Precision Medicine Diagnostics/Therapeutics Market

Precision Medicine Diagnostics/Therapeutics Market by Applications (Diagnostics [Genetic Tests, Direct to Consumer Tests, Esoteric Tests, and Others], Therapeutics [Pharmaceuticals {Oncology, Respiratory Diseases, Skin Diseases, CNS Disorders, Immunology, Genetic Diseases, and Others}], Medical Devices, and Others), End-users (Homecare, Hospitals, Clinical Laboratories, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: HC-1119
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 187
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global precision medicine diagnostics/therapeutics market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the effective and efficient treatment alternatives to patients suffering from serious disorders, with fewer side effects.
 

Precision Medicine Diagnostics/Therapeutics Market Key Takeaways


Healthcare practitioners have been attempting to make their activities more effective for their patients since the beginning of recorded history by trying with new therapies, monitoring, and sharing their findings, and building on the efforts of preceding generations. Every clinician's objective, no matter how basic the resources at their disposal, has always been to become more accurate, precise, proactive, and effective for each client who comes under their care. Precision medicine is a new approach to disease treatment and prevention that considers each person's unique genetic, environmental, and lifestyle factors. It is becoming increasingly obvious that medicine is not a one-size-fits-all proposition. For example, a therapy that shrinks a tumor or relieves arthritic symptoms for one person may not work for another.

Colorectal cancer, breast cancer, lung cancer, some forms of leukemia, certain types of lymphoma, melanoma, esophageal cancer, stomach cancer, ovarian cancer, and thyroid cancer are some of the most prevalent cancers, which are given treatment using precision medicine. Targeted therapy has been shown to be effective and less harmful for cancer treatment as part of precision cancer medicine. Colorectal cancer (CRC) is one of the most prevalent diseases in the US and the world, and it is one of the major causes of cancer-related fatalities. CRC is by far one of the most effective instances of precision cancer medicine, which uses molecular testing to guide targeted therapy.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing prevalence of cancers and genetic disorders worldwide are projected to boost the market growth during the forecast period.
  • Growing need for preventative care, along with advancements in next-generation sequencing (NGS) technology, has resulted in an unprecedented proliferation and deluge of genetic sequence data are expected to fuel the market growth.
  • Increasing technological advancements in precision therapies and diagnostics are key factors driving the market growth during the forecast period.
  • Increasing approval of drugs with companion diagnostic tests, cost-effective DNA profiling, and the emergence of data-driven healthcare are major factors fueling the market growth during the forecast period.
  • High cost of diagnosis along with the stringent regulations and policies from government regulatory bodies to approve diagnostic devices are projected to hamper the market growth during the forecast period.
  • Lack of awareness regarding genetic disorders and benefits of personalized medicines presents present key challenges that can hinder the market growth during the forecast period.
  • Increased R&D investments and technological advancements are expected to create lucrative opportunities for the market players.

Scope of the Report

The report on the global precision medicine diagnostics/therapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Precision Medicine Diagnostics/ Therapeutics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Applications (Diagnostics [Genetic Tests, Direct to Consumer Tests, Esoteric Tests, and Others], Therapeutics [Pharmaceuticals {Oncology, Respiratory Diseases, Skin Diseases, CNS Disorders, Immunology, Genetic Diseases, and Others}], Medical Devices, and Others), and End-users (Homecare, Hospitals, Clinical Laboratories, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Abbott Laboratories; Biogen Inc.; Foundation Medicine Inc.; Illumina, Inc.; Precision Biologics; IBM Watson; Siemens Healthineers; Janssen Pharmaceuticals; and GE Healthcare

 

Market Segment Insights

Therapeutics segment is expected to account for a key share
Based on applications, the precision medicine diagnostics/therapeutics market is segmented into diagnostics, therapeutics, medical devices, and others. The diagnostics segment is further sub segmented into genetic tests, direct to consumer tests, esoteric tests, and others. The therapeutics segment consists of pharmaceuticals. The pharmaceuticals segment is further sub-divided into oncology, respiratory diseases, skin diseases, CNS disorders, immunology, genetic diseases, and others. The therapeutics segment is expected to account for a key share of the market during the forecast period owing to increasing demand for oncology diagnsotics due to rising prevalence of cancer and the growing number of cancer treatment patients in clinical trials.

On the other hand, the diagnostics segment is anticipated to expand at a rapid pace during the forecast period. Precision diagnostics and therapies are projected to increase the demand for genetic tests along with new development of advanced diagnostics tools and procedures, such as biomarkers and companion diagnostics, which may be utilized to treat patients more effectively.

Clinical laboratories and hospitals segment is expected to constitute a key share
Based on end use, the market is segmented into homecare, hospitals, clinical laboratories, and others. The clinical laboratories and hospitals segment in combined is expected to constitute a key share of the market during the forecast period owing to increasing level of acceptability and great results gained through precision treatments in the treatment of various diseases among patients.

On the other hand, the homecare segment is projected to exhibit a substantial CAGR during the forecast period due to increase of personal healthcare equipment and devices, as well as the integration of smart technologies with various healthcare systems.
 

