Precision Medicine Market share valued $87.7bn by 2023: Fractovia.org As per the research report “Precision Medicine Market Size By Technology (Big Data Analytics, Gene Sequencing, Drug Discovery, Bioinformatics, Companion Diagnostics), By Application (Oncology, CNS, Immunology, Respiratory), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Scandinavia, Italy, Japan, China, India, Singapore, Mexico, Brazil, South Africa, UAE, Qatar, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023�, Precision medicine market size is expected to grow at a rate of 10.5% over 2016-2023; with growing occurrence of chronic diseases such as cancer needing more personalized treatments and practices. Precision medicine will allow doctors to predict more accurately the medical treatment, prevention strategies and remedies. Hence, precision medicine is an apt approach that will consider individual variability in genes, lifestyles, and environment. This process allows the researcher to analyze the cause of a patient at the molecular level and then use targeted treatments. Expanding precision medicine trials in cancer genomics and technological advancements such as biomarker-based test kits and next generation sequencing will fast-track global precision medicine market growth.
Government support for these technologies will further boost precision medicine market scope over the forecast timeframe. For example, Precision Medicine Initiatives (PMI) commenced by U.S President Barack Obama in January 2015, will alter the concept of medicines, revolutionizing the medication and diagnosis perception. This was particularly initiated to expand cancer genomics to develop better prevention and treatment methods. To support the research and regulation of this initiative, US FDA will receive USD 10 million for building the database. Precision medicine finds wide applications in oncology, immunology, respiratory systems, and central nervous systems. Oncology, which contributed over 30% of the global precision medicine market share in 2015, is expected to record a CAGR of 10.9% over the period of 2016-2023. To optimize the disease management, oncology is utilizing the molecular profile of an individual cancer genome. Precision medicine market revenue in Central Nervous System (CNS) worth USD 9 billion in 2015, is anticipated to grow significantly over the timeframe, owing to its wide application in brain circuitry.
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