?
What is the plausible market penetration strategy for the precision medicine market?
What are the current value assessment frameworks followed in the field of precision medicine?
What are the potential societal value for precision medicine?
What is the propitious go-to-market strategy to succeed in the field of precision medicine?
BIS Healthcare has been actively tracking and researching precision medicine ecosystem for more than 4 years. The analyst team leverages both primary sources (in-house experts, industry leaders, and market players) and secondary sources (a host of paid and unpaid databases) along with its proprietary engine to build the forecast and predictive models.
BIS Healthcare continuously scans four key areas of Precision Medicine (PM) that forms the building block of PM ecosystem - Basic Sciences, Diagnostics, Healthcare IT Infrastructure and Therapeutics, and publishes more than half a dozen market intelligence and strategic reports annually.
Join us for a Seminar on Precision Medicine in Tokyo on October 2nd, 2018
Join the BIS Healthcare team on October 2nd in Tokyo as we conduct a seminar on Precision Medicine in collaboration with our esteemed partner Global Information Inc. (GII). For more information and to register for this complimentary seminar, please visit https://www.gii.co.jp/seminar/bis-seminar2018/
About BIS Research:
BIS Research (Business Intelligence and Strategy 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.
Contact: Bhavya Banga Email: firstname.lastname@example.org BIS Research™ 39111 PASEO PADRE PKWY STE 315, FREMONT CA 94538-1686