Precision Medicine Market Size, Share Is Expected To Reach USD 98,250.4 Mn By 2023

 Johnson Paul

The latest market report published by Credence Research, Inc. “Global Precision Medicine Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2022,” the precision medicine market was valued at USD 38,878.6 Mn in 2015, and is expected to reach USD 98,250.4 Mn by 2023, expanding at a CAGR of 12.3% from 2016 to 2023.

Browse the full report Precision Medicine Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023 at

Market Insights

Precision medicine is a new technology applied for treatment and prevention of chronic diseases based on the variability in individual genes and other lifestyle characteristics. In precision medicine, diagnostic testing is frequently employed for selecting suitable and optimal therapies based on the framework of a patient’s genetic content or other molecular or cellular analysis. Tools engaged in precision medicine can include molecular diagnostics, imaging, and analytics/software. According to U.S. Food and Drug Administration (USFDA), advances in precision medicine have already led to powerful new discoveries and several new FDA-approved treatments that are tailored to specific characteristics of individuals, such as a person’s genetic makeup, or the genetic profile of an individual’s tumor. The experts from USFDA also suggests that patients with a variety of cancers routinely undergo molecular testing as part of patient care, enabling physicians to select treatments that improve chances of survival and reduce exposure to adverse effects.

Geography segmentation of precision medicine comprised regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. North America was observed as the largest and most potential regional market for precision medicine market. North America constitutes regional markets of U.S. and Canada, the rising prevalence of cancer and supportive government policies are the major drivers for the growth of precision medicine market in this region. The developed healthcare infrastructure, high public awareness related to novel technologies for cancer management, and rising research and development activities related to precision medicine are the key factors assisting the growth of North America precision medicine market.

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Market Competition Assessment:

The precision medicine market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Biocrates Life Sciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Ferrer InCode, Abbott Laboratories, Almac Group, Ltd., bioMérieux SA, Covance, Silicon Biosystems (now part of the Menarini Group), Pfizer, Eagle Genomics, Source Precision Medicine, Inc., Laboratory Corporation of America Holdings, Medtronics, Novartis, Qiagen, Quest Diagnostics, Roche Holding, Teva Pharmaceuticals, and others.

Key Market Movements:

  • A large number of research and development activities are assisting the development of precise drugs, targeted therapeutics, and laboratory tests for various disease conditions
  • For year 2016, President’s Budget included USD 215 million for precision medicine initiative as it will pioneer a new model of patient powered research that will accelerate the research and development activities
  • In Asia-Pacific several factors such as rising initiatives from the government and contributions from academic laboratories related to research and development in field of precision medicine are expected to assist the growth of the region throughout the forecast period.

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Table of Content

Chapter 1 Preface 10
1.1 Report Description 10
1.1.1 Purpose of the Report 10
1.1.2 Target Audience 10
1.1.3 USP and Key Offerings 10
1.2 Research Scope 11
1.3 Research Methodology 12
1.3.1 Phase I – Secondary Research 12
1.3.2 Phase II – Primary Research 13
1.3.3 Phase III – Expert Panel Review 13
1.3.4 Assumptions 14

Chapter 2 Executive Summary 15
2.1 Global Precision Medicine Market, by Technology Type, 2015 v/s 2023 (Value %) 16
2.2 Global Precision Medicine Market, by Application Type, 2015 (USD Mn) 17
2.3 Global Precision Medicine Market, by Geography, 2015 (Value %) 17

Chapter 3 Global Precision Medicine Market Overview 20
3.1 Overview 20
3.2 Market Drivers 20
3.3 Market Restraints 22
3.4 Market Opportunities 23
3.5 Attractive Investment Proposition 23
3.6 Market Competition Assessment: Precision Medicine, by Key Players 25

Chapter 4 Global Precision Medicine Market Analysis, By Technology Type 27
4.1 Overview 27
4.2 Companion Diagnostics 28
4.3 Gene Sequencing 29
4.4 Drug Discovery 31
4.5 Big Data Analytics 32
4.6 Bio Informatics 33
4.7 3D Printing 35

Chapter 5 Global Precision Medicine Market Analysis, By Applications 37
5.1 Overview 37
5.2 Oncology 38
5.3 Cardiovascular Diseases 39
5.4 Central Nervous System 40
5.5 Infectious Diseases 40
5.6 Others Diseases 40

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