According to a new Research on Global Markets report, the global precision medicine market is expected to be worth approximately USD 88.25 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 11.60% during 2018-2023. Despite being in a nascent stage, the global precision medicine market is benefitting immensely from advancements in targeted therapies, which hold massive potential to treat and cure chronic illnesses.

The global precision medicine market is segmented based on ecosystem players, therapeutics and technology. Based on ecosystem players, diagnostic companies currently hold the largest market share and accounted for approximately 39% of global revenues. Diagnostic companies are poised to dominate the market during the forecasted period, owing to the critical role that precision medicine plays in detecting potential diseases.

Based on therapeutics, cancer therapy held the largest share of the global market and accounted for   almost 33% of the global market revenue in 2018. Development of targeted therapeutics and precision medicines for treating cancer, owing to its increasing prevalence worldwide, is expected to drive its growth during the forecasted period, according to Research on Global Markets.

Based on technology, pharmacogenomics held the largest market share (24%) in 2018, followed by genomics. The market for genomics is projected to expand at the highest CAGR of 13.67% during 2018–2023, according to Research on Global Markets. 

Check out the Research on Global Markets report featured in this article:

Global Precision Medicine Market (2018-2023)
February 2019 | 90-100 Pages | SKU: 201886

Research on Global Markets tracks the performance of the global precision medicine market across North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. North America is currently leading the global precision medicine market with a share of 43%, followed by Europe with a 26% share. These regions are witnessing rapid adoption of precision medicines, primarily driven by supportive government policies and initiatives, and a strong presence of market players. 

Key highlights of this report:

  • Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
  • Qualitative analysis of the drivers and challenges affecting the global market
  • Major trends in the global precision medicine market
  • Analysis of the competitive landscape and profiles of the major players operating in the market
  • Market segmentation based on ecosystem players (pharmaceutical and biotechnology companies, clinical laboratories, diagnostic companies, and healthcare IT/big data companies) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
  • Market segmentation based on therapeutics (cancer, cardiovascular diseases, central nervous system [CNS] disorders, psychiatric disorders, respiratory diseases, infectious diseases, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
  • Market segmentation based on technology (big data analytics, bioinformatics, genomics, pharmacogenomics, companion diagnostics, epigenetics, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
  • Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America and The Middle East and Africa)

This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for precision medicines across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.