Precision Medicine Diagnostics/Therapeutics Market by End Use


North America and Europe is anticipated to dominate
On the basis of regions, the global precision medicine diagnostics/therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America and Europe in combined is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to the existence of a significant number of prominent pharmaceutical and biotech firms as well as well-established healthcare infrastructure. Furthermore, government assistance, combined with increased R&D expenditure, is propelling these regional markets.

On the other hand, Asia Pacific and Latin America is expected to exhibit a rapid growth rate in the coming years due to increasing public awareness regarding the importance of precision medicine in the treatment of various diseases as well as rising income and expenditure on healthcare. Government initiatives to improve infrastructure and patient care are also expected to boost market growth.
 

Precision Medicine Diagnostics/Therapeutics Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Precision Medicine Diagnostics/Therapeutics Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Precision Medicine Diagnostics/Therapeutics Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Precision Medicine Diagnostics/Therapeutics Market - Supply Chain
  4.5. Global Precision Medicine Diagnostics/Therapeutics Market Forecast
     4.5.1. Precision Medicine Diagnostics/Therapeutics Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Precision Medicine Diagnostics/Therapeutics Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Precision Medicine Diagnostics/Therapeutics Market Absolute $ Opportunity
5. Global Precision Medicine Diagnostics/Therapeutics Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by End Users
     5.3.1. Homecare
     5.3.2. Hospitals
     5.3.3. Clinical Laboratories
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Precision Medicine Diagnostics/Therapeutics Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Precision Medicine Diagnostics/Therapeutics Demand Share Forecast, 2019-2026
7. North America Precision Medicine Diagnostics/Therapeutics Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by End Users
     7.4.1. Homecare
     7.4.2. Hospitals
     7.4.3. Clinical Laboratories
     7.4.4. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Precision Medicine Diagnostics/Therapeutics Demand Share Forecast, 2019-2026
8. Latin America Precision Medicine Diagnostics/Therapeutics Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by End Users
     8.4.1. Homecare
     8.4.2. Hospitals
     8.4.3. Clinical Laboratories
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Precision Medicine Diagnostics/Therapeutics Demand Share Forecast, 2019-2026
9. Europe Precision Medicine Diagnostics/Therapeutics Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by End Users
     9.4.1. Homecare
     9.4.2. Hospitals
     9.4.3. Clinical Laboratories
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Precision Medicine Diagnostics/Therapeutics Demand Share Forecast, 2019-2026
10. Asia Pacific Precision Medicine Diagnostics/Therapeutics Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by End Users
     10.4.1. Homecare
     10.4.2. Hospitals
     10.4.3. Clinical Laboratories
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Precision Medicine Diagnostics/Therapeutics Demand Share Forecast, 2019-2026
11. Middle East & Africa Precision Medicine Diagnostics/Therapeutics Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Precision Medicine Diagnostics/Therapeutics Market Size and Volume Forecast by End Users
     11.4.1. Homecare
     11.4.2. Hospitals
     11.4.3. Clinical Laboratories
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Precision Medicine Diagnostics/Therapeutics Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Precision Medicine Diagnostics/Therapeutics Market: Market Share Analysis
  12.2. Precision Medicine Diagnostics/Therapeutics Distributors and Customers
  12.3. Precision Medicine Diagnostics/Therapeutics Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Abbott Laboratories
     12.4.2. Biogen Inc.
     12.4.3. Foundation Medicine Inc.
     12.4.4. Illumina, Inc.
     12.4.5. Precision Biologics
     12.4.6. IBM Watson
     12.4.7. Siemens Healthineers
     12.4.8. Janssen Pharmaceuticals
     12.4.9. GE Healthcar

Segments Covered in the Report
The global precision medicine diagnostics/therapeutics market has been segmented on the basis of

Applications

  • Diagnostics
    • Genetic Tests
    • Direct to Consumer Tests
    • Esoteric Tests
    • Others
  • Therapeutics
    • Pharmaceuticals
    • Oncology
    • Respiratory Diseases
    • Skin Diseases
    • CNS Disorders
    • Immunology
    • Genetic Diseases
    • Others
  • Medical Devices
  • Others

End-users

  • Homecare
  • Hospitals
  • Clinical Laboratories
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Abbott Laboratories
  • Biogen Inc.
  • Foundation Medicine Inc.
  • Illumina, Inc.
  • Precision Biologics
  • IBM Watson
  • Siemens Healthineers
  • Janssen Pharmaceuticals
  • GE Healthcare

Key players competing in the global precision medicine (diagnostics/therapeutics) market include/are Abbott Laboratories; Biogen Inc.; Foundation Medicine Inc.; Illumina, Inc.; Precision Biologics; IBM Watson; Siemens Healthineers; Janssen Pharmaceuticals; and GE Healthcare.

Some of the key business strategies employed by companies includes mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For example, in October 2020, Diaceutics PLC established DXRX – a diagnostic network with the goal of decreasing the time to peak biomarker test acceptance for cancer testing from years to months, therefore accelerating the end-to-end research and commercialization of precision medicine diagnostics.

Another example, in June 2020, Infosys announced a brand-new personalized medicine solution for the pharmaceutical sector. To derive intelligent insights, the solution uses SAP S/4HANA, SAP C/4HANA, SAP Analytics Cloud, and the SCI platform. This allows pharmaceutical firms to fulfill essential business and regulatory obligations while providing tailored experiences to patients.
 

Precision Medicine Diagnostics/Therapeutics Market by Key Players

Buy Report