Precision Medicine Technologies such as Next-Generation Sequencing and Microarray

Development of cost-effective research approaches for genomics and molecular genetics, and growing the usage of extensive data are some of the main drivers that drive the market demand.

Precision Medicine Market is expected to reach USD 132.66 Billion by 2027, according to a new report by Emergen Research. The proliferation of sequencing methodologies, especially Next Generation Sequencing (NGS), is expected to drive the market due to the increasing sequencing costs and the advancement of the Human Genome Project in the field of genomics.

The rising incidence of chronic and unusual diseases triggers the need to build technically innovative methods for accelerated medical data aggregation and review. The bioinformatics program helps in data processing by rendering successful therapeutic approaches. As a consequence, the growing volume of data in the healthcare sector would fuel demand for bioinformatics, raising competition in the industry for precision medicines.

The creation of bioinformatics tools and applications would promote the production of immunotherapy and thus boost the study of microbiomes, thus advancing the area of precision medicine. Besides, the development of high-throughput technologies such as next-generation sequencing and microarray will pave the way for market growth in bioinformatics, which will further drive market demand in the coming years.

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Key Highlights From The Report

• Based on technology, drug discovery is projected to grow with a CAGR of 9.8% in the forecast period, due to the growing emphasis of bio-pharmaceutical players on developing precision medicine for treating diseases, including cancer, which will further boost the market growth.
• The diagnostic companies expected to grow with a CAGR of 10.4% in the forecasted period, owing to a wide variety of applications for which big players in the precision medicine industry are engaged in various investment programs.
• The oncology application is the major contributor to the Precision Medicine Market. The segment is growing due to the rising frequency and prevalence of cancer worldwide, which will intensify the demand for precision medicine as an essential form of therapy coupled with developing tailored treatments for patients with cancer dependent on their genetic makeup over traditional chemotherapy.
• North America dominated the market for Precision Medicine in 2019. The region’s consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market.
• Key participants include Biocrates Life Sciences, Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics, Novartis, and Pfizer, among others.

For the purpose of this report, Emergen Research has segmented into the global Precision Medicine Market on the basis of technology, end-use, application, and region:

• Technology Outlook (Revenue: USD Billion; 2017–2027)
• Big Data Analytics
• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Companion Diagnostics
• Others
• End-Use Outlook (Revenue: USD Billion; 2017–2027)
• Pharmaceutical Companies
• Diagnostic Companies
• Healthcare IT companies
• Others
• Application Outlook (Revenue: USD Billion; 2017–2027)
• Oncology
• Immunology
• CNS
• Respiratory
• Others
• Regional Outlook (Revenue, USD Billion; 2017–2027)
• North America

1. US.
2. Canada

• Europe

1. Germany
2. UK
3. France
4. BENELUX
5. Rest of Europe

• Asia Pacific

1. China
2. Japan
3. South Korea
4. Rest of APAC

• Latin America

1. Brazil
2. Rest of LATAM

• MEA

1. Saudi Arabia
2. UAE
3. Rest of MEA